How to Sustain Business Growth during COVID-19 Pandemic
No catastrophe is isolated, creating damage and insecurities in all ways. The COVID19 is exceptional by any standards as it has come with high levels of uncertainty. It has created a situation out of the experience of many business owners and professionals. This pandemic has affected more than ten times as many people affected in the last epidemic and in a shorter time than that. Thus, created an alarming situation for many small-mid size businesses to sustain their business or even maintain their growth to exist.
The overall virus’s effects on the global economy are hard to estimate. We have already witnessed the damage to the supply chain, closures of schools and workplaces, and doing everything from your couch. The first and basic need of today’s business during the covid19 outbreak is to mobilize, stabilize, and strategize.
Here are a few ways that can keep your business alive.
Cash to keep the business alive
Cash is very important to carry out all the business activities and operations as well as essential for business sustainability. You can look for cash in your business from price, cost of goods sold, account receivable, volume, inventory, and accounts payable. In this time of the pandemic, the cost is circulated around revenue, and revenue is about lead generation and retaining the clients.
To deal with all the above mention factors, a company needs customer relationship management software (CRM), where you can have a 360-degree view of your customer’s information, and visibility of clients’ pipeline. The client’s pipeline ultimately makes business operations effective. You can have a better understanding of your prospective customers and get more leads.
The other way to thrive your business to go for bringing innovation, that ultimately generates leads. There are many marketing agencies who work to spread your voice to your targeted audience by taking money. But, the best way is to bring innovation in your own social media platforms as well as spend time on different strategies like newsletters, blogs, podcasts, or webinars. Meanwhile, you can also spend some cost on google for paid ads for the sake of customer acquisition.
If you are lacking the products or services, which can do well in this pandemic situation, then you must identify the services and products that you serve to the sectors like healthcare, e-commerce, telecommunication, etc that are thriving these days. This innovation can keep your business on-demand. Secondly, you also may add some products or services in your list that are in the best need of your customers, or you can make new customers this way.
Focus on services that can be offered online
If you own a business that people are keen to know and learn about during the crisis, then you can offer them online courses to serve your clients with information. If you own a retail business, you can directly communicate and deliver products to your customers easily. If you own a restaurant. You can help people with different recipes in online sessions to keep your clients connected with your business.