5 Part Coronavirus Business Survival Plan
It’s not easy out there and the sad fact is some businesses won’t survive the economic consequences of the Coronavirus pandemic.
Clearly, some will go into ‘hibernation.’ Theatres, cinemas, restaurants, events and exhibitions to name but a few, however, even some of those are wanting to work with us now on being ready to get straight ‘back to business’ when this is over. In fact, many have taken this as an opportunity to re-set their marketing goals.
But for others, particularly those with an online offering, it can be a significant opportunity to upscale your marketing and advertising – to get your products and services in front of consumers and businesses who are likely spending more time than ever on the internet and social media. Don’t forget there are many people with sound businesses who won’t fall over for a drop in orders for a few months plus many consumers with guaranteed incomes both of whom will be wanting to spend.
So, what can and should you do?
ONE – Don’t Stop Marketing
This is the fallback for businesses in a recession. We will come through this and if you haven’t communicated with your customers it’s unlikely their will be any demand for your product or service. It will take you weeks if not months to turn the marketing back on and re-engage with your customers and by then it could be too late. Stopping your marketing is a quick way to save a few quid and lose a lot, lot more.
TWO – Look After Your Clients
You were in contact with them before this crisis. Why would you ignore them now? There’s every chance if you do they will simply see your relationship as a financial transaction. As marketeers we are experts, so let’s talk to our customers and find other ways to add value for them.
THREE – Take the Money
There are a number of government backed schemes for Limited Companies and the self-employed. All designed to keep you and your staff working or furloughed because this won’t last for ever. Yes, there will be some financial payback but the terms are mostly generous and if you want to be in business for the foreseeable future perhaps view any support funding as a further investment in your business that will enable you to come through this. https://www.gov.uk/coronavirus
FOUR – Fix The Leaks
We can all be profligate at times and maybe let a few things slip through the net. Do you really need some of the things you are paying for? Could you temporarily suspend them to help stop your business leaking cash? You will need that IT support but perhaps the new mobile can wait?
FIVE – Upscale Your Marketing
‘Yikes!’ I can hear you say! Yes, really – upscaling is the way to increase your customers and margins. Businesses with a good e-commerce platform, website or online product or service will be the winners. THERE’S NO SOCIAL DISTANCING WITH WEBSITES, E-COMMERCE, E-MARKETING OR SOCIAL MEDIA. People still need clothes, spare parts, equipment, food and consumables for home and business.
Perhaps now is the time to ask yourself: “What can my business do for the Country?
Come and have a 20 min chat. It’ll cost you nothing and there could be something very positive and exciting to come from it: Call me Direct: Gavin O’Mahoney, 01684 216234 or ping me an email with your thoughts: firstname.lastname@example.org