HOW TO SURVIVE THE TOUGH
ECONOMIC TIMES AHEAD
The rapid spread of the Coronavirus (COVID-19) has the whole world overwhelmed with uncertainty of what is to come. People aren’t just concerned with picking up the virus, but also with what the implications the Coronavirus will have on the economy. Declines in consumer confidence and decreased sales threaten all businesses. It is also important for businesses and employees to stay positive and try to continue business as usual, taking the necessary precautions pointed out by The World Health Organisation, to avoid further transmission of the virus.
Implementing the following practices will help ensure your business's survival and allow it to thrive during these tough economic times.
Protect Cash Flow
To keep your business healthy, cash needs to continue flowing through. Now no matter how tough times get, having cash flow out of your business will never be a problem.
As long as your business exists, you will have expenses. But the harder times get, the harder it can be to keep the cash flowing in. Implement strategies to keep the cash flow moving.
Develop and Implement Strategies to Win the Competition's Customers
If your business is going to prosper in tough times, you need to continue to expand your customer/client base - and that means drawing in customers from the competition.
How can you do this? By offering something more or something different than the competition does. Research your competition and see what you can offer to entice their customers into becoming your customers.
Make the Most of Current Customers and Clients
We've all heard the old adage that a bird in the hand is worth two in the bush. The bird in the hand is your customer or client and he or she is an opportunity to make more sales without incurring the costs of finding a new customer.
Even better, he or she might be a loyal customer, giving you many more sales opportunities. If you want to keep your business afloat, you can't afford to ignore the potential profits of shifting your sales focus to include established customers.
Don't Cut Back on Marketing
In lean times, many businesses make the mistake of cutting their marketing budget to the bone or even eliminating it entirely. But lean times are exactly the times your business most needs marketing.
Consumers are restless and looking to make changes in their buying decisions. You need to help them find your products and services and choose them rather than others by getting your name out there. So, don't quit marketing. In fact, if possible, step up your marketing efforts.