How To Manage Crisis For Your Business and Bounce Back from Extreme Circumstances
COVID-19 has put many businesses in a situation they never expected to be in this year. When everything you have been working hard for gets disrupted in a few days, it can be difficult to keep persevering. The situation might not be ideal, but don’t lose hope! This will not last forever and your business can bounce back. Keep reading to find out how you can help your business cope during this time with crisis management tips for your business.
Adapt your business with the changing situation
If you know that your business is going to suffer a loss, the worst thing you can do is give up and stop operating in the short run. Instead, try to minimise as much of the damage as possible by analysing the situation and changing with the circumstances if you have not done so already. Depending on the opportunities available to your industry, you may even be able to maintain your previous sales levels. Create a plan that helps your business adapt and make the best of the situation. This might include looking to other solutions or finding gaps in the market that your business can accommodate.
Consider the future of eCommerce
If you sell a product or service that can be provided online, now is the time to make the move to eCommerce. Not only will offering eCommerce options to customers allow you to keep your business running if you can’t keep your physical stores open, it will provide customers a chance to purchase from you without leaving their house especially in a risky environment. With the massive growth in eCommerce in the past several years, your business might be faced with a severe potential opportunity cost if you had not already been using eCommerce. Developing an eCommerce solution will not only be beneficial in the short run, but will help you grow your business in the future after things go back to normal.
Adjust your product offering
If your initial reaction is to think that your product can’t be sold online, try to rethink and see if you can come up with a creative solution. Many different businesses have had to alter their product offering to continue to get sales. In response to the COVID-19 crisis, gyms and fitness coaches are hosting workout videos and consultations online, more restaurants have started delivering and offering DIY recipe kits for customers to make their own food at home, and there is an increase in businesses delivering online education solutions. Use this opportunity to reinvent your business for the better. Think outside the box to reframe your approach and find what you can offer your customers during this time.
Use promotions strategically to gain traction
Strategically use promotions to appeal to your audience by showing them how your product or service can benefit them during COVID-19. Ensure you are reaching the right target audience, and alter your promotional strategy based on each of the segments you are targeting. Try to avoid negative perceptions caused by promotions. Using promotions specific to COVID-19 can lead to your audience believing that you are trying to capitalise on the negative situation by getting consumers to spend money they don’t have. But, consumers have not stopped making purchases. In fact, online purchasing has increased in many industries. If you are sensitive and use tasteful campaign strategies that focus on the benefit customers can attain from your products, promotions can make a huge difference to the amount of sales you can achieve.
Have transparent communication with customers
Transparent communication with customers is essential at a time like this. Let them know that you are facing the situation together with them. Let them know about how your business operations have altered, and how it has impacted the services provided to customers. Maintain their trust by being honest. Your customers also want to know what kind of precautions you are taking to do your part during any extreme circumstances.
Be ready to jump start, as soon as things go back to normal
Have a robust plan for how you will start operating once things are back to normal. Be prepared to put 100% of your effort into the recovery of your business as soon as the situation gets better, but keep in mind that your business may not be able to bounce back as quickly as you would like. Undeniably, the impact of COVID-19 will have long lasting effects on people’s spending behaviour. You must continue to find new opportunities that increase your business’ appeal and keep your customers coming. A good plan can give you key advantages over your competitors, as changes in the restrictions and the economy’s circumstances could change rapidly at any time.
Create a plan for next time and be prepared for crisis
Once we all get through this, take some time to create a plan for the next crisis. Use the experience you have gained from the impact of COVID-19 to be well prepared for the next time a crisis strikes. Having a crisis-management plan can significantly reduce the stress on your business in trying situations. Be prepared to adapt the plan as the situation requires. These unprecedented times should be an opportunity to equip your business with strategies and protocols to deal with crises in the future (however they might not be of the same magnitude as disruptions caused by COVID-19).
The most important thing is to have faith in your business even during these unprecedented times. Although it is a very tough situation, trust in what you are doing and your capabilities. Don’t give up! Perseverance is key to business success. Plan as far as you can, but take each day as it comes. Do the best you can to adapt to the circumstances, but accept that you will not be able to control some situations. Despite these challenges, you can adapt and bounce back with a crisis management plan.
If you need a hand to get through these difficult times, contact us to find out how we can help your business.