As the world continues to grapple with the changes caused by the COVID-19 pandemic, the sales numbers are fluctuating, and the future of businesses feels uncertain. Against the widespread consequences of the spread of this global epidemic, the prevailing competitive conditions have taken the form of a ferocious competition in a growing number of business sectors. For many companies, the pandemic has completely transformed their business, which is not always for the better.
According to a report published by MetLife & U.S. Chamber of Commerce, around 43% of entrepreneurs believe that they have less than six months until they reach a situation where a permanent shutdown would be unavoidable. Fear is what is putting companies out of business. The panic caused by the coronavirus is pulling back people, forcing them not to do much business with you. 24% of the businesses have shut down already. If you don’t want to be a part of this negative statistic, you will have to strategize a more robust business plan implementing new tactics to alleviate the risks and survive the economic downturn.
1. Boost Your Visibility
Now, this is something many people do the opposite of. A lot of businesses drawback during recessions. But the reality is that customers are bored. They’re sitting on their phones; they’re looking to be entertained all day long, and there is not a better time to get your brand in front of those people because they’re glued to their phones.
The world is on a pause, and now is the time to make sure you have great content for your customers. You need to use this time wisely to update websites, portfolios, and, most importantly, update your marketing techniques because people will need to feel the empathy of your brand. Apptivo’s Email Marketing helps you track leads and send customized emails to prospects.
2. Make Remote Office a Success
Due to the sudden turn of events, most businesses have rolled out a mandatory remote working model, but it can be intimidating to switch the entire business from an in-office environment to a new remote one. As a first step to strengthening your remote sales, it is pivotal for you to establish a strong technical framework to support your business’s digital infrastructure because remote work can only work if supported by a suitable software tool.
The sales process demands a considerable amount of monitoring. Apptivo’s CRM application helps you track your employees’ activities and get an insight into their sales performance remotely. With Apptivo, you can have a 360° view of tasks going on, at all times, enabling you and your entire team to plan dependent activities precisely.
3. Adapt Your Business
Standing still is not an option. Every business is impacted in some way: either directly or indirectly. You need to anticipate that your customers may revise their spending habits. It is a buyer’s market today; it is not a seller’s market.
In the face of the global pandemic, your old prospecting methods have been outdated. Rethink your target audience and re-evaluate your methods of acquiring new customers. Only the companies willing to make significant changes and even bigger sacrifices for their team and customers are the ones succeeding through this crisis.
4. Assess Your Current Financial Situation
During this pandemic, it is critical to conduct a proper estimation of your fixed and variable expenses as well as the actual revenues. This estimation will give you a clear picture of where your company stands financially and help you in planning ahead in the current disconcerted market.
Apptivo’s Financial Management Applications helps you track the company expenses and financial information. After analyzing your burn rate, think about measures you can take to bring it down. Accelerate fundraising if your burn is too high by reaching out to investors to provide you with additional capital.
5. Prepare For The Future
No matter how firm your roots were planted in the business sector, you need to develop an effective risk and contingency system to build resilience and better respond to future crises. It is crucial for you to plan for future challenging scenarios like these and define a set of actions to take, even if things get worse than expected.
COVID-19 is spreading globally and has wide-ranging impacts on the economy, and if you want to have any chance of navigating these challenging times ahead, you need to redesign your business plan. What you do today will have a huge impact on your business and, most importantly, your leads and customers. We’re all in this together. Apptivo will make sure your business can not only survive but thrive this little hiccup that we’re going through. It will help you build resilience and reshape your business for a post-crisis world.