Since the coronavirus outbreak began to spread around the world in March 2020, the global stock markets have seen a drop that has been likened to the financial crisis of 2008. Without a doubt, businesses of all sizes are suffering, and the economy is under serious threat.
However, with lockdown measures slowly starting to lift, and nonessential businesses being allowed to reopen, companies are looking for innovative ways to stay afloat. So, let us discover 3 ways that business are preserving and reinventing their products and services during the coronavirus pandemic.
- Apply for Governmental Aid
During these unprecedented times, governments all over the world are providing extraordinary measures in a bid to save local and regional economies. Financial support is available for both small and large businesses and therefore, if you are struggling, it is well worth checking whether you could be entitled to monetary aid.
Reading from the USA? If so, your business might be entitled to a share of the $2tn economic stimulus package that was announced back in March. For businesses that employ less than 500 people, you might qualify for the standard SBA Loan or the new coronavirus-specific SBA Economic Injury Disaster Loan (EIDL).
Are you the owner of a UK based business? You might be eligible for a portion of the new governmental financial-relief package, set at around £350bn. Loans are to be accessed through the Bank of England and will be available free of interest for the first 6 months alongside a cash grant worth £10 000 to cover imminent financial emergencies. Businesses in the retail, leisure, or hospitality sectors are also eligible for a year-long exemption from paying business rates.
- Get Online
One way to guarantee the certainty that you need to keep your business afloat is by moving your operations online. For instance, if your business provides online-based services, then allowing your employees to work from home can help you to maintain productivity and retain your client base.
Nowadays, there are fantastic chat and video conference apps out there including Microsoft Teams, Slack, and Zoom that can bring your team together to ensure collaboration and communication at every level of the business.
Comparatively, if your business sells physical products, you can transition to online retail and delivery to counter the loss of in store traffic and retain your staff. Restaurants, cafes, and bars can also be converted into takeaways and grocery stores to make use of stocks.
When making the switch to online be sure to invest in reputable and reliable digital infrastructure so that you can offer safe payment, shipping, and collection options. While this might take some time and getting used to, in the long run, making these changes now can enable your company to stay in business.
- Embrace Social Media
If you have not already done so, now is the time to establish an online following. Social media can be a fantastic platform for generating income, promoting your products and services, and communicating with your clients and customers.
Furthermore, investing in digital partnerships can give your business an edge. Not sure where to begin? Head to LinkedIn and Instagram and seek out the profiles of companies with products and services you can incorporate into your own business.
For instance, is there a marketing company in your town or city that could help you to grow your online brand? Supporting businesses in your area is crucial during these testing times and who knows where your working relationship might take you.
Creating content for your online audience is also key during a time when lots of people are browsing the web. Try to produce blog articles and social media posts that are resourceful and geared around how your business can help potential clients and customers to succeed.
Ultimately, with the coronavirus crisis expected to be with us for the next few years at least, it is important that your company focuses on new ways to work so that your business model can stay viable. Above all, by adapting to the new normal and thinking creatively, your business can continue to thrive while navigating an uncertain marketplace.