The global COVID-19 pandemic has definitely stirred up the business world, effectively impacting every industry across the globe and significantly disrupting the modern way of life. Unfortunately, national and international companies are now experiencing financial losses and are forced to close their doors to the public, which raises uncertainty and fear of a grim future in the months and years ahead. Now that companies are struggling and are forced to learn some hard lessons along the way, it’s time to take a stand and fight for the survival of your brand.
Remember, the situation might look dire, but that doesn’t mean that you are powerless against the COVID-19 crisis. In fact, there are several powerful solutions you can implement that will help you stay afloat, build a recovery plan, and even thrive despite the odds. With that in mind, let’s take a look at the essential steps you need to take.
Stay on top of the latest developments
First and foremost, if you are to build a comprehensive recovery plan and create a detailed strategy for future growth while minimizing expenses, you have to stay on top of the latest developments regarding several key trends. These include the COVID-19 pandemic has definitely stirred up the business world, effectively impacting every industry across the globe and significantly disrupting the modern way of life. pandemic and its influence on your industry, market, consumers, as well as your competitors. Always keep in mind that the best business decisions are always based on timely, relevant, and verifiable data, because if you only follow your gut instinct, you are bound to make a mistake that might have long-term consequences.
So, be sure to research the current socio-economic trends amidst a global crisis, assess the current predictions for the post COVID-19 world, and monitor the direction your market is taking. Probably the most important part is to monitor your competitors closely, in order to see what they’re doing right, how they’re handling this crisis, and where they are falling short. This will allow you to implement the best practices yourself, and it will allow you to improve on their solutions.
Embrace sustainability in your business
Sustainability in the corporate and commercial sectors brings numerous benefits to businesses, leaders, the employee collective, as well as the entire supply chain and the consumer group. In other words, now is the time to invest in sustainable practices, embrace the life of an organized entrepreneur, and adopt green solutions that will minimize your overall expenditure, help you stabilize cash flow, and keep everyone on payroll throughout the pandemic. Going green might be the last thing on your mind right now, but ask any experienced entrepreneur and they will tell you that the long-term rewards far outweigh the initial investment.
Assuming that you have already sent everyone to work from home (more on the opportunities of remote work later), you can start working on recycling and conservation policies that you’ll instate as soon as you reopen your offices. Be sure to use this time to install motion-sensor lighting in your office, and switch to LED lighting to lower the electricity use. Unplug the printers and devise a plan to build a truly paperless workplace for the post-COVID-19 world.
Make smarter use of your credit card
Without a doubt, one of the most effective changes you can make is to optimize your credit card spending and re-evaluate the perks that your credit card provider has to offer. Now that your needs are changing and that you have to conserve as much cash as possible, it’s important to use a card that will help you save money with valuable cashback options. For example, leaders in Singapore and other business hubs across Asia are increasingly switching credit card providers for this very reason.
In Singapore alone, entrepreneurs can research credit card providers and find better card plans like the no annual fee credit card for Singapore citizens that offers benefits on various purchases which can help them and the company stabilize their financial standing amidst the Coronavirus pandemic. It’s a simple yet effective solution that, if embraced by leaders and their employees, can significantly reduce personal spending and help safeguard their livelihood, so be sure to use this solution to your advantage.
Bring a digital workforce to life
Now that you are forced to send your employees home, you have a unique and very lucrative opportunity to create a digital workforce and a digital workplace that will allow you to eliminate overheads and extraneous expenses. Many leaders will fail to capitalize on this opportunity, but not you, because you know that your employees can be just as if not more productive with the right tools and management on deck.
Be sure to integrate project and employee management tools, conduct regular video calls, and maintain your company culture by being present in their lives to ensure equality, transparency, and accountability in the digital workplace. This is also a great opportunity to experiment and improve your processes in the long term.
Focus on digital marketing
Marketing might be the furthest thing on your mind right now, but that doesn’t mean that you should abandon your marketing strategy in the hopes of saving money. Rather, now is the perfect moment to execute various digital marketing tactics that will keep the online engagement high, bring new customers to your website and social media channels, generate quality leads, and build brand awareness across the online world. In turn, all of this will help build a loyal brand community that will keep your business afloat during the pandemic and will allow you to thrive after all of this blows over.
There is no telling how long the current global crisis will last, however, there is no denying that its impact will be felt for months and years to come. Be sure to implement these solutions to strengthen your position in the market, and set the stage for success in the post-coronavirus world.