There is no shortage of news stories and content that captures the gravity of COVID-19, but some businesses remain content with keeping their head in the sand instead of understanding and adapting to the new market conditions. Conversely, others have completely retracted their winning strategies preferring to watch what happens next. 2020 might have a bleak outlook, but there are ways to arm ourselves with tools that will allow businesses to maintain, and potentially thrive with a new mindset mastered in this period. Now let’s start on changing the narrative and gaining back some control where we have lost it.
Explore the government entitlements
Businesses have been hit in a multitude of ways as a result of COVID-19, which has triggered governments to support employers and employees through generous entitlement and stimulus packages. If you haven’t already, explore the jobkeeper government scheme and the other options available, and see which conditions apply to your circumstances and see what you are entitled to. These financial contributions will be consistently sustained for the foreseeable future, flexing with the virus and the isolation restrictions that are handed down as a result. These programs have really assured the public that businesses will be ready when we emerge on the other side of COVID-19. Also, remember, if one government benefit doesn’t apply to you, it doesn’t mean that there isn’t one out there for your business.
Learn from the crisis’ from the past
You should feel comforted by the fact that COVID-19 isn’t entirely unpreceded, and that generations of people have encountered and conquered events similar to this time and time again. Now we are not trying to take away from the impact of this once in a 100-year occurrence, but instead, encourage you to gain some perspective by reading about some of the other bear markets we’ve seen in the modern era. Specifically, you can learn about how businesses have adapted under a challenge and have managed to come out of the other end even stronger. In the same way leading brands have refocused their efforts to engineer ventilators and masks – what innovations can you take away from this experience?
We’re seeing an honest approach from businesses
Throughout these hurdles, it’s been so positive to see that businesses are being honest with their customers, competitors and market about their position throughout COVID-19. The lack of control has encouraged all to be forthright, and the effect has resulted in even more loyalty from customers who are continuing their understanding of limitations and changes. Despite the unsteady trajectory, commit to being honest about the struggles you are facing and the pressure you feel, because there are more empathy and loyalty out there than you know. Messages that come from the heart will also resonate over an impersonal business as a usual message, so you might actually come away from this with new followers and fans.
Stay as consistent as possible
It might feel like an act of insanity to go about your business like it’s just another day, and that’s not necessarily what we are prescribing. Try your best to continue your digital presence, interact with your audience on social media, send out your monthly newsletter and plan your next quarter accordingly. Research has proved that business that sustain their marketing activity in a crisis will still convert and streak ahead of their competitors who have opted to pause their activity.
If there is anything to take away here, it’s that you can control parts of your business, even in a crisis. Your first instinct might be to disband your strategy and try something you perceive to be more appropriate – explore your options but don’t discount all the work you have done to grow a business and a following.