How to Survive COVID-19 and Come Out Thriving
Since the initial coronavirus outbreak in Wuhan, stock markets, companies, and individuals all around the world are now feeling the effects. The tech industry is no different, as we are starting to see the impact that COVID-19 has had on worldwide technology earnings. The coronavirus has already cost the tech industry more than $400 billion. Worse still, that number is expected to keep rising as countries continue to impose restrictive lockdowns across the globe.
Startups and mid-size businesses are feeling the financial impact; fewer orders and purchases are leading to a notable decrease in revenue. Some companies have been forced to close their doors under “Shelter in Place” orders, and they’ve had to let go of critical personnel. Even though these are devastating times, we recommend using it as an opportunity to prepare your business for a considerable business development drive when the “Shelter in Place” period ends. By getting ready today, you will be best-placed to take advantage of the sudden influx of customers, when the COVID-19 outbreak begins to recede.
Re-design your website
It’s time to give your website a facelift. If you don’t remember when your site was built, or you used a pre-built template that is no longer supported by current software, your business could be in trouble. It is crucial to be able to convert website visitors into clients. Do you have a good sales funnel? Does your website hold top-ranking positions because it has a well-thought-out on-page SEO strategy?
If not, a website re-design not only can put you ahead of your competition, but you can also generate new leads and collect contact information of prospective buyers. By re-designing your website, you will create an excellent foundation for your business to pick up more business after this unexpected pause in trading.
Set up or optimize your CRM
CRM software is an excellent tool for your business, especially if it’s optimized to its full potential. If you don’t have a CRM system, but you’re realizing that your business needs one, it’s time to set one up. Not only will you benefit from getting accurate and organized data, but you will also connect with your customers more effectively than ever before, driving up results in your marketing initiatives.
If you already have a CRM program, it’s a great time to adjust its settings. Make any necessary system integrations, optimize available features, and set up comprehensive dashboards. By making these tweaks, you will ensure that the money you’ve invested in this CRM is a shrewd investment and that the system is working for you.
Get your new idea out by developing a Minimal Viable Product (MVP)
A quasi-global quarantine might keep you away from your day to day responsibilities. Still, it also provides an excellent opportunity to start work on that idea you’ve been developing in your head for a long time. With buckets of extra time on your hands and fewer distractions at work, you can finally develop a prototype for your new business or that unique solution for your exiting business.
Developing MVP is an engaging, creative, and highly beneficial process. An MVP will offer you a working prototype with enough features to test its capabilities with real customers. By creating an MVP that has a lot of potential, you can use it to present to investors and raise money, taking your business to the next level.
Ramp up your social media presence
With many people under lockdown orders, they are increasingly spending time on social media networks to help ease the boredom associated with being stuck inside for large chunks of the day. Which is why if you’re not on social media, or you don’t actively promote your business on there, you need to ramp up activity fast.
Set up a content campaign on all of the major networks, with a particular focus on those that make sense for your specific industry. For instance, if you’re a B2B software company, then a thought leadership content campaign on LinkedIn would be a good fit. But if you’re an e-commerce company, a targeted Facebook ad campaign could have sales flooding in through the door, providing an excellent ROI.
Do something good for your community
At times of crises, it’s those that take decisive action that are remembered the most fondly. With that in mind, strategize how your business could safely help other members of your community without putting any of your staff members at risk. The action you take now could not only genuinely help those who need it the most, but it could pay dividends for your company in the long run.
That’s principally down to the fact that customers have a long memory. Just as they will never return to those businesses who price gouged them during their time of need, they’ll do anything to return the favor to companies that offered them help. When business trading resumes to normal levels, the action you took during the crises may have earned you many lifetime customers. Many businesses have already started their own coronavirus initiatives if you’re struggling to come up with ideas.
Look to government support to stabilize and rebuild
If there is anything positive about COVID-19, it’s the various loans and grants the government is developing to help small businesses during coronavirus outbreak. For some, this will be the only option to keep the company afloat; for others, this money could be an investment to make your business stronger once the world recovers from this virus attack.
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) as part of the $2 trillion relief package sign by President Trump. This gives you the chance to retain employees and helps you to continue providing a service to those clients depending on you during these challenging times. Better still, the loans are at rates that can’t often be matched by high-street banks, giving you more flexibility in paying back the debt.
There’s no doubt that the COVID-19 impact will be felt for at least the rest of 2020 and possibly beyond. But this is not a time to stand still, the extra time afforded to you gives you the opportunity to transform the fortunes of your company.