Surviving the Covid-19: as a leader & business owners
The Covid-19 outbreak caught global economy and businesses off-guard and this is not the first pandemic but first for millennial and it has affected and still affecting hundreds and thousands of lives who have put everything on hold to reduce the spread of the virus.
The virus, which has been declared pandemic by the World Health Organization (WHO) has gone global with cases in almost every part of the world with origin that can be traced to China is causing a global health emergency and a global economic slowdown in Trade, investment, growth, employment and businesses.
The significant commercial impact has gone global; as the virus continues to spread most businesses are advised to close up shop to help prevent the spread and transmission of COVID-19 as the outbreak is moving quickly.
The business impact
Most countries have called for a lock down which terribly affects majority of businesses because when consumers of a business stay home, they lose revenues, profits, forced to lay off workers, bankruptcies which will eventually affect the financial system. Everyone is affected worldwide from foreign to domestic small and medium enterprises (SMEs) and the multinational companies (MNCs) are suffering the effects of the lockdown.
The challenges business owners face includes the collapse of customer demand, supply chain interruptions, unemployment, economic recession, workforce productivity and increased uncertainty as many businesses and organizations are not well prepared to handle this crises but they will need to adapt and adjust to the needs of its customers and suppliers while navigating the financial and operational challenge because the business side will need to recover.
The Covid-19 is pushing business owners to push for new ways, new system to tackle the challenges the pandemic has brought but to make smart decisions, understand your business, your business position in your environment, your market, understand where this is all headed, will you be in demand? Can your business survive during and after the pandemic?
How can your business survive this period?
It’s important that your business prioritize digital marketing and go online (Twitter, Facebook, Instagram, Whatsapp, LinkedIn, etcetera) this period. Covid will affect those who are not digitally savvy because everyone is going online for whatever product they want, it is of utmost importance that you maximize the digital space.
Create contents, create a strategy to that would work for you to be in the eyes of your customers, leverage this new system and maximize it to your advantage.
It’s another opportunity to grow more revenue, attract and woo new customers.
Customers in need of your continued services will moved to online payment platforms as cashless payments are now the safest option to pay for goods and services as endorsed by the WHO.
Most companies and businesses have activated the work from home measures with the enormous challenges that comes with it like distractions, light, network connection and the temptation to sleep.
Your employee’s wellbeing will determine his work input and output, their state of mind would be affected and might make them feel less valuable, you as an employer need to increase communication, balance the need of the business while still building up their morale; they need to be assured that their well-being is top priority either through video or audio calls.
Encourage personal hygiene and healthy safe measures while at home as employees are companies’ important assets.
At this stage, customers are panicking, they need comforting and not to be taken advantage of. They need to know that you can be trusted, truthful with a clear purpose and can still relate with recent happenings. Keep in touch with old customers, check up on your clients and engaging them will bring about relevance and trust.
Remember, Customers will always remember how you reacted and treated them during the crisis.
As a business person, you should cut off unnecessary purchases. Only go for essential items your staff may need while on lockdown and working from home. Extremely manage your finance as we don’t know what we are up against.
Take advantage of logistic companies.
Businesses that deal with products and food are surviving on deliveries. If you would normally make deliveries yourself or customers would come to you, encourage them to stay at home while you engage the services of a logistic company for your deliveries.
Add essential product to what you offer
It makes you and your business still relevant; you’ll be solving a societal problem and still getting profit
A leader in this time of crises should;
- Be flexible with employees
- Be aware of employees state of mind
- Boost their ego up
- Be supportive
- Give employees a voice
- Be the calm in time of storm
- Engage the hearts and mind of both employees and customers
- Be proactive.
In conclusion, we must understand that this brings a new wave of change with panic and misinformation and bigger risks but new business opportunities stems up digitally.
An increasing number of consumers will be opting for digital solutions to their needs that will bring all form of comfort. Therefore the sooner a business detects the threat posed by the virus, plans and organizes a quicker solution to scale through with a robust defense; the chances are it will overcome.