With the worldwide crisis over the past few months, everyone's income has been in constant jeopardy, so they have been spending less. But the certainty that things will get better motivates businesses to keep running and find ways to recover after taking damage.
So, how can we make a complete business recovery from covid-19? Well, here are a few tips.
Apply for the Recovery Loan Scheme
The Recovery Loan Scheme (RLS) launched on 6th April and provides financial support to businesses as they recover and grow following the coronavirus pandemic. You can apply to the scheme if Covid-19 has affected your business.
You can use the finance for any legitimate business purpose – including managing cash flow, investment, and growth. However, you must be able to afford to take out additional debt finance for these purposes.
It is going to run until 31st December 2021 – subject to review. It is worth looking into just to give your business the boost and motivation it needs.
Adapt to Customer's Lockdown Behaviour and Assume it is here to stay
During the crisis, we could split people into two categories:
- Those who stayed home
- Essential Workers who had to work through the crisis
So, just from this description alone, you can get a grip of what these types of people may need. It is also good to play it safe, and assault lockdown isn't ending anytime soon, so how will that affect your work?
- If you run an eCommerce store – keep your stock full at times. Almost everyone shops online now, so keeping watch of your stock prevents it from running out.
- If your job includes teaching customers things, e.g., Yoga Instructor, you may need equipment to record videos on, etc., and you will need to upload them on Youtube or a site of your choice.
- If you communicate with customers over the phone or on skype, make sure all relevant devices are on.
To summarise: have everything you need to do your job at home. If you still lack something, get it as soon as you are able.
Reassess your Spending Strategy
It is essential to rethink how you manage your budget to avoid going bankrupt; if you didn't do this when lockdown began, you should really do it now.
How can you cut costs?
- Spend less on advertisements
- Double down on fee promotions
- Stop activities that don't result in profits
- Reuse old, successful content that can still be useful
Another way is to make yourself less expensive (and more appealing) to customers. Discounts and special offers are even more effective than ever as everyone is literally trying to save money; customers almost expect it now.
Social Media Marketing
Social Media Marketing in the Post – Covid – 19 era can help you maintain your customer base. Having an engaging presence on LinkedIn, Twitter, Facebook, or other social media platforms will help you connect your customers and build relationships. Business owners ought to relate their social media marketing to the ongoing situation.
As much as customers do not want to be reminded about what pandemic, brands that ignore it seem misplaced. So, use social media to deliver helpful messages and engage in valuable conversations with your audience.
This will help you resonate well with your customers and allow you to come out of the crisis much stronger.
