It is no news that the manufacturing, retail, transportation, sports, air travel and events management and tourism industries are those well hit by the Corona Virus pandemic, as they have a hard time experimenting general market uncertainty and slowdown in demand including supply chain disruptions. Meanwhile, software companies providing collaboration tools, software-as-a-service and cloud capacity are seeing high levels of demand to meet rapidly changing customer and business behaviour.
The havoc wreaked by the Wuhan virus can be felt on a global scale as it is affecting the global economy. In some remote zones in Africa however, activities are still being carried out even though reluctantly. The pandemic has had its toll on medical practitioners, but let`s not even go there yet….
The situation has taken people unawares and driven most aback. For those businesses who boarded the `digital train` a long time ago, they may be adapting to this crisis better than their peers.
In times of crisis however, a Leader knows how to stay calm and this should not be different from the case of a Business Leader! Staying calm gives room for clearer vision of what the problem is and possible solutions.
By embracing the cultural and behavioural shifts that COVID-19 introduced and focusing on a lockdown exit strategy, Business Owners are sure to remain optimistic about the aftermath of the crisis.
What therefore does the future hold for businesses in this part of the world?
The answers to this question go beyond stating an in-depth analysis of the impact of the corona virus on Businesses to proposing solutions and tools…strategies that business owners need to implement to come out victorious after the economic down surge.
FOCUS ON CUSTOMERS
Customers are the lifeblood of every business for without them a business will not exist! Depending on the industry, customers might be going through a rough time…It is the task for Business Owners to find out what the pain points of existing and potential customers are as a result of Covid – 19.
How is the pandemic affecting them and how can one help relieve their pain?
Once this pain is figured out including the how to help, the company`s marketing strategy and sales pitch can be adjusted and redesigned to suit these ones. A business owner`s role really is to figure out how to re-position products and services to be helpful and address the specific pain points that customers are confronting now and after this period.
RE-THINK SALES CHANNELS
Even as more of the country goes into lockdown, people still are going to want and need to buy things. Creating opportunities to serve your market via alternative sales channels will be key here. For example, if coronavirus is cutting down on foot traffic to your retail business, look to expand to e-commerce offerings.
CREATE NEW DELIVERY SYSTEMS
Business owners must think about boosting their online-marketing efforts and e-commerce sales. Create more conversations on social media instead of in-person sales meetings. Many B2B companies are already well-positioned for this, especially if they sell software or other digital services and solutions. Business is still going on, but more of it might need to happen online.
RE-INVENT THE FUTURE
Business Owners are visionaries… having a company means you have plans to let it run for many years ahead…in this light, Business Owners must be forward-thinking and put innovative strategies in place that will not only drive national conversation, but will enhance people`s lifestyle.
If you’re experiencing a short-term slowdown, this is the time to re-evaluate your operations, platforms and processes and do some long-term strategic planning and investments.
Spot those long-term opportunities, what in the long term will bring in some revenue, start following up with your Leads to make those transactions happen.
In conclusion, it is well to note that like it happened in China, the post-coronavirus economic recovery might be faster than we expect. If Business Owners cut back too far today, they might not be positioned to capitalize on the post-crisis recovery.
It is clear that we won’t revert back to our old ways of living, working or doing business once the worst of the crisis has passed.
Companies therefore must put some good steps in place today to be positioned for bigger success tomorrow. There are always challenges and crises affecting our businesses. We can adapt and embrace the opportunities and bounce back stronger, or wallow in pain and regret and get lost or drowned in failure.