As the government allowed gradual reopening of establishments, businesses need not only to think about going back to their operations, but also they need to think how to survive and navigate the unchartered waters brought by the COVID-19 pandemic.
How to adapt to the new normal? How can you ensure your business will survive amidst of operating in a limited capacity and following strict health protocols?
We list down a few tips on how you can pivot your business in order to come out stronger and survive the COVID-19 pandemic.
1. Choose your priorities
Is it to grow or to survive?
You’ve probably had a lot of goals at the start of 2020. However, with the COVID-19 pandemic, you’d probably have to delay those goals and adapt to the new normal.
But remember, not because you can no longer pursue your business goals, for now, doesn’t mean your business is over. Perhaps, this can also be the time to revisit the following:
- Product enhancement
- Improvement of internal process
- Company spending
- Customer service
How are these items going in your business? Are there issues or strategies that you need to address and improve?
By choosing your priorities first, you can determine the following steps or milestones that you need to implement your business.
Choose what really matters that can help your business survive these trying times.
2. Go digital
If your presence is still not felt at this time, you’re missing a lot. With social distancing measures and other strict protocols, the way we usually do business before is far from happening.
- Review your social media strategies. How do you make sure you are still connected with your customers and clients?
- How do you respond to your costumers online? Are you using technology effectively?
If you have a physical store, find out how you can leverage the online world or the technology to continue offering your products. Do you have an online store already?
This can be challenging especially if you are not tech-savvy. But this shouldn’t hinder you from adapting to change. Ask for your employees or outsource if needed.
Looking for a silver lining in the midst of the crisis? It is the fact that there are still opportunities that lie ahead. You have to spot opportunities that will help you survive the trying times.
For example, if your product or service are non-essential at this time. Try to look out for ways or brainstorm with your employees on how you can translate your product or offering into something essential.
Do you need to reinvent or develop new products? If that’s the solution, then go for it. Do you have issues with your current supplies? Then how can you maximize your current resources?
Take Airbnb as an example. We couldn’t agree more that tourism is one of the most affected industries during the pandemic. Leisure travel is still restricted. Because of this, the entire business model of Airbnb which relies mostly upon travelers is greatly impacted.
But instead of calling it quits, the entrepreneurial spirit of the founders of Airbnb arose. Since most are at home now, they focused on providing online experiences.
4. Look for a financing partner
Without enough cash, your business will barely survive this crisis. But know that there is a financing partner like RFC that can help you in this trying time.
If you need to boost your working capital to continue your operations, RFC is offering a working capital loan to help you bounce back during these trying times. Apply now!