The current pandemic situation is wreaking havoc on the world’s economy. Air travel business is hit hard, sports leagues and the biggest events in the world are being postponed. Every country has come up with strict travel restrictions as an attempt to keep the novel coronavirus outside their borders.
Nevertheless, even in these challenging times, smart entrepreneurs and business leaders will surely find the perfect ways to leverage their business.
The journey from crisis towards growth
Flights are getting cancelled, hotels and restaurants are struggling, organizing the big events is a huge question mark, and people are no longer interested in purchasing luxury goods. For newly set-in startups and business leaders, it is now all about searching for the new possibilities that lie amidst the pandemic situation.
While you are trying to chalk out the right plan to benefit your company during corona crisis, focus on the urgent needs of the clients in your business domain. All you need to do is to identify the right opportunity for this challenging moment.
We all know who would be the first one to gain benefit in the pandemic situation – companies making masks, medical sanitizers, toilet paper, canned food goods, etc. Apart from the essential needs, there will be a big demand for services and solutions by the companies who are facing the crisis. Finding these clients will help you in gaining the right leverage for your business.
For instance, during the financial crisis, people would prefer going for ‘urgent repair services’ rather than buying the latest electronic gadgets and cars. More and more employees will have to work remotely for their company. This will ultimately lead to the growth of the telecommunication industry. There shall be intense competition amongst the business leaders to acquire internet & communication services. As people will not be able to meet each other until the pandemic situation comes to a halt, they will start looking up to different video conference technologies such as ZOOM and Skype. If the schools continue to remain closed and teachers switch to working remotely, there will be a huge rise in the courier industry. It could be a golden moment for companies which offer courier and delivery services.
Rise of social media and e-commerce industry
People will be spending a great amount of time inside their home, glued to their mobile and gadgets for checking out news, communicating with friends and to accomplish work tasks. Henceforth, the current crisis will be the best time for social media channels (such as Facebook and Instagram) to generate excellent growth as marketers.
We have observed that a lot of companies have requested to increase their advertising budgets on social media platforms. E-commerce industry will surely bloom, just like when Alibaba generated growth by receiving thousands of orders each day during the spread of the SARS virus in 2003, as nobody was allowed to enter China.
What steps can entrepreneurs take to grow their business?
In these difficult times, entrepreneurs must first work on developing a perfect plan in order to sustain their business while corona crisis is happening. Take the help of an accountant to build reasonable cash flow while finding ways to cut down on expenses. Keep a rough idea in your mind of how long the crisis is going to last. If 2-3 months, then look for ways to sustain the company without making any drastic changes.
Moreover, you’ll be quite surprised to know that this pandemic period is the best time to enhance your company’s development. Yes! This is your perfect moment to build new opportunities for the company. Start working on a growth plan which could benefit your clients amidst the current crisis.
Double up your marketing efforts and expand your business via social media platforms. Your growth plan will lead you to a better position even after the pandemic situation comes to a halt. You will find yourself ‘on the move’ with your potential clients since you were prepared on time. How about investing a little in manpower for a few weeks? Invest this crisis time in training your staff with new tools, skills, techniques and methods.
Certainly, the coronavirus crisis will eventually end. But the question is how will you get through it? By losing hope, postponing activities or cancelling your great plans will not yield anything in the long run. There is only one way to guarantee your company’s growth in this crisis, that is, take the leap of faith and stand straight, work creatively, and keep moving forward.