What are the 7 business survival tips during a global health crisis?

All businesses have some sort of crisis handling strategy in place. It has become imperative to make difficult decisions during the pandemic for business survival.

“Keep calm and carry on.” – British Regime during WW II

“This too shall pass” – Rumi (Persian Poet)

“You just gotta keep livin’ man, L-I-V-I-N,”– Matthew McConaughey (Dazed and Confused)

These are the kinds of inspiring quotes and phrases that possess the power to steady us through challenging times. Be it a global crisis or business survival challenges, we find support in surprising places. We are all aware that the Coronavirus crisis has now reached a critical phase. Public health systems seem helpless to counter the spread of the disease and act decisively to contain the growth. The need of business survival tips is more necessary than ever.

Business Survival post pandemic

Putting direct health concerns aside, it has now become clear that Coronavirus will definitely leave some long-term business and economic consequences. While it may be wise to focus on just keeping with the flow at the moment, putting out the fires when they threaten to appear is crucial. It is important to plan for the future of your business and be well prepared for the next steps.

Coronavirus and theories

The coronavirus pandemic has killed thousands of people across the globe and reshaped the global economy entirely. Moreover, unsurprisingly, it has also led to several conspiracy theories about the virus. Karen Douglas – Social Psychology professor at the University of Kent says, “Conspiracy theories flourish in times of crisis, which is obviously the case here”. She further adds, “They tend to surround big events that require big explanations [because] small explanations are unsatisfying.”

Conspiracy theories about Coronavirus have flooded the internet. The 5G technology, some mysterious lab, or Bill Gates being the mastermind behind it all. Furthermore, a recent study by Pew Research Center suggests that 29% of Americans believe that the virus was made in a lab. However, the scientific evidence significantly suggests it is a case of animal transfer.

Conspiracy theories flourish in the time of crisis due to fear and lack of knowledge. However, understanding, reacting to, and learning lessons from rapidly unfolding events is critically important. Unexpected twists and turns are revealed with time and we have to be prepared in order to survive – as a community, business or an individual.

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A 7 step guide to business survival

Given the level of panic across the globe and the further potential for disruption, it is worth trying to better be prepared instead of panicking. Here, we will go through essential business survival tips during this Coronavirus crisis.

1. Survival First, Then Strategy

This is certainly not the best time for long-term strategic planning, which requires the ability to confidently forecast the future. Keep in view the continuously changing scenarios due to the pandemic. Business survival strategy will be driven by what is necessary until the crisis decreases. Although your ability to strategize will be limited, that does not mean you cannot aim at some general goals beyond survival. So, the main focus should be on surviving these hard times the best way possible. Also, set short-term goals to reap huge benefits in future.

2. Identify The Challenges To Business Survival

You need to strategize effectively and implement all the short-term goals. A good starting point would be to list down challenges your business might face. It is important to be prepared for different developments and take every possibility into account.

Consider everything from disruption of supply chains to difficulties in communication. Also, generating new customers and increased market competition. Plan for every plausible scenario from good to bad. Regardless of your knowledge about how the pandemic is going to affect your business.

3. Adapt – Be Flexible

Adjust your services to the current situation. In many parts of the world, the general public is limited to their homes which poses serious difficulties to businesses. You can face real trouble in the long run If you are following the B2C model. As you rely on face-to-face, in-house client interactions.

The idea here is to get creative and brainstorm different methods to deliver your services or products at the doors. For example, if we look at food businesses, a majority of them are now taking online orders with home delivery and promotions to stay afloat.

4. Modify Your Marketing With Coronavirus In Mind

While it is hard to see the positive side of the Coronavirus crisis, you can come up with helpful marketing ideas. This is the main business survival tip. Try to fulfill your social responsibility and give a message to your customers that you care for them. Ask yourself whether your product or service could further benefit the public. Adapt your marketing to reflect this. For example, many clothing brands are offering free face masks and providing protective gear to the essential workers.

Keeping that in mind, increased and flexible marketing is vital right now. Many people will wonder whether certain businesses are still operational. Make sure your target audience knows you are open and still going strong.

5. Use Alternative Solutions For Daily Business Survival

Coronavirus has already disrupted travel arrangements, communication, manpower management and even supply chains. Instead of simply cancelling or delaying business meetings, events or trips, brainstorm creative alternatives and solutions.

For example, you might be due to receive a visit to your office or production area from a prospective customer. However, they might be unwilling or unable to make the trip. So, one of the relevant business survival tips would be that you offer them an online video meeting or send pre-recorded footage for them to see the premises.

6. Ensure To Continue Your Services In Future

It is important to survive as a business during this crisis. Apart from sustaining, it is also vital to have a strategy in place for what is going to happen afterward. Do not assume that once the threat has passed, things will just roll back to the way they were before.

Being confined to their homes, customers have already switched to remote solutions. It should not be assumed that post-Coronavirus, they will go back to the normal ways they preferred for shopping prior to the outbreak.

For example, the companies offering automated and online financial solutions might find themselves more successful in the longer run. So, it is very important to adapt your services for them to be useful during the outbreak as well as in future.

7. Implement The Technology – Manage Your Business From Home

With the potential threat of most of your human resource working from home, it is important to plan for efficient communication. Phone calls and chats are not going to be fast enough, especially with all the distractions at home.

Consider using online platforms for planning and communications. For example:

Google Docs for collaborative documents management.
Asana or similar software for business planning that keeps everyone on the same page.
Skype or ZOOM for virtual meetings.
Cloud based storage, likes of Google Drive or DropBox for file-sharing.

The best time to do it is now. Start introducing the changes soon. So that, if and when everyone is working from home, they will be comfortable and proficient with the new methods.

The Bottom Line

There is no clear timeline when and how this situation will come to an end. It might be a matter of a few weeks, or we might be facing a worldwide recession for a year down the road. For businesses of all kinds, it is important to have a firm strategy in place and follow the business survival tips now to remain adaptable and flexible for future success.

We should also expect that the Coronavirus crisis will change our businesses and society in several ways. It is likely to highlight the importance of online shopping, online education, and public health investments. When the urgent part of the crisis has been navigated, companies should consider what this crisis changed and what they have learned from it so they can utilize it in future plans.

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