3 Tips for Adapting Your Business To The Repercussions of Covid19

The global economy has taken severe strain under government-enforced lockdowns and preventative measures. While different sectors are working towards financial and economical solutions to the array of problems, ranging from independent funding for crisis control to work being done toward LIBOR replacement, there are still many unknowns. 

It cannot responsibly be argued that lockdown measures are cynical; it is these same measures that create tremendous challenges for the small to medium enterprise. It may seem as though there is no way forward, however, an informed and careful approach can lead to economic survival and potential growth for business finances.

Follow Regulations Litigiously

Many companies are running into legal trouble over lesser-known lockdown measures that may affect different industries in different ways. The nature of lockdown measures has left consolidated information and guidelines lacking. Some things are apparent, however, some lesser infractions can occur unless you are thoroughly versed in restrictions and how they apply to your industry.

Are there any individual components of your product or service that are subject to restriction? In what manner are you allowed to deliver to market? What is your responsibility towards your employees? These are some of the more blatant regulations you must familiarise yourself with. They are not, however, the only concerns. The scope of responsibility may even reach as far as the conduct of your employees.

Inventive Business Approaches

There is a subset of companies that have come up with creative ways to use old industry methods to both ensure future income and garner current capital without violating lockdown regulations.

Consider the rather asinine ‘voucher’. There are companies who, during this period of being unable to provide their products or services, have been selling vouchers with significant discounts on said products and services, to be provided after the end of lockdown.

This approach offers your client genuine value while providing your company with the capital to stay afloat and continue basic operations.

Remain Visible

It is often one of the first departments in a company to face budget cuts, but should you hope to come out of the lockdowns standing, marketing must go on. Brand visibility is more critical for those companies that cannot deliver as per the status quo. It is these companies that are most vulnerable to the economic effects of prolonged lockdown. The challenge comes in what to advertise. You may feel it to be a waste to market your restricted goods and services, and you would be right. It would border on the absurd.

Industry leaders are showing us the way to do it once again, with companies appealing to their client base through messages of consolidation. Should you be in a position to offer any social aid, focus on promoting the effort itself (do not brag about it, smug is not going to appeal in these times). As an example, if you have a food drive, put out a call to other companies to join.

Should you not be in a position to put resources towards charity, you can opt for informative marketing. Get your brand seen on any and every space you can share helpful advice, guidance or tips. An example of this would be a real estate agency putting out information on the investment climate, or even do’s and don’ts relevant to your industry.