The coronavirus pandemic is greatly influencing businesses all over the world. For some, the virus has become an opportunity to help their neighbors and expand their business. For others, it has the potential to ruin their company. For many entrepreneurs and small businesses, the key to surviving this crisis will be rethinking their business. Here are some tips for shifting a business to address the current catastrophe.
Take Advantage of New Technology
One of the most important things is for entrepreneurs to think of ways they can continue operating despite current limitations. For many, the answer to this problem is the technology that encourages online interactions. The ability to provide everything from meals to tutoring online can make it possible for some entrepreneurs to continue offering their essential services in a new environment. Right now, investing in a new website and app-based products may be a wise choice for many companies.
Pivot to Address New Needs
For many entrepreneurs, their primary services are no longer required. Those in the hospitality industry, such as companies that help book music festivals or provide catering, have been struck especially hard by shifting demands. In these cases, it may be best to take a long, hard look at the company and think of new ways it can help others. For example, Park Place Payments, a credit card company, realized that they and many others were struggling to get funds, so they launched a small business relief plan instead. Companies willing to be flexible may have a better chance of surviving the crisis.
Be Sensitive to Customers Worries
Customer backlash has already caused many companies to struggle. Most customers feel like there is nothing wrong with businesses trying to find ways to keep operating. Still, those who try to take advantage of others with things like price gouging or laying off employees who attempt to unionize have lost a lot of customers. The right public relations campaign can make a huge difference when much of the population is feeling stressed and scared. Offering discounts, emphasizing community outreach, and continuing to care for employees can help a company keep the positive reputation they need to survive during these trying times.