How can Businesses survive during COVID-19
With the advent of the COVID-19 pandemic, it’s not business as usual. The pandemic has negatively affected everyone at a personal and professional level. Economists agree that the COVID-19 economic impact is unprecedented. Faced with the ugly marauding virus, you have two choices: hide and panic or restrategise and rethink!
1. Reshape your financials
Offer payment plans to customers – Allow your customers to spread costs and pay in monthly instalments. This will help them financially as they get back on their feet and enable you to attract new business again and maintain cash flow.
You can also defer tax payments to help with cashflow. As a sole trader HMRC are allowing the deferring of the mid-year tax payment.
Tool to use: https://zip.co/uk
2. Keep up to date with free educational courses and training on best practice working with COVID-19.
There are a number of online training resources to educate yourself on how to deal with your customers during COVID-19. Traders like plumbers, electricians, builders need to carry out eseential workbut in a safe way.
We are in a Covid19 pandemic and there’s a lot of confusion about what we can and can’t do. But the rules are really clear.YOU CAN WORK. You just have to take simple precautions about catching or passing on the virus.
No health and safety law has changed – the Coronavirus Act 2020 has NOT removed or over-ridden any existing Health and Safety law. You have to look out for high risk or very high risk people.
The UK Government is not asking all businesses to shut – indeed it is important for business to carry on.” (from Government guidance on Covid-19)
Tool to use: Safer Trader
3. Diversify your business
Not always obvious and can be limited depending on the business sector. Focus on online activity and marketing. Launch a product or service that can help people and companies in these challenging times. Create an app for your business. Ramp up your marketing for your existing apps.
Tool to use: https://gonative.io/
4. Perform a Website and SEO Audit
Refresh your SEO strategy by reviewing your pages content, researching keyword trends and plan your content wisely. Speed up your website for mobile customers.
Tool to use: https://neilpatel.com/seo-analyzer/ (It’s FREE)
5. Improve your Ecommerce Sales
Look at your historical data and insights. Use Abandonment cart analysis software to highlight bottle necks. Offer incentives to customers.
6. Product sales performance
View your insights on which products are selling better right now and which ones have dropped off. Focus on marketing these products, and
7. Leverage your network of contacts
Reach out to other companies, team up and offer help to their clients in return for helping theirs. Offer a package customised to helping them through COVID-19 period.
Tool to use: LinkedIn, Facebook, Twitter, Email, Zoom