The show must go on. Even when the whole world is struggling through a health crisis, businesses know that they have to find a way to continue making money. While governments are helping out, it may not be enough for your company. And, in some cases, the money isn’t available right away, meaning that mounting debts cause SMEs to file for bankruptcy.
If there is a silver lining, it’s the lessons that every entrepreneur and businessman and woman can take from the current situation. Here are four things to remember that could be the difference between survival and closing down.
Where There’s A Will
‘Where there’s a will, there is a way’ is a motto that has been around for centuries. Still, it doesn’t hit home until you’re in a situation where your back is against the wall. With multichannel retail sales down by 8%, including big brands, it’s likely that the slump in shopping will cause you a significant headache. Thankfully, creativity peaks at this point. Take Boober Eats, as an example, or BrewDog. Both of these companies transitioned into new areas to limit the damage of Covid-19. And, your company can do the same thing if you put your heads together and think outside of the box.
Offline Marketing Will Never Die
People said offline advertising techniques were obsolete, but they weren’t. Maybe all they needed was a push over the edge? If this were the case, the Covid19 outbreak would have been the nail in the coffin. However, www.mailitdirect.com proves that these methods aren’t dying – they’re thriving. Delivering to a customer’s home, whether it’s a product or a leaflet, is allowed in most places, and it’s an excellent tactic when people are bored. After all, they’re more likely to consume and remember the message. Quality promotions could even encourage shoppers with money to make a purchase.
Cuts Don’t Need to Be Labor-Centric
The labor is always the first place bosses look when cuts are necessary. Employees are paid the most money, so they must go, according to conventional wisdom. But, cutting back to save money and employing workers is doable if you search in the correct places. Www.forbes.com details how Microsoft has reduced its expenses by $120,000 per day due to embracing cloud computing strategies. Sure, the company is an industry leader, yet that doesn’t mean you can’t take inspiration from their practices.
Everybody Is in It Together
Bosses and associates are often the last to cough up the cash. They’re in charge and usually cut worker’s pay before moving to the last resort. If you think that’s harsh, look at how soccer is trying to slash players’ wages while CEOs and directors, who are worth more, continued to get paid. The reality is, however, that consumers remember the brands that fail to pitch in and help out. In their eyes, everybody is in the mire together. Therefore, not highlighting your sacrifices could do permanent, long-term damage to the brand.
What have you learned from this crisis?
