The covid-19 pandemic has been a threat to the global economy, with standard and small businesses taking the biggest hit. Several brands have so far declared bankruptcy as a result of eroding resources and assets. Those that are struggling to stay afloat have to make necessary post-lockdown business strategies to stay afloat. To help you out, we have explained how to be more cost effective.
1. Re-Evaluate your Spending
Given that the economy is dwindling, companies have to change their spending habits and come up with cost-effective business strategies that will ensure that their resources and capital are only spent on inevitable expenses.
You can start by conducting a thorough assessment of your business’s fixed and variable expenses and compare that to actual revenues. This step will give you a clear picture of your company’s financial position. You may consequently use that information to create an elaborate spending strategy that will help keep your company afloat and prevent your resources from eroding.
2. Build an Effective Social Presence
Creating an excellent social presence involves engaging your target audience and providing them with relevant information concerning your business.
With most people stuck at home, the use of social media platforms has been on the increase. As such, you need to take advantage of the market share by competing for audience attention on these platforms. In doing so, you will be able to reach out to your target audience at home and keep your brand in their minds.
The best strategies you can do include:
- Start by doing in-depth research and find out where most of your target customers congregate
- Staying active and providing users with relevant information about your brand
- Create engaging content like videos to capture their attention
- Hire a public relation officer to create a strong relationship with your target audience
3. Re-strategizing Marketing Campaigns
Creating brand awareness focuses entirely on the customers and, therefore, you have to modulate a strategy that will have them at the crux.
Life has taken a dramatic turn, which means that the previous marketing strategies you had created may not work. You have to put on your creative mind and come up with new marketing campaigns to accommodate the current situation and reach out to your audience.
- You may switch and put your focus on online and commercial marketing like television and radio to reach out and interact with your target audience.
- Add video content marketing into your strategy to keep your customers engaged in social media platforms and online adverts. You may also use the videos to provide them with safety ideas on how to handle products during this time.
- Encourage more shopping by providing online ordering and delivery services to your customers.
4. Downsize your Space
In most cases, the price of office spaces is affected by square footage.
You can reduce your rent by downsizing to a smaller space. Since this process may mean that you have to move, you may hire professional movers to keep your equipment safe. Remember also to implement strategies that will help protect your data during office relocation. It would help if you also reduce your staff members by encouraging some of them to work from home to help observe the social distancing guideline imposed over coronavirus.
5. Implement Health and Safety Measures
Due to the current contagion, health is of utmost priority.
Your employees and customers need to be safe and healthy for your business to keep running. As such, you need to uphold health guidelines imposed to protect them from contracting the virus (such as workplace COVID testing). It’s essential to provide your employees with the necessary equipment to keep them safe and remind them to stay safe and follow the guidelines provided. You also need to update your customers on the precautions you have undertaken to minimize infections. Doing so will enable them to trust your products now and after the pandemic is over.
6. Encourage Personal and Professional Development
The success of any business lies in the status of its employees.
Given that the current situation has some employees working from home or while others took unpaid leave, it’s imperative to encourage them to stay healthy both mentally and physically. This is because you need them to be competent when life goes back to normal.
You may also start hiring a PA recruitment agency in order to make sure that you get the best talents. Hiring employees is extra challenging during this pandemic as there will be a lot of applicants due to the rise of unemployment. Leaving this task to experts can help do away with unnecessary costs.
As an entrepreneur, you have to be a visionary and take the appropriate post-lockdown business strategies to keep your business thriving during these difficult times. You ought to do by revising your business strategies, and figure out how to be more cost effective by reducing your expenditure to accommodate the new low-income budget. More importantly, you need to keep your employees and customers safe and healthy.
About The Author
Sean Begg Flint is the founder of Position Digital, a digital marketing agency for ambitious start-ups and growing brands. They help companies get found online through creative content and targeted outreach.