Every business across the nation has been thrust into an unfamiliar position because of COVID-19, and many are wondering what to do next. It’s a crisis that we could not have prepared for and one that will have long-lasting effects, causing us to rethink our safety measures and how we operate. However, to keep moving forward, we must respond to the pandemic and take it in stride if we want to see businesses succeed.
Responding to the Crisis
As a business owner, you need to think about what is ahead for your company and create urgency ratings for tasks. Look at what you need to do right away, this week, and on the horizon. Be mindful of staying up-to-date with the latest COVID-19 information, as what may have made sense last week can completely change this week.
Improve your products and services
If you have been experiencing a decline in the demand for your products and services due to the pandemic, this might be a good time to improve your existing products and services. Think of ways to enhance the utility of your current product/service to gain greater customer satisfaction, resulting in increased market demand.
Increase and improve direct communication
If there was ever a time to stay in constant contact with your employees and customers, this is it. Ensure that everyone is doing well and staying safe and be mindful to check in on them often. Let your customers know how your business is doing and what measures you are taking to manage COVID-19.
Take care of yourself, your family, and your employees
Put your own mask on first. Make sure that you are staying healthy and happy, doing what you can in these uncertain times. Secondly, check in on your loved ones – your friends and family. Reach out and ask if there is anything you can do to help. Then it’s time to move out to the next ring: your team. They are ensuring your business survives COVID-19, so make certain they also have all that they need.
Invest in your employees
Make use of online training tools and programs to impart new skills to your employees. For example, you can organize virtual conferences or training sessions to motivate and engage your employees for greater work performance.
With reduced income opportunities and an increase in employee layoffs, this might be an ideal time to collaborate with other similar businesses and widen your network. This way, you can make use of the synergies offered by such partnerships, cutting down on costs while maintaining a high quality of services.
These may be uncertain times, but you don’t have to go at it alone. For more guidance on growing your own business, contact the Economic Development Collaborative. Conveniently located in Camarillo, California, we’re here to help.