COVID-19 has had a tremendous effect on the world economy in 2021 and on-going, creating havoc in certain businesses and providing unexpected windfalls to others. Additionally, the pandemic accelerated a broad digital transformation by compelling consumers and businesses to finish tasks that would ordinarily take years in months. As is the case with any crisis, opportunities are available for well-positioned businesses that are willing to grab them.
Create new value
Historically, businesses have used a bunch of excuses to postpone difficult and costly transformations. However, an increasing number of businesses recognise that daring and bold moves are required to adapt to a quickly changing market and maintain profitability, if not survive. Businesses must devote time and energy to defining a clear vision for how and where they need to go, preparing for that evolution, and carrying out that vision.
Naturally, some firms will have an easier time with this than others. If you own a software firm or an e-commerce site, the majority of your business is undoubtedly already conducted online. If, on the other hand, your business was previously largely conducted in person, it’s time to investigate techniques for moving it online.
This may mean developing or expanding an e-commerce division for shops. If you are a gym owner or fitness teacher, you may want to explore converting to online sessions. Individuals in the food and beverage industry may decide to explore giving live online cooking lessons, catering, or the publication of recipe books. Make use of your creativity and think creatively. Whatever sort of business you manage, it will be vital to increase your digital marketing activities.
Develop ties with your clients
A business’s success is always contingent on its customers, but the epidemic has heightened the need of retaining and developing those core customers. Your customers are spending a lot of time online than ever before, working from home, taking online courses, and even convening family reunions via Google Meets and Zoom.
Businesses have always needed to be clever in their use of social media and email marketing, but this is much more crucial now because customers spend so much time on computers and smartphones each day. If there was ever a time to evaluate if your business is readily accessible online, whether your website is user-friendly, or whether your social media platforms are producing likes and shares, now is the time. Remind your clients that you care about them and appreciate their business, and reward them for spreading the word about how much they value your products and services.
Empower teams through technology
Technology is not a cure for success, and businesses must avoid succumbing to the latest and greatest new technologies that fall short of their objectives. It is vital to establish new processes and teams to evaluate and act on the insights provided by data and technology. Additionally, teams demand additional autonomy in order to identify new possibilities and make sound judgements on a timely basis. Effective data and regulations may aid in building guardrails and empowering these teams, a key lesson that is routinely overlooked during transitions, dooming even the most promising efforts.
Prioritise authentic, truthful communication
In the face of the epidemic, open communication is more vital than ever. Customers want brands to engage with them online and through their preferred channels. Customers want to know how the epidemic has affected their life and what to anticipate in the future. This is the moment for businesses to connect with consumers plainly and immediately, guiding them through the engagement process, reassuring them that the firm is open, and giving simple ways to interact and purchase.
Accept funding
COVID-19 has had a devastating effect on businesses and consumers, as well as the global and local economy. To ensure the survival of companies, governments and other key organisations created rules that shield small enterprises from these changes. Credit is now available to small businesses in New Zealand to enhance operating capital, respond to crises, restructure debt, and finance development. It is vital to ascertain whether the financial packages available can aid you in assuring your business’s survival and progress.
Checkout https://www.business.govt.nz/how-to-grow/getting-government-grants/grants-and-help-for-your-new-business/ for any funding your business can receive.