How Should You Respond to COVID-19 as a Small Business?
In an instant, the world has flipped upside down.
So, what are you going to do?
Option #1: Attack
Rally your team. Identify what your competitors are cutting back on. Attack there. Think 6 months out. Play chess. Strategise.
Option #2: Defend
Survive. Cut costs. Trust in the government. Curl up. Play the victim. Layoff your best people.
Which do you choose?
One of these will allow you to take control. Steer this ship. Take the wheel. Choose to go out with a bang.
You’ll ride in the passenger. Wondering… “Hmmm. What if I did this instead?”
The best choice?
Who knows? But there is one thing for certain… You get to decide.
Regardless, the direction you go. We’re here to help. So its clear what we’re choosing to do.
But naturally, the next question… “What should I do?”… “I mean people can’t even buy anything right now.”
True entrepreneurs and business leaders, will identify opportunities in any market whether it is bull or bear.
Disclaimer: Before you continue, read this! “We recognize that this is a terrible time for most businesses, especially small businesses without any support. Everyone, including our agency, has to make some incredibly tough decisions during this time. However, we do advise you to set yourself up for lean operations and tough times ahead then seek to find ways to win.
Here are a few things we’re seeing right now…
Gyms are closed: Our clients are taking to social media to host online workshops. Getting hundreds and thousands of people to watch their videos online. They have already started getting personal inquiries for online coaching. When COVID-19 recovery takes place. They will have a physical sales and online sales.
Coaches revenues are declining fast: An initial shock to the economy will decline revenue. However, some coaches are using this as an opportunity to build more relationships because there will be a spike in demand after COVID-19 blows over. Just imagine more prospects on the market asking for your services…
Course creators: The best courses are pivoting already. Financial courses that teach people how to invest. Have started making courses about how to survive.
Those are just a few examples… So… How can your business stay positive? It’s going to be different for everyone. But here’s some key insights…
#1: Your competition is cutting back.
For the first time in history, your competition is slowing down. Cutting expenses. Closing doors. AND doing absolutely nothing online to communicate with new consumers.
But hey maybe you have to cut back too… and that’s ok. The name of the game now is who can start attacking first?
When all this blows over (and it will), do you want to have a relationship with all your competitors’ customers? Imagine how much equity you will build with people while they’re at their emotional highs…
Just a thought.
#2: Online activity has spiked
Mandates to stay inside has been an issue. Hmm, so what do people do inside? Maybe some chores. Some cooking. A quick trip to the grocery shop…
But the two things people love to do indoors are:
1) Watch TV
2) Use Social Media
The media and online channels are having a field day right now. Attention online is approaching an online high. And when you mention the virus, everyone ears perk up.
Are you going to give in or join the party?
#3: The Long-Term Matters… ALOT
Everyone has been thinking sooo short-term over the last 12 months. However, we all plan to be in business for the long-term. Now is the time to make the switch.
Put some investments into helping your customers out in the long term. Or think about this.. how long does it take to complete SEO? Now maybe a great time to invest in long term tools you can deploy that will put you ahead while others are giving up.
This whole thing sucks. And I wish it never happened. But the reality is.. it did. As business owners, we have to do everything we can to survive. However, I believe the key to surviving is not giving up.
Now is not the time to rollover.
Now is the time to attack with everything you’ve got. Now.. that doesn’t mean go broke. Our advice is to be smart and strategic. Of course, above all, put the health of your family, employees and yourself, first.