Whatever you choose to call it – lockdown, movement control, restricted movement – it all results in the fact that businesses will be affected. If you are a business owner, you know that this can’t be a good thing, though the lockdown may be necessary for different reasons. So during this time where close to everyone is not allowed to leave their house (including you), what can you do instead? This is not the time to give up, but instead to work around it. Here are a few things business owners can and should do during a lockdown!
1) Maximise Online Presence
Well, it is the 21st century after all. Traditional methods of conducting business are slowly becoming obsolete, and one way to make sure you are still relevant is to ensure that you are seen. One way to do that is by maximising your online presence. First and foremost, if you have social media accounts, utilise them. Come up with creative, engaging content that your audience will like. That will help contribute to your brand awareness. Next, you could also consider online marketing channels. There’s a reason why online marketing is a thing, and it’s because it reaches out to a wide range of people in a very short time. Even if your business is halted, doesn’t mean you be invisible. Be seen online!
2) Review Financial Budget & Projection
It’s definitely time to sit down and rethink everything, because your current budget and projection just became invalid. With everything thrown off balance, everything needs to be reconsidered again. You would have had a projection of profit, but no thanks to the lockdown, that would be badly affected. Furthermore, you would also need to look at how the lockdown affects your costs, cash flow and future plans for your business, especially if the lockdown is of a significant time period. In order to survive and keep your business going, this is probably the most essential of all.
3) Relearn Your Business
Along the same lines as the item above, it’s a good time to really think about how your business is doing. Perhaps you’ve been operating the same way for a long time now, with effects ranging from moderate to excellent. In any case, there’s always room for growth and improvement! So ask yourself some questions about your business. How can your business do better? What can you/your team improve on? What’s the most challenging thing about your business and how can you overcome it? What do you do best and how do you work it to your advantage? Really, there could be a lot to realise about your business!
4) Stay Connected Via Technology
This is where technology has its moment in the spotlight. Even if you can’t meet with people i.e. your team; your employees; your customers, there are now plenty of apps to ensure a good relationship. For example, Zoom is currently very popular among universities and corporations. Not only is it free, but it also has an array of features that is helpful for large groups of people. Make video calls, create conference rooms or just make simple phone calls – it’s up to you. With your customers, again, make use of social media, or get in touch with them personally, through broadcast messages, or emails, depending on your vast your business is.
5) Strategise Your Next Moves
When all that’s said and done, you still need a plan on moving forward. So plan carefully and meticulously. List down the priorities first. With that in hand, you’ll be able to figure out a sound plan. Also, your plans and goals should be sequential and achievable. Most people will be reeling from the lockdown, and it might take some time before things pick up again. So make plans to ease into it, and build it up from there. Not only could proper strategies revive your business, but it could also help your business grow and expand.
6) Learn Something New
With some time on your hands, now’s a good time to learn something new. Brush up on your current knowledge by reading more, picking up a new skill, or even taking online courses. Ideally, we should never stop learning, but it’s easy to forget this when we’re caught up with the noise of daily life. Now’s the time to learn again, and to contribute to your personal development and your business by extension. “New” could breathe new life into your business!
Armed with your new knowledge and creative thinking, it’s now time to refresh your business. To avoid your business from going stale, it’s always good to have new products or services to entice your potential customers. So what else can do you that you haven’t done before? Are there any new products that you could create? What about expanding your range of services? Can you make use of new technology to help your business? These questions ought to help you spark some thoughts!
Are there any other tips that you think business owners should know during a lockdown? Share them in the comments below!