How to make the best of the Coronavirus slowdown in your business?
Updated: Jul 27
As Winston Churchill once said, "never waste a good crisis."
The Coronavirus economic shutdown has hurt the world economy greatly but there will come one day where the economy will recover and your business will open its doors again to new customers. What can you do in the meantime to retain your current clients and plan for an expansion strategy post the Coronavirus pandemic?
A solid home is built on solid ground but it also needs maintenance every once in a while to ensure durability and safety. The same goes for your business. Take this time to look at your business, what have you accomplished and what can you accomplish moving forward? Were there any mistakes that could have been avoided and what will you do to avoid them in the future?
Now is the time to look closely at your book of business and start planning for your comeback plan post the Coronavirus shutdown. There are many aspects that can make your business thrive: your product or service market fit, the oversight of your finances, your long term business goals, your ongoing strategy to reach your long term goals, your staff and management style, and your marketing efforts.
Another great thing to assess now is your value proposition and brand promise, you can take the time to assess your past clients to see if you’ve met the service promise you've made them and that you are still standing out as unique compared to your competitors. Run a survey to see the type of feedback you receive. By assessing all of this now while you have more time, you can better prepare for when you do open your doors again.
At Equiturn Business Solutions, we have been working very closely with small business owners helping them navigate the various stimulus packages currently available for small businesses in the US. These stimulus packages will help bridge you financially during this difficult time.
Our team at Equiturn Business Solutions has been doing an excellent job helping our clients prepare for the new normal post-COVID-19. Now is a good time to do the behind the scenes work as they say. Training your team on any knowledge gap, creating your standard operating procedures, revamping your brand, thinking of new product lines or income streams, generating new business, etc.
At Equitrun Business Solutions, we help our clients with everything under the sun in Finance, Marketing, sales, and operations/management.
Don’t hesitate to reach out. We are always here to help.