Time for businesses to hit the reset button

Time for businesses to hit the reset button

“Time to rethink about your business model”

The very first priority of a company during a pandemic  should be the safety and well-being of its workforce. Employees are unable to concentrate on work responsibilities when their well-being and that of their family are in peril. Hence, the critical question firms must address at the onset of a pandemic event is whether or not their employees are safe, followed by whether or not they are available to perform critical functions. Companies need to be ready to monitor the situation, provide a secure workplace & ensure a secure living and offer their employees the support that they need.

Once the current situation is sorted we really need to think about how to keep the business moving forward. We must ask ourselves certain questions:

1. Is there an opportunity for you to provide your product or service online?

Most Brick and mortar businesses can become great online businesses with some tweaks. We have seen fitness studios take their class schedules online, theatres Livestream shows, and so on. 

For example Schools- In the current situation, Students cannot go to school. But they can study at home. So, Schools have started providing online classes to their students.  

And if youre a product-based company, but mostly sell in person. You can start brand Awareness online. As we all know the current situation, everybody is using social media 24 x 7 i.e. your target audience is online all the time. This is the best time for Branding online.

So if you have an in-person trade, this might actually be an opportunity to expand your reach, adapt your service and broaden your business horizon.

2. What other skills or expertise do you have that could be offered in an online setting?    

1. There are businesses like restaurants, spas, and event venues which may need to be more creative. For eg. we encourage people from restaurants to show food recipes, you could offer your audience a video course on cooking great meals at home (without giving away your secret recipes of course)?

2. If youre a photographer, might there be some people in your audience who want to know the genius behind your work and learn the fundamentals or the advanced strategies you employ to capture unique content?

3. If youre a yoga trainer, could you provide online training for couples on how to stay healthy and fit at home?

Dont just modify your offering, think bigger about the knowledge you can give to people. Try to not show up halfway with the thing you already do- theres a difference between amending your service and taking this as a chance to grow.

The golden question here is: What do people always ask you? What seems genius to them, and second-nature to you? Package that up into something new and exciting, and you would possibly have yourself a fresh income stream.

“Even if your services/product can not be sold during the current situation, such tutorials/activities will definitely leave an impression amongst your target audience. Though immediate financial returns can not be realised, but when the business is operational again, the audience would be definitely biased and considerate towards your brand”

3. How can you set your business up so that it is not affected by outbreaks or other global factors in the future?    

“ Well you can simply approach us and we would be more than happy to help you”

When you look at your business offerings, notice which of them have the “oh my god I want that” factor. That is what I take advantage of as the test to make sure my clients have a product or service that’s going to sell. 

How can you fill a robust need, want, or provide a much-needed result?

Theres also a good concept called brand loyalty, which essentially means that your clients or customers are ultra-loyal to you even during rocky financial times. 

Is there a way to increase this rapport right now??

And last but not the least, the ultimate antidote to recessions and viruses is diversifying your income streams. If one stream is in-person and dried up, youll want to have an online income stream to replace it, so think about how youll diversify the ways you make money, within the same manner, that you would diversify your dinner plate or stock portfolio.

If you choose to revamp your business approach by offering something different and accessible to your customers and keep building brand loyalty, you can use this challenging time as a chance to expand, and your business will emerge stronger.

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