COVID 19: Business Owners MUST Take Control Now to Ensure they Reach the Other-side with a Growing Business Intact.
1.Streamline distribution
Fewer choices should mean faster customer experience. Can you eliminate some customer decisions without further hurting sales as a result of the pandemic?
2. Simplify your Production
If you are thinking of ways to streamline your business, are there services that take up more than their worth of resources, then these might be the ones to target first.
3. Maximize margins
As noted above, eliminate those services that are generally lower-priced than other options, as those services in many cases will bring lower margins with them. Be smart, make wise choices.
4. Reinforce customer habits
This is a forward-thinking consideration. By streamlining things and retaining as many services you can, will enable you to retain your best customers’ habits. This is key for many businesses: The more you can keep serving your clients and customers, even if you have to reduce some of your services, the less opportunity you give competitors to intrude on their habits.
5. Get ahead of the competitive landscape adjustment
We’re in a time when we’ll see a lot of good from other people, and businesses might even reach out to help each other in selfless ways. But, the brutal truth is that some companies won’t survive the current economic troubles. Scaling back on your services, and especially conserving resources when demand might be lighter, can position you to take advantage of the new landscape on the other side of the crisis.
6. Take the opportunity to readjust things that aren’t working
Have you ever thought about a service, a process or a situation within your business that maybe you would consider discontinuing? If so, the coronavirus outbreak gives all businesses the opportunity, if not the excuse, to pull back, to make changes. Ask yourself: Are there things your business does for customers that you really wish you didn’t have to? Are there processes that could be eliminated to save time and money? This might be that perfect opportunity to reflect and even curtail them.
7. Control the timing
Taking control of the timing of making the above decisions is also very important as right now, it seems like we’re all reacting to the outside world. This might give you a chance to make decisions that control your environment, instead of it controlling you.
For more valuable information to help you and your business get through Inc. have released for free an Online Business Survival Guide for the COVID-19 Crisis.