What will happen after the pandemic and panic? Steps for businesses

BY Qoovee Experts

The panic and restrictions applied due to  the coronavirus will end. Countries cannot stay in isolation for long time. It is obvious. Since the consequences of restrictions and isolation will be much more dangerous than the virus itself. And after people understand that the pandemic is not so terrible as it described, the panic will go down and everything will return to normal mode again. Borders will open, planes will start flights, trade will revive.

The demand for goods and services, travel, etc. will increase sharply. And the opposite effect may occur: people’s needs will increase suddenly after the governments removes the current restrictions, and the business may not be ready for a large flow of people.

Therefore, those who have now suspended production, in panic and inactive, will be weaker after the crisis and will have to start a lot again.

What to do to get out of the crisis strong and growing?

  1. Accept that a really difficult situation has arisen in the world and in your region. So do not think that everything is good and that everything will pass by itself
  2. Transform your business. You need to act quickly, right away. You probably have ideas about what to do. If possible, switch your business to online, fill out the form to get advice on transforming your business to online.
  3. Hire highly qualified staff, as the short-sighted managers of some companies will begin to reduce staff and suspend production. You can strengthen your team with new faces at this moment
  4. Train existing staff, motivate them. Tell your environment, and especially colleagues, that this is a temporary crisis, that it is now necessary to increase the activities on all directions, rather than reducing them. Ask them to stay away from news sources and social media that exaggerate this issue. Brainstorm with the team and come up with a plan to overcome this crisis.
  5. Expand Public Relations. Survey your target audience. Find out what people need, learn their procurement plans and satisfy their demand. Let your customers know that you, on the contrary, have begun to increase your promotion, production capacities and that  you are not going to reduce and suspend operations. In a word, show your customers that you are stable, not panic and committed to growth. And achieve this growth! People will follow you. In a crisis, people follow those who are calm and stable.
  6. Increase promotion and advertising. Yes, right now! While others will panic, cut back on advertising and keep silent more, it’s time for you to make yourself known! At such a moment, it is better to double or even increase your promotion and advertising, moreover, now it will not be as expensive as before, because most likely the number of advertisers will decrease.
  7. Increase production and marketing. But first make promotion, and then expand production, not vice versa. While others will reduce production and advertising more because of a panic, you can take advantage of the opportunity and against of all competitors increase your production and promotion capacities and capture new markets … customers definitely will come to you.
  8. Export. Enter other markets or be ready for it. A weak national currency, which has fallen in price against the US dollar, makes it possible to make your products and services more attractive in the foreign markets. Remember that the crisis and panic will end, and you will be ready for export. Enter international markets with Qoovee or get ready for this step 
  9. You can buy goods and services at cheap prices from companies whose markets are closing or weakening.
  10. Find new suppliers. If you have difficulties with supplies from other countries affected by the epidemic, then you can find suppliers in your country or from other countries that can replace your old suppliers.
  11. Buy shares, competitors’ assets, and not just of competitors. There is a panic in a falling market, people are ready to get rid of different assets at cheap prices due to fear of deterioration.
  12. Launch new production lines and new business directions. In any crisis, new niches appear or old ones are freed. Look carefully at the situation around and you will find these niches.
  13. Expand. Hit the crisis with expansion, not reduction. Increase on all directions: from the number of employees to the promotion. This will be the best anti-crisis solution.
  14. Increase speed of service. At such a moment, not big ones beat small ones, but fast ones beat slow ones. You will achieve powerful growth if you do this.

Be sure, this crisis and panic will end. And by following the steps we shared above, you will be out of the crisis as a winner and champion.

Share this article, maybe right now it will help someone to save business and expand activities. Thank you!

Article link https://blog.qoovee.com/en/out-crisis-en/

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