Ten Winning Business Strategies During Covid-19

The new reality of living during a pandemic is that we are all going to have to adjust how we do business with each other, especially for businesses that are predicated on high people contact. When all is said and done, this is a real wake up call for us all.  The pandemic will have a long term impact on our businesses and until there are effective treatments, we are going to have to adhere to strict requirements that govern our interaction with others. 

Think about how you turn a crisis into opportunity and create new streams of revenue for your business. Switch on your survival mode and focus on the strategies that will keep you in an innovative mindset to pursue opportunities in new and different ways.

Companies have reinvented themselves during these disruptive times and come out stronger. The following are useful tips for you to think about:

• Adapt to new market trends and consider how you can reposition your business, perhaps explore a new product/service related to the pandemic crisis that could provide a revenue stream. 

• Immediately set up a process to work remotely and utilize technology tools to keep you efficient and connected.  Educate your staff, volunteers, partners about your processes for working remotely.

• Leverage free resources, webinars and other valuable tools that you can utilize to acquire valuable information related to your industry. Research and study your competition and the strategies that are incorporated to conduct business during the pandemic.

• Keep the line of communication open and keep in contact with your investors, partners, suppliers and customers. 

• Stay abreast of government policies, procedures and funding provided by the United States government.  Many programs, tax laws are beneficial and research the requirements associated with business industries.

• Be creative and seek out potential partnerships that could create business opportunites.

• Embrace agility and constantly explore new efficient ways to conduct business.

• Reduce any unnecessary operating expenses which could include supplies, office locations, entertainment, etc.

• Stay connected to a network of industry professionals, to share ideas and who are willing to provide tangible input valuable for your business.

• Keep inspired with good books and activities that fuel your mind with hope and inspiration.

Remember, there is light at the end of the tunnel!  Yes, life will step in with unexpected challenges and disruptions. The fact that you are reading this article, let’s me know that you are engaging in activities that will get you ahead of the game.  Also, check out The Small Business Administration (SBA) for resources and programs that are beneficial for women, minorities and small business owners.