While the rest of the world is combating the deadly virus and trying to keep it at bay, many businesses are working out a back-up plan for the unprecedented aftermath of the pandemic. Here are some of the business strategies that SMEs can adopt after MCO:
- Negotiate rental with the landowner. After your business has been halted for an extended period of time, it would be advisable to negotiate land or office rental with the owner.
- Negotiate salary with workers. As can be seen from many businesses, many have lost their primary stream of income since MCO, in order for an employee to have secure job and avoid lay-offs, salary negotiation may be advisable during this period.
- Adapt more media/social media activities to promote your business. This is the time to make use of media to promote your businesses and services where social engagement is high.
- Start an online business. Break off the traditional brick and mortar business mindset. If your business hasn’t already had an online platform, it is high time to start one.
- Accept new sales channels. Instead of relying on in-person sales meetings, try reaching to customers on social media, Facebook, Instagram, or even LinkedIn.
- Work on long term investment. Take this as a wakeup call to invest your business for the long term. Always be prepared for any unforeseen circumstances.
- Work on collaboration. Call partners and specialists and work out deals with them.
- Think about the after-effect of MCO. What customers want before and after MCO may very well change due to financial constraints and other factors, think of another way to sell your products.
- Think out of the box. Depending on the nature of your business, it is important to not limit yourself but to think and change according to situations.
- Always stay positive. A positive mind and a positive attitude will always bring the company through all uncertainties.
Covid-19 is just the storm before a rainbow. Companies should look forward to what may come after the crisis and stay relevant and focus on consumers.
