Businesses, notwithstanding their size, and whether established or new, were affected by the Coronavirus crisis drastically. Coronavirus lockdown impacted economies, jobs, energy, and shops, and pivoting the business was the only working strategy for many entrepreneurs.
Here is a list of practical tips for entrepreneurs dealing with covid-19 pandemic lockdown:
1. Stay positive
Don’t just roll your eyes and skip to the next point as you see these two words; stay positive. They seem to be the most clichéd words we always hear, right? But they work in the current situation of Coronavirus lockdown. Staying positive can make you calm and let you flow positivity to your business with good decisions.
Staying positive can help you ease the tension caused by social isolation and financial issues in your company. You may decide to cut some non-essential costs by scaling down, yet keeping a positive attitude for the post-pandemic opportunities.
2. Keep an eye on governmental changes
Up-to-date yourself regarding your local government’s rules and announcements as they roll out. Doing so is vital to present your brand’s social responsibility as well as keeping your business functional during this time.
Many governments are also supporting businesses during the pandemic by providing grants and incentives. They may only be available for a short time, and that’s why you should get yourself updated on them.
For example, if you are the owner of a fintech app company in Australia follow Australia’s governmental news and guidelines. You may find industry-related grants that help you cover some of the damage to your fintech business. Also, follow the working hours, lockdown regulations, and human resource restrictions as they roll out.
3. Understand the situation
As an entrepreneur, you may get frustrated when you see things are not going as you planned for the current time. But you shouldn’t be, as your competitors and all the other companies are in a similar situation are you are.
4. Stay connected
Staying connected with your professional connections is essential during this time. Weirdly, you cannot have a physical presence to discuss industry trends and changes with your industry professionals. But, you can still attend virtual events and make new professional bonds besides strengthening the old ones.
A good strategy is finding your local industry’s relative Linkedin and Facebook communities through your current connections.
Facebook groups are better if you favor casual startup communities. Though, if you are looking for something more professional then join the relative Linkedin groups. To find them more easily, you can follow your industry as well as local hashtags.
5. Forge your online presence
As a brick-and-mortar business, you may have not wanted to go online and find customers from the internet. Now is a great time to build an online presence for your business, promote your image, and writing quality content. You can promote your website for more audience reach by Youtube advertisement, for which you have to calculate your Youtube ads cost.
You can start by building a website whether by website builders or hiring an agency to develop it for you. Start writing on your website’s blog to attract new customers to know your business and purchase your products or services.
A marketing strategy you can implement simply is social media marketing, as it’s free and doesn’t need much effort to get started. Though, if you want to get more followers you may need to hire a digital marketer and invest in social media campaigns.
6. Stay calm
High chances are that your business has a downturn during the Covid-19 lockdown and you have been shocked. Staying calm and knowing everyone is experiencing a similar situation can help you focus on what can be done. Although it may seem odd (what isn’t during this time?), being calm and thinking strategically can be more effective than haphazard decisions.
7. Explore growth opportunities
Get back to your to-do list and find those plans you had for your self-growth or business growth and didn’t have time for.
You may also find a new business opportunity to invest in. For instance, seeing that the online gaming industry, unlike many other industries, experienced growth during the pandemic can motivate investment.
You may have always wanted to learn a programming language to better understand the technical part of your business. It’s a good time to invest in your potentials as well as other promising business opportunities.