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Answers to Questions About What to Do to Keep Your Business Growing During the Coronavirus Lockdown (March 2020)
Q – “With the Coronavirus driven economic slowdown, what should I do business-wise in the next few weeks to keep cashflow going and my business growing without being opportunistic?”
A – See Making the Most of Your Downtime – High Payoff Business Strategies You Can Implement Now. for a list of high-payoff tasks can do from home (or anywhere) to keep your business growing.
Q – “Should I be adjusting my pricing?”
A – Not across the board. If you have digital products that will provide real value to your clients that you can give away or sell inexpensively, consider putting them out there. People are likely to be conserving money right now, but they are also in need of good strategies for navigating these uncertain times. Giving away beneficial information can help you maintain clients and grow your prospective client base. And providing great value at a low cost can help you keep your bills as well as add to your client base.
Also, whether you adjust prices depends on your client base. Not all people will be affected by the temporary shutdown. If you serve more affluent clients, your business in not as likely to be affected.
Q – “My clients are freaking out, and I’m afraid they’re going to leave. What should I do?”
A – Stay in touch with them. Offer helpful tips and strategies for getting through this challenge. People need guidance now more than ever and those who are there to provide it will be appreciated and remembered when all this is over.
Q – “My business depends on in-person interactions. Can it survive this?”
A – Now might be a good time to discover ways to serve your clients online, as a carryout service, or through a delivery service. Such changes may do more than help you get by. They may prove to be a business booster in the future.
If your business is such that you need to go to your customers, like a plumber or AC service provider, let your customers know that you take measures to ensure their safety, and be sure you do. Wear a protective face mask and wash your hands frequently, especially after touching frequently touched surfaces.
Q – “What should I be saying to my clients right now?”
A – Let them know that you are there for them and want to help in any way you can. Offer helpful tips appropriate for your customer base. If possible, provide online or drive-through services. Going the extra mile now can help you stay viable and could pay big dividends when things get back to normal.
Q – “Things are changing very fast right now. How can I plan, or make good decisions?”
A – While you can’t always manage rapid change, you can create a plan for recovery and moving forward in the future. See Making the Most of Your Downtime – High Payoff Business Strategies You Can Implement Now. for a list of high-payoff tasks can do from home (or anywhere) to keep your business growing.
I’m hoping this page won’t need to be up long.