Six tips for managing your business in times of crisis

Most of us are not well-versed in dealing with pandemics, and as we forge onwards through COVID-19 it can seem overwhelming. If you’re an SME business owner, these are particularly challenging times. But don’t let anxiety tempt you into poor decision making. Here are six tips for managing your business in this tough business environment that we find ourselves in in 2020.

Resist short-term thinking:

It’s only natural that the immediate response in a crisis is to slash costs and focus on what will generate revenue in the ‘now’ rather than in six months’ time. Any cull needs to be strategic and done with the right mindset. Take a moment to rethink and evaluate your decisions with a clear mind, after all, marketing still has a role to play in tough times and your business activity needs to reflect this.

Adjust your marketing strategy, don’t drop it:

In uncertain times, marketers must stay flexible with their marketing strategy and activity. With updates coming through almost daily, it is important to be proactive and focus on the overall goal of the business and what can support this at any given time.  By having a pipeline of ideas ready to roll out at short notice, your business remains flexible and has a better chance to thrive through this time.

Don’t alter your brand proposition:

In the unknown, it’s tempting to alter a brand’s fundamental proposition or positioning. Perhaps you might think moving down-market may save you some money and find new customers, but in reality, you’re likely to alienate your existing loyal customers. Rather than altering your brand proposition, think of ways you can reach new customers that share a similar interest to your brand. This way, years of hard work is not undone for a short-term fix.

If your business is booming don’t be complacent:

Although business may be booming, it’s important to remain proactive and not become complacent. Continue to maintain momentum within your business so that if anything changes, your business is still moving forward. 

Focus on quality over quantity:

If your marketing efforts focus solely on quantity over quality, you’ll find that fewer leads will convert, and more sales resources will be wasted. Commit only to programs in which quality is a key attribute, whatever that quality looks like for your business. Look at ways in which these leads can deliver interested prospects, provide contact information and offer performance reports.

Focus on tried and true marketing:

In uncertain times, it is always a good idea to stick with tried and true marketing techniques. While these activities should form the foundation of your marketing activity, as the landscape changes, it’s important to look at other channels and how they can assist you with cut through during these periods. 2020 will be a challenging year. But as the saying goes – pressure builds diamonds. We know we will all come out the other side stronger, in one way or another.