‘The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020, using market exchange rate weights—the deepest global recession in 6 decades.’
‘The pandemic is expected to plunge most countries into recession in 2020, with per capita income contracting in the largest fraction of countries globally since 1870.’
The above excerpts are from a report on The World Bank’s website. The Covid-19 pandemic has hit the world economy hard. Around the world startups, small-medium scale businesses as well as big businesses are shutting down and crumbling under the pressure of the global pandemic. In plain words, for many businesses the challenge for now is survival rather than growth.
A question arises here: How to sustain a business during the Covid-19 pandemic?
Sustenance and survival depends upon a number of things. Because of this situation due to Covid-19, you will have to get a number of things absolutely right. The goal right now should be to do enough to exist for now but work hard on branding in order to build a catapult launch pad for your growth and development in the future.
Then again, how to sustain a business? Here I have listed out some things that I think one should be doing during the pandemic to help sustain now and further grow a business in the future:
Take your Business Online
We have heard in numerous places, ”Take your business online, it will yield great benefits!” So, does integrating or even switching to an online marketplace actually help grow and sustain your business? Definitely YES! We are currently hit by a worldwide pandemic and no one knows when or if things will get back to normal. People are confined to their homes most of the times. Almost everyone is online most of the times. In this situation when direct dealings and shop visiting is not possible, an online store will benefit you very much. From clothes to cakes, electrical supplies to websites you can sell anything online and it will definitely help you sustain and bolster your business during the pandemic.
Focus on Branding
During hard times, only those who are tough come out swinging! This is your opportunity to focus on your branding and reach. Conduct giveaways if possible, engage people with your content, do things that will make the people remember your brand, try and be unique in your approach. This might not seem very important right now, but in the long run it will help you heaps. So, focus on your branding during these times and reap the benefits later on!
The most vital part of online businesses is creating proper engagements. You need people to interact with the things you post and share. To accomplish this, make sure you post relevant and trending content so that people get stimulated by your posts. Be quick to catch trends!
The days when people used to stay in front of their TV screens when free are long behind us. The internet is the new global platform where people pass their time. We should definitely use this to our advantage. Advertise your product and services online via social media platforms, search engines etc. The more people see your brand, the better for your sales and branding purpose. Is it costly? Not at all! The cost of online advertising is meagre in comparison to print and other forms of advertising. Along with that you get to target the audience according to their age, interest, demographics and other parameters as such which is not possible with traditional approach to advertisements. This is how to sustain a business.
Perseverance is key!
Last but not the least, one must show perseverance in their work. As mentioned above, economies are crumbling all around the world. It is definitely tough to sustain and grow your business during these touch times. Regardless of the present results and sales, you must continue your hard work and dedication so that when finally all this mess clears, you will have a great launch pad to continue your business.
How to sustain a business is a challenge and dealing with setbacks is a major part of running a business. This is a setback. How you come out of this all depends on you! Good Luck!