In this chaotic situation created by the coronavirus pandemic, below are a few tips to help you protect your business and employees and reduce risk.
Prepare a BCP Plan
Prepare a business continuity plan (BCP) that will help you navigate the coronavirus crisis and outline processes and systems to help you avoid and recover from damage to your business. The plan will make sure your employees and assets are protected and can recover quickly in case of a disaster.
The coronavirus pandemic has created havoc globally and affected businesses everywhere. In such cases, a BCP plan is a must for businesses of any size, especially for small and medium-sized businesses that are most likely to face the consequences of the crisis.
A well-planned BCP will help you in the following ways:
- Ensure your business operations continue running without major hurdles.
- Protect your employees and their jobs.
- Ensure that you are prepared if any employees are quarantined or infected.
- Reduce the risk of your store or office spreading the coronavirus.
- Help maintain customer trust in your business.
- Protect your business from significant losses.
Business Interruption Insurance
It is always beneficial to have business interruption insurance in place if you haven’t opted for one. Not just businesses, but major events organized globally also have insurance policies that help cover expenses in case of cancellations.
During the coronavirus outbreak, clarify with your insurance broker what types of losses may be covered. However, given the sudden spread of the virus around the world, your policy may not cover this particular emergency. Still, having appropriate coverage is a good precaution so that the next time your business faces a similar situation, you are better prepared.
Look for SBA Disaster Assistance Loans
The SBA Disaster Assistance Loan is a benefit for small businesses provided by the Small Business Administration. According to the Coronavirus Preparedness and Response Supplemental Appropriations Act, passed on March 6, 2020, the U.S. government provided $20 million for the SBA to leverage $7 billion in low-interest disaster assistance loans to small businesses.
Keep a close eye on government initiatives that provide economic relief to businesses affected by the coronavirus outbreak.
In this way, you not only have a plan in place to protect your business, but also your employees and customers.
Revisit Your Product and Service Portfolio
This is the right time to revisit your product and service portfolio. Make sure you concentrate on the needs of the hour. While people are avoiding gatherings and practicing social distancing, consider adding more online services to your portfolio to serve your customers effectively.
To add new services to your offerings, you can:
- Communicate with your existing customers.
- Understand their current needs, as they may differ from their needs before the pandemic.
Once you have added online services to your offerings, focus on planning how to deliver them. Have a plan for minimal-contact delivery. For example, Domino’s Pizza is providing zero-contact delivery as customers avoid physical contact with outsiders as a safety measure during the coronavirus outbreak.
Don’t Sell — Be Helpful
We understand that sales are low and everyone is worried about revenue. However, the priority now should be to understand your customers first. As a responsible decision-maker, don’t try to aggressively sell or focus on sales-driven campaigns.
People across the world are in a state of panic and are focused on satisfying their basic needs. If you deal in non-essential products or services and try to run a campaign to sell them, it may irritate customers and result in a negative impression of your brand.
Instead, focus on actions that can comfort your customers.
For example, if you operate a subscription-based business model, don’t pressure customers when their expiration date is approaching or suddenly terminate their services. Talk to them and consider extending their renewal date. This can provide comfort while also building trust in your brand.
If you do not act empathetically toward your customers’ situation, it is easy for them to find another service provider, while it can be difficult for you to convince a new customer to choose your brand.
Focus on your existing customers because many new initiatives are being put on hold for the moment. Whether big or small, businesses and customers are generally hesitant to invest in something whose future is uncertain.
Conclusion
The coronavirus pandemic has turned the global economy upside down. So, decision-makers, there is absolutely no reason to panic. This is the time to think wisely and plan better for the future.
Plan better, protect your employees and operations, and stay safe!
