Transcript:
5 Actions you can do today
Here’s how you can lessen the impact, support your customers , and protect employees/stakeholders at these trying times.
#1: Review your product/service & customer base
Know what’s at risk > What are your critical business resources? After that, assess and set priorities. E.g. If capacity is reduced, there will need to be rules for which products should be built and which customers should be supplied first.
#2: Move your business ONLINE
Set up an online store & increase social media presence.
#3: Reduce meetings and travel
Health and Safety is paramount!
Implement a remote work policy > this should covers when you expect your team to be online or available, how to communicate (via email, Skype, or video call, and deliverables to complete.
#4: Communicate transparently with your customers
Customers can empathize with brands facing a crisis, as long as you communicate with them sincerely. Be human first; then brand as a second.
I wrote another article on this: IN VIEW OF COVID-19 AS A DIGITAL MARKETER AND A HUMAN
#5: Plan for operating to maximize cash flow rather than profits.
-Perform financial health checks and re-do your budget with new assumptions
-Consider alternate or non-traditional revenue streams.
Great companies adapt to survive. Why? Because tough times never last, but tough people do!
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