Unfortunately, the reach of the Coronavirus is vast. Currently, thousands of businesses are trying to figure out how to maintain their services and customer experience while the world is locked down. Are you struggling to strike a perfect balance? You’re not alone because www.businessinsider.com says most airlines are expected to go bankrupt, and the travel sector is usually bulletproof.
It’s not an easy situation, but you must be proactive. Organizations that wait for a silver lining are going to follow airlines and end up on the scrapheap. What you must do is give your business the best chance of surviving until the market returns to normal.
Here are four methods to consider.
Strengthen Your Security
Your biggest threat isn’t a lack of sales or leads – it’s cyberattacks. Companies are more vulnerable than ever since it’s hard to ensure every home and device is protected. In the office, you can take measures to make sure the server is secure and healthy, yet this is impossible to do when employees work from home. As a result, hackers will target your data because, according to www.cuttingedgenet.com, they have countless weapons at their disposal and won’t hesitate. Investing in managed services is an extra expense, yet it could save the business from attack.
Ask Customers If They Want Credit
Improving sales despite the crisis isn’t impossible, but it’s tough. By law, you must give customers a refund if they didn’t receive a certain standard. What this means is that you could have to hand out a big chunk of your rainy day fund to cover refunds when there is no money coming in. Hopefully, shoppers will understand your circumstances, so you should ask them if they want to take credit. Then, they get their money’s worth, and you can stay liquid.
Transition Your Services
If the new rules are stopping you from turning a profit, you should bend them to your will. An excellent example is to transition to a takeout service if you sell food and drinks. Takeout is still allowed by law, so it’s a reliable source of income. Plus, more people are staying at home, and they are using takeout as a means to relieve the boredom. So, there is a lot of demand for this type of service if you can figure out how to make the switch.
Not being able to make enough money to cover your monthly expenses is problematic. However, it’s not terminal because there is always an option with creditors – ask for a grace period. It’s tempting to assume that they won’t listen, but they are in the same position as you and need to recoup their losses. Therefore, creating a cheaper payment plan with your landlord may ensure that your rent arrears don’t escalate into insurmountable debts. You can even ask if you can defer expenses for a couple of months to give you more breathing space.
How are you battling the COVID-19 crisis?