How Your Business Can Survive The Corona Virus Recession

Posted on by Jon Arentz

There is no doubt the Corona virus is affecting the U.S. economy.  As one American city after another implements “stay-at-home” orders, the goods and services we use are drying up. Small business owners struggle with keeping their employees working and staying solvent. 

Getting through this difficult and uncertain time will be a challenge, but one we will survive.  The American economy is robust and the American people are resilient. We have survived worse!

So how can a business survive the corona virus recession and be ready for the inevitable recovery? Here are four basic steps you can begin implementing now.

  1. Customer Service

Beginning immediately you need to provide the best service possible to your existing customers.  Serve and delight them in every possible way. You need to make your customer’s experience working with you or your team an overwhelming experience! 

How do you do this? You build relationships with your clients. People want to do business with people they trust and generally feel good about. Develop relationships with all your clients, help them with things you don’t do. Remember, not everything you do for a customer needs to make money. By providing extra value, your customer will be more comfortable spending their money with you. 

  1. Connect

Connect with as many people as possible and ask for referrals. The people and businesses that you do business with like you and trust you. Take the time to bring people together, connect people and businesses you know and trust with your other customers or others you know. When someone thanks you for the connection and asks how they may help you, ask for a referral. Remember, you need to give before you can ask.

  1. Visibility

This step may not be possible under the current “stay-at-home” directives and the “social distancing” advice.  As the crisis dies down and life gets back to something more familiar and recognizable, we will gather in groups once again. This step may then be implemented at that time.

Attend as many group meetings as possible and offer to give educational presentations or talks to those groups. Educate attendees both inside and outside of your industry on the value your solution provides. Do not turn down any opportunity to educate, you never know who in the audience may need your solution. 

  1. Communicate

Create as much FREE valuable content as you possibly can. Post on LinkedIn, Facebook Groups or wherever your customers hangout. Use videos, images and other digital content. Be as visible as possible. Develop a following.

Positive Steps During the CoronaVirus Down Time

Posted on by Jon Arentz

Now is the time to take some positive actions!

The Corona virus outback has shuttered many small businesses in cities across America and across the world.  We as small business owners are doing our part to help limit the spread of this virus by voluntarily closing shop, furloughing our employees and self isolating. If the projections of the CDC and other experts are correct, we may have as many as 8 weeks of down time.

There is a silver lining to this otherwise very dark which hovers us all.  You have time, the one very precious commodity that seems to elude us all. Time to work, in the words of Michael Gerber and others, “On your business not IN your business”!

So, let’s get started.  Here is a short list of things you can do now to work ON your business.

  1. Dust off your Business Plan.

When was the last time you updated your Business Plan?  You do have one don’t you? Even a one woman operation needs a plan. There are lots of online resources to guide you in developing a business plan or updating the one you have.

  1. Create a Strategic Plan.

What is a Strategic Plan? A strategic plan is the strategy you will use to achieve a goal. If you want to increase customer retention for example, how will you do this? What steps will you take?  Or what if you want to reduce production costs, what steps can be taken to reduce costs or increase productivity?  

  1. SWOT Analysis.

SWOT stands for: Strengths, Weaknesses, Opportunities and Threats. List your organization’s strengths, what you do well. Now list your organization’s weaknesses, what you need to improve upon. Opportunities are favorable external factors that can give you a competitive advantage.  Threats are both internal and external factors that can have a negative impact on a business. 

  1. Your Migraine.

I don’t mean a migraine headache! What is your biggest source of pain in your business? What would happen if you can fix the issue?  What would happen if you can’t? Now is the time to take a deep dive into your most pressing issue and go to work to fix it.

  1. Stay Connected.

Stay in touch with family and friends but also your customers and suppliers. Staying in touch shows you care about the relationship you’ve built with your customers and suppliers. Continue to build on this relationship, offer help if appropriate. We all want to do business with those we trust, and trust builds relationships.