6 Strategies to Protect Your Business During the Coronavirus Crisis

Protect Your Business During the Coronavirus Crisis

One of the world’s most prominent business news headlines at the moment is the Coronavirus Pandemic, affecting all sorts of sectors, from travel to industry conferences to global supply chains. The stock market has undergone a new phase of instability; businesses have been canceled or postponed, cross-border travel restrictions hinder or cancel foreign travel plans of citizens.

In this trying times of crisis due to the Coronavirus pandemic, it’s important to keep calm and note that there are still a lot of things we can influence and a lot of ways we can make a difference. Even as we are all learning how to deal with the virus in our everyday lives by taking additional measures such as proper hygiene. There are many techniques that sales teams can now use to cope with coronavirus ‘business effect.

How would small businesses do? Here you will some amazing strategies to protect any business during coronavirus crisis. Let’s take a look at them:

6 business strategies

1.) “Stock Up” on New Market Leads

Much like storing supplies that you need during the quarantine, you also need to “stock up” on sales prospects. You can do it now instead of later. Devote extra time, energy, and resources right now even if you’re currently busy with prospecting and lead generation.

Also, if you are not in an industry that has been directly affected by Coronavirus, there is a risk that this outbreak may lead to broader and more serious economic impacts. In having a larger pool of potential customers to deal with in the long term, investing is never a bad idea in a brimming pipeline of sales prospects.

6 business strategies

2.) Open a Business Line of Credit

You don’t have to take out an immense sum and pay interest, having a line of credit might be the best option for your company. In times of need, it is advantageous for businesses to have a credit line because business owners can immediately access funds as long as you use them within their limits.

The low-interest rates allow you to reduce cash outflow, which in the long run, keeps the business financially stable.

6 business strategies

3.) Consider a Cash Advance for Swift Financing

If you need funds because of a sudden drop in Coronavirus-related issue, a cash advance might be an option. Getting approved for a cash advance is higher than a loan or a credit card. A cash advance can be a lifeline for a company that may be facing a short-term cash flow crisis.

4.) Reengineer Your Coronavirus Aid Solutions

Based on the types of B2B solutions that you offer, your prospects that already have major coronavirus pain points and concerns. Rethink and change the perspective on what are the main advantages of the goods and services in a manner applicable to coronavirus concerns.

Is there a specific sales pitch you can find how your B2B strategies can help your customers adjust to Coronavirus and help them get through the crisis?

Many businesses, for example, are now announcing an ambitious move to remote work and empowering employees to work from home. If you are offering software for cloud colocation, refocus your marketing strategies to provide remote access to businesses that can keep their offices running by making workers work from home.

The same selling points for your company that were already valid before the Coronavirus may still work, but you will need to change your sales pitch slightly to frame your solutions for the most pressing problems of people.

Like, concerning the possible coronavirus-related disruptions to their company, Adapt to the new travel restrictions or coronavirus-related shutdowns in their logistics network, Figure out how to communicate with remote employees, and Enhance their protection or business insurance to cope with emerging potential threats.

5.) Stay Creative With Marketing Presentations

Coronavirus is causing lots of businesses to cut back on travel and meetings in person. That means web-based presentations are more significant. Start selling through video conferencing. Be prepared to pitch more on the web rather than meetings on site.

It could require a shift in the selling process. Perhaps you are accustomed to making an initial call as part of the first step in the sales process then afterward an on-site meeting. Meetings on site might not be an option now until the crisis has ended.

Be prepared to be imaginative, and keep the sales going forward by doing things unimaginable. Such as taking your client on a video conferencing, and a detailed product overview.

6 business strategies

6.) Don’t Panic; Don’t Stop From Selling

Don’t Panic! Avoid supposing that the sky falls. Continue to sell and prospect. Many people appear to be at the edge of coronavirus hysteria right now. The toilet paper and canned goods have been hoard. It seems like the economy is going to slow down. I’m not saying I’m a specialist.

The worst fears, though, I believe, are overflowing. (This article includes interviews with actual disease experts. It provides useful and rational insights into coronavirus theories and realities.) Nonetheless, I agree that without the 2009 economic downturn, we can solve this public health crisis.

The stock market is reacting to potential threats and uncertainty. Travel gets canceled. Do you work on Wall Street or in the aviation or healthcare industry? Then you feel intelligently nervous. However, the rest of us must be afraid. Life could not return to normal immediately. Look for ways to adapt and continue to work.

Deals in your pipeline can become stalled. But ensure that you keep them warm. So keep your leads coming in. Some companies can retain investment until there is uncertainty. Yet wait for the first indication of the end of the crisis.

Conclusion

In the business and economy world, the coronavirus makes a big dent. However, there is no need for worry because relief is beginning for small businesses! The government is unable to pass legislation to support SMEs and people affected adversely by the virus.

It includes the following things such as:

  • Low-interest federal disaster loans
  • Payroll tax loans
  • Federal income tax deferral

If you are unable to raise funds to cover business costs as a result of coronavirus outbreak, you are not lucky. The government, backed by the Small Business Administration (SBA), would offer millions of dollars in low-interest federal disaster loans. Businesses may demand an Economic Injury Catastrophe Loan to cover expenses that enterprises cannot pay because of the outbreak. It covers payroll charges, payable accounts and deferred liabilities.

Furthermore, to low-interest SBA loans, the government compensates the employers with a tax credit for 100% of the compensation provided for mandatory sick and paid leave expenses (signed in law on March 18). The April 15 deadline for businesses impacted adversely by the pandemic, without any charge, is extended to a 90-day income tax deferment.

This gives company owners the ability for other investments to using their income tax debt funds. Please note that by April 15, you will have to file your corporate income tax return.

I hope the effect of Coronavirus is short-lived, and a cure will be discovered by the health professionals to normalize life.

Meanwhile, use marketing tools: advertisement and social media to keep your customers updated.

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