10 TO-DOs to make your business Corona-proof

As an entrepreneur, you have a great responsibility. You have to provide security and lead your team during this period. It is not obvious, but it is certainly achievable. How is your company dealing with the virus and its effects?

Train not only your team in sales, but also your customers

Based on the figures from the recent crisis, we can conclude that 1/3rd of companies go out of business, 1/3rd survive and 1/3rd come out stronger.

Which part do you belong to? Those who ACTIVELY bet on all possible opportunities now and adapt to market demands will emerge stronger from this crisis. Surround yourself with experts and the right advice!

Here are 10 to-do's to get ahead of your competition!

1. First things first, don't panic

Stay calm and take your time to sort everything out; Read these to do's carefully and then shoot into action. Don't keep thinking for too long and step into ACTION. In any crisis situation, it is also important to communicate clearly what you are going to do. Keep every employee (and your customers) informed of your plans.

2. Don't argue about the facts

It is true that a pandemic is underway, but there are a lot of messages going around via the (social) media. Whatever one says or whatever one does, there is no point in commenting on it.

The focus should be on your business. Many rules will be added or changed and there will always be people who do not follow certain rules.

3. Think of yourself

Your own health is important! Make sure you are healthy physically, mentally and financially. You are responsible for your people and you cannot help anyone if you are not well yourself. Don't underestimate the importance of this! Besides, you wouldn't want to infect others, would you?

4. Do you need to change your distribution model?

During this difficult period, you may have to change the way you distribute. What you sell or what you deliver may also become different. You may even have to deliver the product or service through a different form.

Think of a fitness coach who could now digitally offer a coaching package with videos. Don't wait until the customer has found the alternatives with the competition. Act on this NOW!

5. Change the source of your stock

Need to find products elsewhere than from previous sources? In many situations, the original source for products or stock can no longer offer the quantity or deliver on time. This can be an opportunity to make a change that was actually needed before.

6. What is your weakest link?

Take a step back and look closely at your entire organisation. Where is the biggest issue causing a negative impact? For some, it is the sales. For others, it's making the product or delivering a service and for still others, it's making sure the team is doing the job effectively.

Can modern technology solve this? Or is there another solution to eliminate or reduce this biggest failure point?

7. Financial challenge or financial opportunity?

In some cases, you have the option to finance debt at a lower rate. That means this pandemic could actually still be useful. Refinancing debt at a lower cost is a unique opportunity that could be a huge benefit.

A reduction in cash flow due to slow payments (higher debtors) could mean higher use of debt capital. A disaster like this, or any other situation (e.g. prepared by local or national governments) often releases large amounts of cash to keep the economy stable.

Whether it is a hurricane, a tornado, floods, forest fires or a pandemic, look at finance as an opportunity that is rare, but a definite possibility... at least if you are well prepared.

8. Your team's morale must be high!

People will always continue to buy products and services. Taxes will be due, restaurants will be open and travel will take place, even if it is now in limited quantities.

There may even be growth in certain sectors. Those who do better at marketing and bet on sales, than their competition, will be the winners in the long run. And those who think 'out of the box' and innovate their services will also be rewarded for their efforts.

This is an opportunity to attract customers from the competition to you. You may even need to change your marketing messages to help customers continue to do business with you. You may want to help your customers understand now that this is even a great opportunity to do business with you.

Does this opportunity present opportunities you can use to increase your marketing and sales efforts? Look for the bright spots. There will certainly be some!

9. Stay committed to marketing and sales

10. Proactivity

React quickly. Prepare for extreme situations. How will your business survive if you only generate half your current turnover?

What should you save on first and how do you communicate this to your team without panic? Quick action and communication are key to success (and survival).

Only, make sure you act from a well-thought-out action plan! You're not alone As an ActionCOACH, I can help you properly evaluate the whole process and make the right decisions.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Tailored growth and leadership

Discover how to realise your business ambitions with professional coaching. Choose the coaching programme that suits your situation and goals.