The goal is to find a way to optimize costs in order to keep financial reserves, with a minimum use of the reserve. Here are our 10 steps to listen to.
1. Reduce costs.
Reduce your business and household expenses today. Negotiate with suppliers about fixing a debt or an installment plan, ideally a deferred payment. Agree with the landlords to reduce the rate for the quarantine period. Reduce your salary fund costs, but retain employees so you don’t lose your team.
2. Save the core.
The core in a crisis is the team and employees. Become one. Get into each other’s position. Complete step # 1: keep costs to a minimum and keep working to preserve what you have.
Assess your business situation soberly. According to the most pessimistic forecasts, assess the possibilities of getting back on track. Estimate resources and reserves for at least 3 months. Decide how you will transform and what will bring benefits here and now.
4. Create a strategy.
This is a step-by-step plan to increase sales and grow profits. Create: an operational, marketing and communication strategy, carry out financial planning and put it in the sales plan. Each team member must clearly understand what and why he is doing. Create instructions for employees, linked to qualitative and quantitative indicators (KPI).
5. Estimate resources.
In the first paragraph, we reduced costs in order to start investing and developing business at the moment of stabilization. Now that you have goals and objectives, and most importantly – a strategy, weigh your physical and financial resources. But first, define the indicators by which you will evaluate the results of actions.
6. Define communication channels.
Once the strategy is ready and packaged into a clear, coherent roadmap, it’s time to get creative and create communication messages. Each channel of communication is unique and requires preparation. When choosing your own, remember the target audience and the form of communication.
7. Prepare for the start.
Gather a strong team: designers, copywriters and other specialists working with your communication channels. Whether it’s traditional offline in the form of outdoor advertising or online with advertising campaigns on Google and promotion on Facebook and Instagram.
8. Conduct tests.
Before the global launch, conduct a survey among a sample of your target audience. Do they like the product? Do they want to improve it? Are the needs met? Etc. This will help: questionnaires, questionnaires, tests and focus groups.
Only after testing and analyzing the results. It is worth starting an organization with business processes and setting up advertising campaigns (traffic). Next, start communicating with the audience and detailed processing of the client on behalf of the brand. Work with your existing audience and create new loyalty programs for them.
10. Analyze. Correct. And start over.
Every day – work on mistakes and business improvement. Learn to quickly find what works and brings results, and what needs to be improved or thrown out. This is necessary in order to quickly respond to situations such as today.
The main thing is to value your customer and thank you for choosing you with his money at this difficult time.
May the force be with you.