The Corona season seems to have pressed ‘Pause’ on the world. Businesses and individuals are recording losses and can see their dreams evaporate. But the day still has 24hrs and 2020 will not have an annexure.

Surprisingly some businesses, entrepreneurs, and professionals will emerge stronger from the crisis. They must be ardent followers of Sir. Winston Churchill who said that you shall never allow a (good) crisis to go to waste. So, what are these entrepreneurs doing?

·         Polishing Their Business Ideas

Orders are low and the future uncertain. The extra time on your hands will help you to emerge as a stronger brand if only you can use it well. It is time to review your business idea, processes, and partnerships to strengthen the future of your business. By the time you open doors fully after the Covid-19 pandemic has slowed down, you should have a clearer image of the product you are offering. It helps you to get the right partners easily and, in the process, increase your profit margin.

·         Adjusting Growth Plans

The Economist projects that the global economy will shrink by up to 3.2% in 2020 as Corona Virus continues to ravage economies. Each country is expected to receive a unique plate based on its preparedness and nature of the economy. What makes you think that you will be immune?

It is time to revisit and review the growth plans you had made for 2020. Your clients will have less money to spend, meaning that your revenues will go down. You should also hold back non-essential expenditure to improve your liquidity position and cushion the business. Do not abandon the plans altogether. The readjustment helps you to remain afloat even as business slows.  

·         Repurposing Their Businesses

What among the items needed in the immediate and distant future to fight Corona can you manufacture? Do you realize that face masks, hand sanitizers, ventilators, PPEs, and medical items used to fight the Corona Virus were in high demand? Sale for other items like cars or services like the need for flights has gone down. What goods can you manufacture with slight modifications to your current production line?

Repurposing is the new buzzword helping companies to remain open and relevant during the pandemic. It helps you to cash in on the money that will be used to fight the pandemic. It also helps your brand to be mentioned favorably for helping in the fight. You will be joining famed brands that repurposed during the Covid-19 pandemic. It is also an opportunity to open your brand for new products.

·         Taking Care Of Their Customers

A crisis reveals the true nature of relationships. Covid-19 pandemic is a season where the world is looking for care. If you care for your customers, they will pay back through future businesses. Give them discounts, share helpful information to keep them safe, review their payment schedules, or just check how they are doing. That simple gesture will never be forgotten.

·         Preparing For The Future

There is no returning to normal after Covid-19. No crisis has ever left the world the same, and Covid-19 is no different. People will spend less, travel less, use technology more, and display different mannerisms. How are these changes going to affect your business? It is time to think about a new normal for your business. If you are not prepared by the time the world opens fully, you will be left stranded on a street that people no longer use.

Do not waste the Covid-19 pandemic season or view it as a moment to shrink. Consider it a moment to slow down and re-strategize. Do not be naïve to expect that the world will remain the same. Your clients and the world are expecting a different brand to emerge after Covid-19.