The greatest economic boom period in history seems to have come to an abrupt slowdown because of the COVID-19 pandemic, but there are things you can do NOW to keep your business afloat and well positioned for the future.
While business today is anything but “normal,” it also provides companies with an opportunity to react, manage differently, and maybe even more effectively. Use this downtime to shift thinking, redirect resources and prepare for the pent-up demand on the other side.
If you begin to wring your hands and pull in your horns, where will you be on the other side of this pandemic?
Companies need to remain bullish but prudent right now and ready for the pent-up demand that will unleash on the other side of this. Things will continue to evolve and “prudent” assessments should be evaluated weekly. Don’t put yourself in a position to miss opportunity once this ordeal is over. The duration is uncertain, and casualties dear, but it will be over.
With regards to sales, of course it looks different right now, but there are ways to get creative with the sales process. For example, sales managers could potentially help their customers work with banks or small equity lenders to possibly finance new projects right now. The financial markets are still flush with cash and eager to place it. Interest rates are low, low, low.
Use this time to get in front of your customers. Just change the way you do it! Invite and engage your clients through learning opportunities. Offer your customer base free educational webinars that also tout your brand and service.
We have started offering educational webinars at S-5!, and the response has been overwhelming. It serves multiple purposes — allowing you to stay in front of your customers, educates them on your product range, trains them on how to use your products, establishes you as the thought leader in your industry and moreover, it’s an opportunity to generate business. It also saves a pile of money and time.
Offer live Q&As. Distribute a short survey prior to your webinar so you have talking points relevant to your customers’ need for information — and again, this demonstrates your leadership in the industry.
Avoid cutting staff if possible. In fact, it is important right now to not lose good employees as we all know they are hard to find. It was only a few months ago the number one issue facing the construction industry was the labor shortage. In fact, one of the silver linings of this pandemic could be helping to solve the labor shortage issue that has existed for the past couple of years.
Be ahead of the game. Our manufacturing plant is in full swing, but we have implemented some real changes including growing the automation side, taking temperatures daily of our employees, sanitizing effectively, spending time educating our personnel on COVID-19 and emphasizing the importance of applying the expected code of conduct both at work and outside work. We will be ready for the other side of this pandemic.
We will not just go through it; we will grow through it!