#Covid19BizGuide

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Coronavirus has taken the world by storm, and the global toll has already crossed 350,000as of March 23, 2020. 

The effects of the virus have started to become visible on the economy. Public places like stores, malls, shops, etc. have been shut to help contain the virus.

A few economists suggest that the world is on the verge to witness another recession just like it witnessed in 2008 “The Great Recession”. Others are of the opinion that the global economy would slow down but recession is a phenomenon far away. Global stock markets have plunged to the extent that following the dip in stocks, triggers were pulled and the US stock market came to a halt for 45 minutes. Investors have lost over USD 30 Billion in market capitalization. 

The UN has declared CoronaVirus a pandemic.

There’s no vaccine for it currently and countries are failing to contain it in any manner. Airlines are down, factories are shut, transportation, export, import, travel, everything is hampered deeply and even country borders are shut for the to and fro movement of people.

Planning Ahead is essential at this point.


It is this time that Small Businesses have taken a toll adversely. There has been a sharp drop in sales since the pandemic and is expected to continue over the next few weeks or maybe months. Small Business owners are demanding to take Disaster Loans which will help them survive this downfall. According to a JP Morgan Study, Small Businesses live paycheck to paycheck and have reserves to run their business only for a little over a month. More than 20% of the US has either run out of business or lost their job. Over 80% of Small Businesses have reported negative impacts of Coronavirus. 

Businesses are falling short on blood life i.e. cash, and reserves are getting depleted soon. Order cancellations have raised 4X but the rentals and salaries are to be paid without a doubt.

In a nutshell, businesses are feeling the pain of the economy. But wait! It’s not over yet. There are industries that are thriving even in this market, rather they are growing 1.2X while people work from home or stay in isolation. 

Here’s how you can combat this slowdown:



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Build your Presence Online

Businesses with a website have their days saved as they feel the lesser burden of the slowdown.

Enterprises thriving even in the time of a global lockdown are based on the internet. 

The first thing you may consider doing is going digital. 

Your clients may not be able to come to your store but they’ll stay in the loop with you online. Companies also report hike in web traffic as people have more time to shop for their needs and also stock essential supplies.

Market your Products Digitally.

Reduce expenditure on offline marketing as of now and consider online marketing. People are staying indoors completely which has enabled a “J curve” in the web traffic. More and more people are now active on Facebook, Instagram, and other social media platforms. 

Hence, running campaigns on social media and optimizing your business page judiciously is the right thing to do.

 

Switch to Digital Payments-

 Taking payments in cash can prove to be contagious with respect to the ongoing pandemic. Installing POS machines at stores and accepting payments digitally is a wiser move. 

Tools you can use to accept digital payments:

Mobile Wallets- 

PayTM, Square, PayPal, Venmo, Bitcoin, Apple Pay, Google Wallet.

Banking Cards, Internet and Mobile Banking

UPI & Bharat Interface for Money (BHIM) app 

Accepting paper bills must be avoided greatly.

 

Online Conferencing/Networking-

Reports suggest over 60% of interviews have been canceled because of the restriction of movement.  Switching to tools for online connectivity can be of great help. Governments have released a mandate for organizations to shut their doors, which has forced employees to work from home.

For managing your employees and businesses virtually, an organization may opt for video conferencing tools such as

Zoom

Skype for Business

WebEx

Google Hangout

Adobe Connect etc.

There are even tools that allow you to transfer heavy files over the internet, unlike Gmail which has a limit of 25 Mb only.

For sharing a larger amount of data you may use:

WeTransfer 

TransferNow

DropBox

Google Drive

iCloud

Microsoft One Notes etc.

Stay active on Social Media platforms that are relevant to your business and build your network with existing and new clients online. LinkedIn proves to be a very good platform to connect with professionals online.

 

Manage your Expenses Wisely

Examine your cash in hand and calculate your monthly expenses, spend each Dollar wisely and prepare your resources to last six to nine months. Reports suggest it will take time for the economy to recover from this slowdown. In case of insufficient cash, cut down on your expenses severely and strategize on how to increase revenue. Control Expenses, whether its employee expenses or the company’s, you have to cut down on them and keep a strict check on the outflow of money. 

“Essentials Only policy” might help your business combat this situation and optimize your resources to last longer.

 

Revise your sales projections

We know, it’s something painful to hear. But it’s the need of the hour, you mustn’t look at older projections and have a gala time about your sales performance, rather sit and brainstorm on how to pick-up pace in this time of crisis. You may consider entering new markets or maybe form a partnership with a big fish.

 

Train your Employees

During this time, when employees have lesser work pressure and are working from home (in most cases). You may consider investing in your employee force by training them online. Conduct webinars and upgrade their skills to the required standard your organization demands. This will equip your company with an even powerful workforce which will be ready to bounce back when it’s all over.


Apart from all of the above, brands have to make efforts to matter across three-time horizons. 

They are: 

Right now (acute outbreak phase) 

Medium-term (recovery phase) and 

Long term (new normal).

Brands in the 'Right now’ phase should do this:

1. Activate purpose and optimize funnel mix.

2. Be where people are now, and support what they’re doing.

3. Create meaningful action and support for public health and safety.

4. Support partners and associates to manage through constraints.

5. Build meaningful utility and content to help people tide over crisis time.

6. Contribute with corporate responsibility initiatives that matter to relief measures.

7. Add cheer and positivity to people’s lives as they struggle with uncertain times.

 

During the recovery phase:

1. Make up for lost ground by leveraging shifts.

2. Affected categories will rebound differently.

3. Category first-timers are an opportunity to convert into regular users.

4. Business and services born during the crisis may provide opportunities for disruption and competitive edge.

During the new normal, we suggest that the brands transform themselves to lead in a changing landscape.

 

 

The AdCode has been monitoring the COVID-19 situation and is working closely to ensure that we meet the needs of our clients and at the same time provide safety for our employees. We have been taking appropriate measures to prevent any infection within our organization.  We at The AdCode, suggest you to strictly follow the guidelines given by the Government, be a responsible citizen and contribute towards a healthier future.


As a company, We understand, services provided by us are very critical to the daily functioning of your businesses. Hence, we are taking care of what you need most, to ensure the smooth-flow and at the same time maintaining a healthier work environment.

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