Running a business during Covid 19
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Running a business during Covid 19

Amazon informed its workers that they would be out until October 2020, nearly five months from today. Captial one told 40,000 workers that they will be out through Labor day, possibly longer. Running a business during COVID 19 this way doesn’t seem possible.

Google and Facebook told their employees on Thursday that they could stay home until next year, 2021. Nationwide Insurance is shutting down offices around the country and having its 4,000 employees work from home permanently! As of this writing, Twitter announced some of its workers can also work from home permanently. And more announcements are sure to follow.

What you can learn from a big company during the COVID 19 pandemic

Could your company extend the work at home rule like these? I would assume its possible, but most of us running small businesses have little in common with Amazon (23.6 Billion Valuation), Google (632 Billion Valuation), or Capital One (51.6 Billion Total Equity).

Money aside, for one, they have established vast networks, where they can easily communicate with their customer base. And they have secure brand recognition. Take Google, for example, who the heck can compete with these guys head to head? Still thinking, I have got the answer. No one!

Running a business during Covid 19We pretty much can say Google is in a class of its own, with no direct competitors. Amazon, flush with cash, can pretty much weather a downturn; in fact, Amazon profits have not gone down but have climbed during the first quarter of 2020.

Big companies have a massive database of customers. Emails addresses, phone numbers, social media connections, etc. And they have the marketing budget and staff able to reach their audience consistently.

The takeaway

So can you, just on a much smaller scale. If you have not been diligent in this area, start now asking for emails, and engaging your customers on social media. Over time you will build an audience.

Now is the time to get your house in order especially if your able to sell goods and services online.

Online retailers are seeing Black Friday-like sales due to the impact of the COVID-19 pandemic on their business.

According to new data from Adobe’s Digital Economy Index, U.S. e-commerce jumped 49% in April, compared to the baseline period in early March before shelter-in-place restrictions went into effect. See this Techcrunch article for more information. Running a business during COVID 19 for some online companies has been a boom.

How to compete with the big boys?

It does not matter if your a b2b or a b2c business; these same principals apply. You have to make it easy for your customers to do business with you. Running a business during COVID 19 or not.

Make it convenient to do business. Start with your website.
Make it easy, check out this site: Try frames on at home!
Make it fun. This is a pretty cool website! The dollar shave club.
Make it an informative Online quiz.
Make it quick. Buying from Hyperlite, (like Amazon) it is fast.

If you are not continually evolving your business or service to be as convenient as possible—especially now—you will get left behind.

When it comes to satisfying your customers, its a level playing field; there is no reason a business, no matter which industry, should not strive to make its customer lives more comfortable. Need help? Contact us.

The takeaway

Communicating that your business is alive is the key. If your website is old or outdated, you need to improve it; if you have not been on social media, you need to get there. If you do not have an email list, you need to start one. These are all startup tactics, but I like to call them re-start tactics.

Some businesses work well remotely – can yours?

Insurance companies, like Nationwide Insurance, whose offices will be closed permanently by Nov. 1. are betting they can. Employees will be telecommunicating with their offices and customers– for good! Here too we are reminded of how much money insurance companies spend to reach their customers, how many times in a week do you hear the Progressive commercial? To me, it is mind-numbing excessive! I would say insurance companies have a robust online presence, and their employees can operate remotely. They surely have the resources to do so.

Facebook and Google made internal announcements Thursday that most employees could telecommute until the end of the year, but also said they would reopen offices this summer for employees who need to be there. Source NYTimes

It is no coincidence that tech companies are in the front ranks of the stay-at-home movement. Their software promotes working at a distance. As for us Slocum Studio, our customer base is all over the country, so we have been telecommunicating for years. Not only while Running a business during COVID 19.

The Takeaway

Running a business during Covid 19If you are choosing to work from home during this trying time? Or asking your employees to consider this, it is hard to remain motivated or innovative, sitting in your living room.

That is a fact. I concentrate better at my office than I do at home. And, I find that it is more challenging to communicate with employees when they are working from home. So to help, you might want to invest in some tech tools.

Tools to consider for your business if you have employees that are working from home.

Slack
Basecamp
Trello
Google Meet
Zoom

You may find this report interesting. See U.S. Bureau of Labor Statistics The age of people working from home.

Can the service industry work remotely during COVID 19?

Hairdressing salons, Chiropractors, Physical therapists, all of which need face-to-face interaction with customers, have no such luxury of working remotely. Here too, you have to be creative, think of how you would feel walking into one of these businesses yourself, what could you do to make yourself feel comfortable– maybe ask some of your customers and friends for suggestions. You might find this article helpful regarding a nail salon reopened have installing protective barriers.

What about Companies selling products or manufacturing?

I was thinking about casinos over the weekend. What would I do if I owned a Casino to make people feel safe? I, for one, would not feel comfortable going into rooms with crowds of people jammed around poker and craps tables. So what is the casino owner to do?

The Takeaway

Think like a startup, evaluate your business through the lens of safety to your customer. This process might conclude that plastic columns should be placed between stations that separate customers. The same could apply in a manufacturing environment if stations are closer than six feet apart. See the service industry article above regarding plastic barriers.

The testing of workers weekly might be another consideration. Seeing testing information from the CDC.

While it is a tough and stressful situation to rethink your business strategy, this period offers an excellent opportunity to look at how your product or service is fitting into your customers’ lives.

The Business Insider reported, according to a recent survey of more than 2,000 retailers on their business responses to the coronavirus, the inventory reduction was one of the top-ranked priorities for concerned companies.

Key Insights:

  • 63% of retailers plan to cancel on-order products
  • A majority expect to reduce their next season buys by 25-50%
  • ⅓ of store owners expect to delay vendor payments by more than 60 days

Specifically, the study found the retailers are generally evenly split among four main focus areas — increasing online sales, cutting operating costs, reducing inventory, and discounting existing industry. READ MORE

Nothing is normal anymore; we have to adapt; we have to figure out how to conduct business so that our customers and employees feel safe. The sooner you get to work on this, the better chances you and your company will have surviving during the time.

Resources:

Techcrunch
Source links: New York Times
COVID 19- essential faqs

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