How To Manage Businesses In The Time Of Coronavirus
The impact of the economic crisis dampened business activity
across all sectors in Lebanon, and startups vying for funding opportunities had
to put their plans on hold. Then, the
global pandemic, coronavirus, as classified by the World Health Organization,
exploded, further straining business opportunities.
Whilst the general sentiment in Lebanon seems bleak, there
are strategies that companies can adopt, to safeguard their businesses and even
grow, in such challenging times.
Here are a few tips from BDD, to help you envision and plan:
- Manage resources effectively. Even though employees might
not be able to come to the office, or host meeting, they can connect from their
homes, in order not to disrupt business activity. Clear communication lines and
reaffirming their responsibilities can help keep work on track. Meetings can be
taken online, using Skype or Zoom.
- Keep close connections with suppliers and customers.
Relationships need to be maintained and managed, in order to resume business as
normal, when the impacts of the economic crisis and coronavirus subside. Should there be delays in delivery orders, be
honest and clear with clients, with proactive communication.
- Customer acquisition, especially in such challenging times,
requires more effort. Plan your marketing efforts, including ads and
remarketing campaigns to stay top of mind, across your client base. Of course,
ensure your marketing strategy is considerate of the current times and does not
- Plan your finances and cut costs. Due to the lack of
visibility, tied to the triple whammy of unfortunate events in Lebanon
(economic, epidemic and political), you will need to be much more diligent with
managing finances. This means cutting all unnecessary costs and limiting
expenditure. Scenario planning is also important, to help you manage your cash
flow in the coming months.
Lastly, use the ‘downtime’ to plan and strategize. Is there
a company project that never saw the light? Or an internal project that was
never implemented? Does your website need enhancements, but you could never get
around to it? Use this time to better your company, product or service, to be
ready when the markets open up.