How Businesses can Standstill during Covid-19 Pandemic?
For any business, especially in these times of pandemic, having enough cash is just about everything. There are actually 7 places where to acquire cash to continuously supply the needs of your business and these include:
- Accounts receivable
- Accounts payable and;
- Cost of goods sold or COGS
It is imperative to have a plan for everything, given that the current funding availability and revenue is quite difficult to maintain. Without having a clear path, it is hard to stay afloat in the business.
The need of the Hour
Right now, revenue is more on how you can generate leads and keep clients to do business with you. In an effort to do both, the company needs CRM or customer relationship management platform. If you do not have one yet, then it may be great to set up even a cheap one and load it with all customer information. Not being able to see the pipeline of your clients likely makes you to operate blindly. Keep this in mind, pipeline is what driving every business. It is similar to mt4 indicators and other tools in trading, this is what helping traders to see whether they should sell or buy.
After setting up the CRM, the very first thing to think is how your customers are doing. It is critical to show empathy to them and you don’t know how long can it go. You should help them with a product or service that they essentially need, no matter if it will make you breakeven or generate profits. Your support during these difficult times goes a long way in building loyal customers in the future.
Engaging clients using thoughtful ideas, proactive support and knowledge sharing develops a long-lasting and strong relationship.
Can You Keep up with the Pace?
Another aspect of your pipeline will be growth. Do you think you could increase your customer’s life-time value or LTV? This means to say that, how long could you increase how much they are spending in your business over a certain period of time and if you could generate new leads for your business. There are wide range of marketing channels that are costing money and there are many that don’t. You may use the time in optimizing your owned media similar to newsletter, social media, blogs or start new content similar to channels like podcasts and webinars. You could pay ads via social media and Google but concentrate more on customer acquisition whenever possible.