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What Every Business Can Do to Stay Afloat Amid the Coronavirus Pandemic



The coronavirus pandemic is causing more than just health problems. Stock prices have plunged in several industries, and many businesses are concerned about going bankrupt. In order to survive this crisis, it’s necessary for businesses to adapt their practices. Take note of how customers are behaving differently and adjust accordingly. The following are three tips any business can try out.


Innovate


Now is the perfect time to innovate. You can’t afford not to. There are some things you should ask yourself to figure out what kinds of adjustments you can make. If you are a brick and mortar store, can you supply your products and services virtually or through an online store? If your customers must come to you, can you serve them from an appropriate distance? Many businesses are asking customers to place orders over the phone and then sending employees out to them. Do you have the ability to create a product or service in need right now? People are getting bored of being stuck inside. Can you provide the solution? Get creative—customers appreciate companies that show ingenuity. By showing that you are taking this crisis seriously, you will also gain customer respect.


Use Lead Magnets


There are a number of ideas you can try to retain your customers in uncertain times. One of the best ways is through lead magnets. A lead magnet is a marketing technique where you offer something in return for contact information, usually an email address. You can use this contact information to retain customers by reaching out to them through email and SMS marketing. These advertisements can be more personalized based on your customers purchasing habits.


Government Aid


Most individuals that start a business are looking for financial independence. As such, it can sometimes be a little difficult to turn to the government for help. But in this case, you really should consider it. The government has rolled out extensive programs to help business owners pay their employees while business is down. This will be a huge blessing for your employees. Many people are terrified that they are going to be let go. Without a source of income, the majority of America doesn’t have the savings necessary to survive the pandemic. By taking advantage of government aid, you should be able to afford to keep you employees. By taking care of your employees, you will gain their respect and loyalty. This can pay dividends for years to come.


This pandemic may be the toughest test your business ever faces. If you can overcome this, you will come out stronger. The best way is to look for the silver lining. Implement changes that will help you earn employee and customer trust. It will help you survive now and thrive in the future.


Has your business struggled because of the pandemic? Read more tips here.

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