While we’ve never seen anything quite like what we see with the spread of COVID-19, there is still much that is unknown. This has caused a lot of people to experience fear and anxiety regarding their health, the health of loved ones, and the unknown of what will happen with their business.
We have already seen several organizations taking action – Disneyland closing, conferences and community events being postponed, and businesses shutting down temporarily. Amidst all of the chaos, what can you do to ensure you and your business don’t fall apart?
Don’t Panic – Change Your Perspective
With over 20 years of experience, MyAdvice has seen many ups and downs in the market including the events of 9/11, the dot-com bubble burst in 2001, several elections, and the housing market collapse in 2008. Like those events, brighter days are on the horizon, and in the long-run, the fears and challenges associated with COVID-19 will also pass.
We highly encourage you and your team to follow the safety practices that have been put in place by the CDC. It’s important that you listen to your clients and staff – if they are not feeling well, keep them home to avoid the possible spread of the virus. Make sure you are washing your hands often, avoid touching your face, and cover your cough or sneeze. In short – be smart and know when to stay home.
Cut Waste & Frivolous Expenses
It’s inevitable that people will avoid going out to lower their chances of getting sick. In times like these, you’re likely to experience a dip in revenue, so make sure you’re cutting appropriate waste and expenses that aren’t necessary to the success of your business. This includes expenses such as company lunches and office treats or drinks. While these expenses aren’t always bad, it’s better to be prepared now while there is still a lot of uncertainty.
Do Business Online Where Possible
The reality is that with many people working from home in efforts to support ‘social distancing’, there will be more healthy people online who are searching for a provider like you. They are looking for normalcy in their lives. Where possible, you can use technology to conduct virtual consultations with prospective clients and address the needs of current clients. As needed, update your hours on Google My Business (GMB) and your website, and make sure that your profile on GMB is up-to-date.
Increase or Maintain Your Marketing Spend
Your ad spend shouldn’t be the place where you cut your budget. It is just as important to advertise in times of recession as it is to advertise in times of advancement. There have been several instances, looking at recessions throughout history, where people that have maintained and even increased their marketing budgets during tough times actually increased their sales and overall market share over time. It’s common for businesses to cut marketing and advertising spending, since it’s a quick way to cut costs. However, staying in front of people during this time of fear and anxiety will have better payoffs in the end.
MyAdvice is happy to help provide you with budget-friendly marketing solutions that will help you during good and tough times. Even with the threat that the Coronavirus imposes, marketing your business should be a priority, and partnering with MyAdvice can make that task more manageable for you. Contact us today to speak with one of our experts.