Coronavirus and the Economy: Will You Lead or Fold?
The Coronavirus is spreading like wildfire, and we were all caught off guard. This global pandemic has hurt more than just human health. Brick and mortar businesses are suffering from a decrease in foot traffic due to customer fears. Some are even speculating that if the current outbreak will last longer, it could spark an economic recession.
As dark and disastrous as the situation is, there is opportunity - and necessity - for your business to thrive. Quantum Metric reports that there’s been an increase in online sales by 52% as compared to a year ago at almost the same timeframe. Online shoppers have also increased by 8.8% since the coronavirus started.
If you are running a digital business in the e-commerce or service industries, this is your time to shine and take massive action. With people isolating themselves and switching to online transactions, we need entrepreneurs to stand up and support the economy. If you are a brick and mortar business, or in the process of going into business for yourself, you should explore online business ideas that will help you pay your bills, pay your employees, and even grow your business in the midst of this - and any - disaster.
In times of distress, we need leadership more than ever. This is the time to stand up and take action. After all, we need to keep the economy going or everything will drop off, including our own business.
Make Strategical Decisions
Sequoia Capital says, “Nobody ever regrets making fast and decisive adjustments to changing circumstances. In downturns, revenue and cash levels always fall faster than expenses.”
We find that business owners often don’t take action due to a lack of belief - they aren’t sure it’s actually going to work. The problem is, it’s easy to become paralyzed and not do anything at all.
Genuine results often don’t happen overnight, and this scares people. They aren’t thinking about the future. If you want to see long-term growth, you have to think about the long-term game. Consistent action in a strategic direction is better than taking no action out of fear.
You know what people need, and you’ve figured out how your business can be part of their solution. But how do you get your solution in front of them?
You should take this opportunity to invest in your marketing strategy. With more people spending their time online looking for solutions to their problems, you have a bigger audience. People still need access to their essentials, entrepreneurs need to keep their business running, and everyone still needs to do their taxes. The world will not stop because of this pandemic.
Be A Leader
A lot of people are feeling uncertain, and are turning to solutions digitally. Statistics show there have been approximately 5.5 billion online and mobile visits to retailer websites from January 1 to February 29.
Knowing that your potential customers are looking for support, use this as an opportunity to prove yourself as a leader and gain their trust. By showing that you care about their experience, you are with them in this situation, and you can help, you can quell their fear. Convey your commitment to supporting your clients. If you have a physical location and need people to continue coming in, reassure your customers that you’re taking the appropriate measures to keep them safe.
People need inspiring content during dark times, so being a source of positivity and clarity shows consumers you care and they can trust you. Most importantly, don’t bow out of the economy, and don’t stand still. Keep planning for the future, and moving towards your goals.
Provide Something You Know People Need
When discussing the current pandemic’s effect on the economy, Perry Marshall's words are powerful: “When you are in the time of crisis, that is the time of maximum opportunity. This is the time to make your move.”
Many business owners were in the midst of taking massive action on our own business growth, or about to launch a new venture when the pandemic began. Although everything seems to be coming to a standstill right now, we have the opportunity - and responsibility - to keep growing our businesses. Business is always risky, but there are some ventures that are less risky than others - the ones that the world genuinely needs. You can remove risk from your own business strategy by doing something necessary to the economy and to people. Will your businesses stand the test of time no matter what future disaster plagues the world?
What are you most passionate about? What do you love spending your time doing? Are these things essential to the economy? Do they solve people’s problems? If not, how can you approach your business idea in a way that will ensure you are less likely to suffer when the economy takes a hit?
The one thing you shouldn’t do? Exploit people’s fear. Add more to the world than you take, and you can rest assured you’ll grow your own business right along with it.
From exploring new online business ideas to strengthening your existing brand, don’t lose sight of leveraging your business even in the midst of the chaos caused by the Coronavirus outbreak. After all, if you can’t rely solely on foot traffic, you need to be in front of where people are searching - online. Make sure that when you invest in your business, you’re choosing sustainable strategies to organically increase traffic to your website.
Most importantly, we still need to take action.
Now is not the time to panic, it is the time to invest in yourself. The world needs a leader in tough times, and you can be that leader who pulls people OUT of fear and INTO security. We need to show commitment and courage.
We help business owners do just this. While everyone is taking to the internet to make their purchases, you need to know what they’re searching for, and how you can get in front of them. You have the solution to their problems - we know you do - now you need to get in front of them.
Take action towards building your business and get your website reviewed by us to find the key areas that will help you grow your online traffic, get a reliable stream of customers, and continue to grow.
Get in front of your customers now!