Just at the early stages of the 1st quarter of 2020, the lashes of COVID-19 strike hard on so many businesses. So many firms closed down because they couldn’t withstand the pressure, while some downsized. Thought we saw it all, not until we have the outburst of political shenanigans such as Black Life Matters in America; End Sars in Nigeria, etc. which coordinated a lot of lootings of shops.
October 21st many outlets were raided by looters in Nigeria; Lagos, Surulere shopping mall. Millions worth of goods were carted away and many business owners went bankrupt.
Today, most business owners were able to get back to their feet, though not as strong as it was before the lockdown, but they were eager to start all over again.
Now, the planet is about to witness the 2nd wave of pandemics.
Do entrepreneurs learned from the first wave of COVID-19 lockdown or we are going to witness another economic collapse?
Here are (4) four survival strategies entrepreneurs should learn in order to stay relevant during an economic crisis.
- LEARN TO DIVERSIFY
Entrepreneurs must be flexible when implementing the module Operandi of their business objectives. You don’t want to put all your egg in one basket, learn how to diversify during economic dwindling and expand your customers base. During the first wave of lockdown, many businesses wind up because the demand for their products declined, hence, shifting the consumers’ demand for health and manufacturing products upward. An entrepreneur should be innovative in this type of cripple market, perhaps, sell other products that have a positive demand curve under the same brand.
During the first lockdown, some businesses managed to make a lot of money due to the high level of demand for their products. Companies like zoom; Netflix; hand sanitiser products and even some supermarkets were all able to make high profits. Be creative enough to know the type of product people will be demanding at the moment. A great entrepreneur exists because he wants to change the world, not for some fast buck. Therefore, change the world today with your innovations.
2. JOIN THE DIGITAL DISRUPTORS:
Join the digital disruptors: During the lockdown, many people posted live videos of their cooking skills online, some were awesome, others were horrible to see. We had a lot of traffic on the internet as supermarkets created awareness for their product online. As an entrepreneur, you must be able to strategize on digital sales transition. If possible, recruit a digital manager to help you keep your social media page active. This will allow your customers access detailed information about your product, hence, stay abreast of any innovations or products.
3. CREATE AN AFFORDABLE AND QUICK DELIVERY SYSTEM:
A retail outlet in America sells burgers, chocolate drinks and coffee. During the lockdown, the owner of the store decided to start selling to customers through mobile shopping. He got all his products on a moving van and meets customers’ needs at the front of their doorsteps. Frontline workers and those who are unable to leave their homes all benefitted from this innovative idea.
It wasn’t so difficult for him to make such a decision since he was innovative enough to know what is feasible in an American economy.
Figure out what is feasible in your endemic as well, have a good action plan and ensure you create a good delivery system that is affordable and effective in your locality. Don’t allow your customers to feel your absence and don’t rely on one or two delivery systems so as to avoid disappointment.
4. EMPATHIZE WITH YOUR CUSTOMERS:
“Empathy is the ultimate form of customer’s insight”. -Don Peppers
Entrepreneurs should have words of empathy for their customers. Words like “I understand what you are going through, I wish I could make it better”, “let’s know how we can serve you better”, “we are sorry you are going through this”. This word goes a long way in the mind of your customers as they stay loyal to your brand.
Now, don’t make excuses for why your business is failing. Research proves that even downstream of the economy, some firms were thriving at the top of the world as they were able to recognize the social needs of their customers.