It’s no longer breaking news – we are going through a global crisis, one that it is bound to change the way we consume as customers, the way we interact on a personal level, and the way we run our businesses. It’s a hard time we’re going through and while my heart aches for those impacted by the covid-19 crisis, it is important that we take a moment and talk about what businesses need to learn from this crucial episode.

Develop more than one revenue source

This is potentially one of the most costly mistakes that many, many businesses make nowadays – betting it all on one revenue source (eg: serving one type of customer, making one type of product, having only one sales channel, being strictly brick and mortar, advertising only through word of mouth, getting customers just from street traffic). 

Build an online presence

The Covid-19 crisis made it clear that if you’re not online as a business – you are missing out. 

The digital economy made it possible for people to #stayhome, flatten the curve of spreading the virus, and still be able to purchase what they need via ecommerce stores. On the other hand social distancing, quarantine and isolation measures have impacted traditional brick and mortar businesses. It’s no wonder that governments worldwide are concerned about a new economic crisis. The travel, tourism, entertainment, and cosmetics industries will definitely feel the downward spiral. 

The solution is already here: create an online presence and find a way to make an income using a digital market. Here are some ideas:

• Create an ecommerce presence: sell your products via an online shop and deliver. 

• Find a marketplace (Amazon, Upwork, CreativeMarket, Etsy) that would allow you to sell your products or services.

• Develop and publish educational content that could be sold as courses, workshops or instructional videos (a beauty salon could record videos that teaches women how to do their hair using specific products – videos could be sold or simply used to push the product). 

• Start building a strong online presence and think of ways to interact with your potential customers that would bring them back to you once the crisis is over.

There are so many business owners who believe that having an online presence is not only optional, but useless. For some this refusal to put their company online comes from a deep fear of being visible. It is a personal fear, one that has a strong grip on who they are and how they want to be seen. A business owner with this fear will refuse to communicate their role online (they either have no social accounts or if they do, they make no mention of running a business because they are afraid of being criticized, because they are afraid of failing and having people know it, because they are struggling with impostor syndrome and worry that people will call them out etc).

Others refuse to take their business online because they have a personal belief that it makes no sense to invest in this because their customers aren’t using the internet to find products or services like theirs, while other business owners will dismiss the idea of having an online presence simply because they are not tech savvy.. 

If any of this sounds familiar, please put your personal beliefs aside, and start thinking of building an online presence for your company. 

We are all in this together

It’s easy to forget about how vulnerable we are to this virus when suddenly there’s no one coming to your store, staying in your hotel or not being able to run your business because of quarantine measures. But we are all in this together and businesses play a big part in how we as a community will overcome this hurdle. Remember that a crisis is also an opportunity to be a leader, to earn the trust and credibility of our customers, partners, community and employees. 

So if you’re able to run your operations without having all of your employees working at your headquarters – then allow your employees to work from home, thus helping to flatten the curve and protect the community as well.

Is there any way in which you can help the community or the hospitals in this time of crisis? Maybe you can donate funds, a hot meal, materials or offer some sort of support that would be useful (free counseling for companies or employees who are having a hard time now – it could be financial services, psychological, marketing, business etc). Your effort will build your image as a company that cares about the community and will be rewarded going forward.

If you can’t help with any of the above, sometimes even a positive message of reassurance can be useful. Or use your social presence (or buy an ad space in traditional media) to inform the community of the precautions you took as a business to help keep the community safe.

Here’s a great example of a business impacted by this crisis who decided to take this opportunity to help the community and their own customers. AS Roma, the Italian football club, started to deliver food and medical supplies to season ticket holders over 75 yrs.

This too shall pass

If you’re panicking about running your business in this time of crisis, take a deep breath and remember that this too shall pass. I know it is easier said than done – but it is just a matter of time until Covid-16 will become a thing of the past, and the disruption it has caused will be forgotten. We will all go back to living our lives, planning events, meeting our loved ones, traveling to amazing destinations, going out for a movie, a play or a delicious dinner. The question is: when this happens, will they know about you?

Don’t think this crisis is the end – instead try to look at it as an opportunity to inform and educate your potential consumers about your products. People are still thinking about what they’re going to do 2 months – 6 months or one year from now. Is your business on their radar? If not, what can you do to make sure they will not forget about you. Or even better, what is it that you can do right now to make sure consumers will flock to you when the crisis is over. Today’s response can position your business to thrive tomorrow.

If you’re a store or offering any other product or service that isn’t part of a quarantine measure (a cinema, concert hall etc) and you’re still in business – receiving foot traffic and serving customers on a daily basis, make sure you’re taking the right precautions to prevent spreading the virus. This means wearing gloves and masks, instructing employees not to touch their faces, putting in place social distancing measures (stores can have floor stickers every 2-3 m to educate customers), and have sanitizer on the premises.

I am in contact with business owners across 3 continents and am a business owner myself – I know this is a scary time. I trust that we will overcome this hurdle and discover that in the end we’ve gained knowledge and experience that has made us more aware of our roles in the community as business leaders – and better entrepreneurs. Stay safe.