3 Business Lessons We Must Take From the Coronavirus Crisis
2020 has left all of us with so many questions that we are unable to answer them all at this time. But as a digital marketing agency in London, WECOMEET has some serious business lessons that we should take from the COVID 19 Pandemic. This is not a usual beginning of some year; this year has some real hard-hitting piece of advice for all the businesses. No defined categories, this virus has treated everyone alike. No matter if you are running a small scale or a large scale business, these 3 pieces of advice are worth reading for all.
Before we start with them, let us ask you that as we are almost 5 to 6 months down the lane in this crisis so what do you think helped your business survive during all this time? Write down a few points and ponder on your strength as well as weaknesses. This small activity will prepare you for any other unexpected crisis in the future and also help you learn more about your business skills. Do not forget that a self-assessment is always helpful and essential for your success.
Now, let us learn the three great lessons of this century in the times of Coronavirus crisis:
1. Diversification is Unique
It does not matter if you are not different but what matters the most is that you are diversified. If your business has multiple options to stick with, it is going to help you survive better during such a crisis. In our opinion, we understand that it can be difficult to manage so many jobs at a time but if you try to own similar jobs, then the probability of surviving such a crisis is high. For example, you have a cafe, a store, and a fuel business.
So even if your cafe shuts down, you still have a grocery shop running. Sounds interesting? Moreover, the local travel is still on the move, so you will still receive extra help from the fuel sell out. It won’t hit you or break your savings. You are far better and secured from the rest.
This is just an assumption, you can have other multiple combinations of businesses or maybe just one, but for this crisis, this one survived the best. Also, starting a new business that is a necessity or has a great demand in the market like manufacturing face masks, sanitizer, opening medical shops or grocery store, can pull in great help.
2. Keep the Cash Stocked
Cash? In this time and this era is losing its value fast but let us tell you that a business with cash fund survived great during Coronavirus. Companies who still kept a share of their savings as cash can pay their employees and initiated new openings.
This sounds incredible and inspiring. Cash helps you balance everything in the right way and you can manage your personal budget for the company very easily. How you spend matters a lot, what, and how you save matters even the most.
Apart from the crisis situation, cash also saves you during an economic dip. It is so relevant from the latest economic crisis in the world that people with cash at home and offices passed the situation comfortably. So holding some cash will empower and support you both monetary wise and emotionally.
If you have not started to practice this, start now. It is never too late, to begin with, something that will benefit you immeasurably. If cash is your saviour, do preserve it well.
3. Social Media Platforms & TIK TOK
Well, we now have realized why a business needs to be on social media. It is the most relevant lesson that we all have gained during the pandemic. A business without an online presence can shatter quickly in comparison to those who managed to float because of digital marketing services. Considerably, Instagram, Facebook, and YouTube marketing seem effective and popular but we are going to talk here about the new social media platform and that is TIK TOK. |
Initially, TIK TOK was an entertainment app and no one thought of its boom. With over 500 million users now, it has the power to create new content and advertise everything with a blink of an eye. Since the quarantine, the number of users has spiked. As all were asked to follow social distancing and this practice led to more download and creativity on the app. Several businesses started to invest in the TIK TOK influencers and promoted their products and services through it.
The results were phenomenal. Great business traffic was observed and more and more users started to come and made several activities on the platform. The kind of hype and engagement it created helped people promote their services and brand on it.
You talk about promoting campaigns, holding online competitions, festivals, fundraising events and so much. TIK TOK has now become an important part of businesses and people are investing it. It is the most happening place right now.
If you get good guidance on how to promote and run your services on TIK TOK then you can fetch some great business through it. We at WECOMEET provide adept TIK TOK marketing strategies and services for clients all over the world. You can connect with us over everything you want to know. We are a young and dynamic team of skilled people that consistently deliver the best of efforts for our clients.
We believe with changing times, one need to upgrade strategies for their business. One needs to learn and adapt to a new environment instead of running away. Check out our more service, we are also a web development agency that provides branding and marketing services with utmost devotion.
We also hope that you have taken some amazing insights from the three business lessons during the COVID 19 Pandemic. These lessons are like the survivor tips that we have personally experienced and brought into action.