The Covid-19 pandemic had big effects on businesses. It introduced many challenges that forced businesses to operate at limited capacity and others to shut down. But did you know that your businesses can continue making profits including in such hard times? Below are a few strategies that you can use to outshine your competitors during pandemics.
- Expanding Your Business Portfolio
While you might have been producing only one product, such as auto parts or food, producing products that are in high demand during the pandemic is a good decision. For instance, Covid-19 increased the demand for essential products like tissue papers, masks, and hand sanitizers. Businesses, including those that do not focus on such products, could sell them to make profits.
In the United States, for example, Food and Drug Administration (FDA) relaxed the rules relating to hand sanitizer productions to allow more players to join the industry and help increase the production. That helped many businesses to expand their business portfolios.
Leasing equipment is a good idea if you do not want to invest in new equipment. Subcontracting the production through other companies is a perfect idea.
- Motivate Your Staff
According to Iskander Makhmudov, motivating your staff is important in times of disaster if you want your business to continue growing. Iskander Makhmudov, the owner of copper producer UGMK, claims that your employees might be the gateway to outdoing your competitors through innovation. All you need to do is address their challenges.
You have to assure them that you are always ready to support them during the hard times, such as during pandemics like Covid-19. For instance, you can help them by ensuring that they and their families do not suffer problems associated with the pandemic. Also, ensure that each of them has received the Covid-19 vaccine to minimize the risk of infection. That way, they will continue working and help you outshine your competitors.
- Consider Your Supply Chain
The supply chain suffered a lot during the Covid-19 pandemic. For instance, people who imported raw materials from other countries were hit hard when the countries went into total lockdown. Actually, some of them stopped their operations. At such times, turning to local suppliers can be a good idea.
The supplies from other countries might reliable and cheaper, but turning to local suppliers will help you continue with your operations. A quick example, a beer manufacturer who sources barley from Australia may end up closing his business if the country went to total lockdown. However, the production can continue normally if he shifts to the materials available locally.
- Improve Your Customer Services
Outstanding customer services will help you outshine your competitors or other businesses that provide products or services similar to yours. Every customer wants you to answer their questions or solve problems promptly. So, you should ensure that your customer representatives are friendly, efficient, and courteous. Ensure that your customers can reach you easily through phone, email, website, or social media.
Moreover, you have to encourage your employees to add a personal touch to their interactions with customers. You can use technology to track the preferences of your customers, past orders, and their details so that you can build long-lasting relationships with them. Empowering your employees to resolve customer problems fast is also important because your business will outshine the competitors if it provides good customer service consistently.
Conclusion
The strategies you adopt during a pandemic can build or break your business. The above four strategies will help you avoid losses during the Covid-19 pandemic. Emphasize what differentiates you from your competitors and expand your portfolio. Remember to improve your customer services and choose reliable suppliers.