Every crisis brings insecurity and tests the business resilience of companies everywhere.
The COVID-19 epidemic, population quarantines, and strict security measures have proven that our world is no longer the same. In less than a month, current events affected the entire world — with restrictions on travel and public gatherings, supply chain disruptions, and market instability. Every forecast suggests that COVID-19 will leave a deep and lasting impact on the global economy.
Nevertheless, as with every crisis situation, it’s crucial to approach it calmly and as rationally as possible. The situation may seem frightening, but businesses must make clear-headed decisions and take immediate steps to minimize the impact on the global economy and local business continuity.
It’s hard to predict exactly what will happen in the coming months, but here are a few practical steps you can take to strengthen your business resilience during times of crisis:
1. Be socially responsible
Yes, no one enjoys being locked up at home. Yes, sales may decline rapidly. But be responsible — close the office and go home! Use your home office time to read a new business book and catch up on trends across your industry that you usually don’t have time for in everyday busy life. It doesn’t matter whether you run the business or are an employee — continuous learning is essential for business resilience.
Here are a few titles we recommend:
- The Storyteller’s Secret: How the World’s Most Inspiring Leaders Turn Their Passion Into Performance, by Carmine Gallo
- The Four: The Hidden DNA of Amazon, Apple, Facebook and Google, by Scott Galloway
- How to Create an Idea If You Are Not Ogilvy: The Secret Weapons of Advertising, by Alexey Ivanov
- Never Split the Difference: Negotiating As If Your Life Depended On It, by Chris Voss
2. Get prepared
Get as ready as possible for the financial impact on both the economy and your business. Effective crisis management and assessing potential financial risks are key factors in overcoming any business recession. Prepare an action plan for both the current period and the aftermath of the crisis. It’s vital to be fully prepared for emergencies and to act on time.
Start by securing your budget for the next three months and allocate funds to specific critical areas. Identify the riskiest parts of your business so you’re ready even for a worse scenario. Review your new plan based on your available budget right now.
3. Hold a Strategic Meeting with Your Consultants and Marketing Team
Develop a crisis marketing strategy if you don’t already have one. Don’t try to force your team into a normal rhythm — it’s impossible when the entire country is in a state of emergency.
Yes, some businesses are more affected than others. If your business offers services or products online, now is the perfect time to invest in a strong advertising campaign. Remember, people are staying home and spending considerable time browsing online offers.
If your sales are primarily through physical stores, use this time to build stronger brand awareness. A strong brand is one of the most valuable assets of any business — it drives sales, retains customers, elevates product value, and works for you even when you don’t. Reorganize and redefine your entire communication strategy.
Everything you planned for the next few months needs a new vision and messaging for your customers.
To support businesses, Newtrend Agency offers special crisis marketing packages for small and medium-sized enterprises (SMEs). Businesses choosing one of our three options (Emergency, Brain Blockage, or Successful Year) fund only 30% of their actual costs — the rest is our voluntary contribution to support local businesses.
4. Smile and make others smile.
During a crisis, everyone is anxious, isolated at home, and surrounded by negative news. Give people hope. Brighten their day by sharing something positive. Support your employees, and make thoughtful gestures for colleagues and customers. Be creative.
Here are some inspiring examples:
· Bulgarian telecommunication companies are solitary with the country‘s situation and give their users one-month packages for free. A1 welcomes its subscribers to stay at home and for a more enjoyable stay, the company gives away 200 television channels for free regardless of their subscription plan.
· VIVACOM also invites its users to spend more time at home with their loved ones. The campaign offers 10 000 MB of free internet, as well as free access to media services and additional TV channels.
· Douglas & Beauty Zone, the cosmetics and perfume chain, calls on its customers to stay beautiful at home. The physical stores in the country have stopped working, but they offer customers a 20% discount on everything and free shipping.
Numerous companies are offering discounts and free shipping for online orders. They understand how much time people now spend on social media and online stores while staying home.
5. Communicate
People are the heart of every successful business. It’s important both for them and for your business resilience to support, encourage, and protect your workforce. Open communication is crucial. Work from home and organize regular virtual meetings.
If you’re unsure how, consider using these tools:
· Zoom
· Skype
· Viber
Allocate tasks clearly and keep meeting notes to ensure everyone understands their responsibilities. Schedule tasks in a shared calendar — effective planning will help you stay on top of work, even while physically apart.
6. Strengthen the relationship with your customers
Social media enables us to stay connected even in times of crisis. Don’t shut down or isolate your business now. Instead, use this period to communicate with customers more than ever. Ask them what they need. Encourage them to continue their marketing campaigns despite the uncertainty. Now is the time to show you truly care about their business and that you stand firmly behind them.
As mentioned earlier, people are spending more time online than ever — leverage this to your advantage. Upgrade your brand strategy. Crises test brands, and your proactive crisis communication and adaptability can transform you into a brand customers love — a so-called “lovemarks.”
7. Build a strong brand
Marketing strategies focused only on discounts and sales are a short-term fix. They won’t make your brand stand out right now because every business is using similar tactics. Invest time and energy in earning your customers’ trust and loyalty — that’s the essence of business resilience.
Consider developing new digital products. If you already have a strong website, explore creating a mobile app. Think about increasing your business’s Digital IQ and embracing digital transformation.
If you’ve never worked with influencers before and your brand fits this type of marketing, consider exploring it now. You don’t need a massive budget to engage a micro-influencer who can promote your business. Micro-influencers have become increasingly valuable because they not only attract loyal audiences but also build strong micro-communities.
8. Complete the projects that you delay for a long time
We all have that long to-do list: the website you’ve been working on for months, feedback waiting for your designers, or updates to your brand identity. Use this time to finally clear that list. Taking action now creates the opportunity for a fresh start and helps you take your business to the next level.
9. Write
Content marketing remains a powerful tool and always will. Photos, training videos, blog posts, product descriptions — these are things we often postpone. Working from home is the perfect time to complete these tasks and produce fresh, engaging content for your website.
Share more about your company’s inner workings. Talk about your unique competitive advantage. Explain what sets you apart and why you’re one of the best in your field.
In times of crisis, it’s essential to remember that there are always two sides to every situation. The question isn’t just what a crisis takes from us — but what it can give us. Is your business prepared for the new era, new consumer habits, and possibly a new world? Does it have what it takes to survive, adapt, and emerge stronger? Building true business resilience is the key.