Business Response During A Global Crisis
We've all seen how our favorite companies - and those under the radar - have responded during a global crisis.
It's obvious that the novel Coronavirus 19 has left many people, business owners, and entrepreneurs wondering how their businesses will survive. Meanwhile, others are basking in the moment of newfound opportunities and relief.
Why? Because these businesses understood the importance of responding and shifting (pivoting) their focus or brand to further support their client/customer base. In addition, others found support in governmental aide allotted to businesses. While others are hoping they'll have a business to return to, many are working the ones that had prior to Coronavirus.
Here are three reasons why:
1. Businesses & Entrepreneurs Pivoted.
These businesses knew that to stay afloat and in business, they would have to pivot their services. Pivoting means that they invoked a new process or product to serve their existing customer base and possibly picked up new customers from companies that failed to do so.
2. Businesses & Entrepreneurs received government aide.
Previously I wrote to you about the various government assistance programs provided to Businesses through the economic disaster loan program and other small business administration grants and loans.
However, many businesses were unable to benefit from the support aide because they did not properly and legally maintain their businesses to prove their legitimacy of receiving the support.
3. Businesses properly responded and guided their customer base during the crisis.
Business owners who understand the quality of customer service properly educated their clients regarding the crisis, services they would be providing or cancelling, what hours and locations would be available to service their needs and more. These businesses listened to their customers' needs and in return, their customers have remained loyal.
I understand that it's hectic when you're trying to maintain your business and your family during a global crisis. However, doing a few things like pivoting, properly maintaining your business to qualify for governmental grants and loans, and properly educating your customers will help you sustain and grow you business immensely during a global pandemic. It's all about the response.
This article is a service of SL DeBarros Law Firm, LLC. We offer a wide array of business legal services and can help you make the wisest business choices throughout life and in the event of your death. We also offer a Business Protection Start-Up Session or a Business Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.