7 Ways to Keep Your Business Afloat: Promotion to Risk Management

dulichbinhhung.xyz – If you are one of the start-ups, how do you maintain business and entrepreneurial conditions so that they can survive and be profitable in the current situation? Entrepreneurship is one of the sectors affected by the pandemic yesterday.

Ways to Keep Your Business Afloat Here are some ways you can do to keep your business afloat and not slump during the Corona pandemic, as reported on the Antara News page.

1. Shift focus, create relevant products

You can try to make products that consumers are really looking for with the materials they have. For example, businesses in clothing or headscarves can switch to making cloth masks, which are now mandatory to prevent the spread of the virus. Beauty service businesses such as salons can get around this strategy by changing the focus from services to retailing beauty products. suggested, products that are commonly used by customers can be packaged and sold through digital platforms. Or make a try it at home kit, so consumers can use the product themselves at home

2. Promotion

For food and beverage businesses, promotions can be made by giving discounts or certain menu packages. Promotions that are right in the midst of a pandemic should be more intense for delivery services. Promotions such as free shipping (postage) can be more useful. This is inseparable from the increase in the number of meals delivered during the work from home period based on data. Delivery orders rose 30 percent until the second week of April.

Promotions in the fashion business can be applied to best-selling items. This is because today’s consumers tend to buy the most important items. Priorities for buying clothes may shift as people spend more time at home. “You can also give coupons or gift cards, you can shop later when you need it,” this scheme is expected to help businesses get positive cash flow to pay for rent, employee salaries, business capital installments, insurance, raw material stocks, repair funds. and other expenses.

3. Maximize online services

Online sales are a mainstay when people stay at home and buy all their needs via the internet. Maximize all online services and don’t forget to create applications or platforms that are easily accessible to consumers. As an alternative, join various e-commerce sites to expand your merchandise in cyberspace.

4. Empathy

That the crisis of the COVID-19 outbreak is an opportunity for brands to empathize, care and provide solutions. This is the necessity and the new normal. For example, a cosmetic company that shifted its factory to make hand sanitizers.

Brands can also provide responsibility so that consumers are not alarmed. Restaurant or cafe owners can attach proof of a chef’s or barista’s body temperature check in the buyer’s order as health insurance. Provide benefits and solutions for consumers, such as giving free online classes or free streaming access for a while so people don’t get bored. Finally, brands will get positive sentiment if they don’t just sell, but also donate in difficult situations.

5. Check the financial condition

Do an in-depth examination of the financial condition of your business. The thing you need to make sure of is the liquidity position of your business. Liquidity is a number of funds or liquid assets that you can quickly use to pay short-term obligations, including for emergencies (emergency funds). You have to make sure how much liquidity you have and how long it can support your business.

6. Create a new business plan

As a business actor, you must always be able to anticipate and adapt to changes or risks that may occur in your business. After you can project the sustainability of your business. Create a new business plan that contains marketing strategies, distribution strategies, capital systems and spending patterns. That way, you can increase your business’ ability to survive when financial conditions are difficult. You can try implementing a digital marketing strategy to save on promotion budgets and distribution strategies to expand your business reach.

7. Perform Risk Management

In order to formulate a strategy to deal with potential losses that may occur due to business risks, you must first analyze what risks might occur to your business.

Some of the risk management strategies include: bearing losses that may be caused by a risk, avoiding risks, reducing potential risks and the last is transferring risk management and management. losses that may arise to the second party.

Conclusion

So that business people have to rack their brains extra so that their business can survive in the midst of a pandemic. Utilizing technology and being keen to see opportunities are some of the keys to keeping a business afloat.

Hello, my name is Laura Keyhl usually called Laura. I am a professional writer on several sites, one of which is this blog.

Leave a Comment

Alvaro - Cloud Hosting and Domain Blogs