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6 Ways to Manage Your Risk During the Coronavirus Crisis - Business Guide

Ian Yun
20 Mar 2020 • 4 min read

It’s time to evaluate cash flows, pivot marketing strategies and think about how you can bring value to your customers in lockdown mode.

As the coronavirus epidemic continues, we’re all wondering what the full impacts will be. SME businesses, in particular, need to start making a plan of action for the coming months. It’s time to evaluate cash flows, pivot marketing strategies and think about how you can bring value to your customers in lockdown mode.   

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Develop a Marketing Plan

        • It’s time to get into the mindset of your customers and think about how their behavior has changed with this crisis. How can your brand bring them value during this time?
        • Some examples: 
        • If you’re in the tourism industry, it’s time to be promoting gift cards and experiences for people to use at later times, particularly for domestic travel.
        • If you’re a restaurant, make sure you’re offering and are part of food delivery services! Promote this heavily, and even offer free delivery at some points. Also, be sure to communicate all the precautions your team is taking whilst preparing and delivering the food. 
        • In general, think about using your online marketing presence; this includes taking advantage of social media (such as community Facebook groups) to advertise offers/changes in your services. Launch ads that focus on customers staying at home, safe, using your service/product. Audit your website! Now is the time to optimise your website for your business. 

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      Communication is Key 

        • This is the time to over-communicate. Keep customers, staff, suppliers, everyone, in the loop. 
        • Communicate to customers changes to your service, how deliveries and product will be affected. Also the steps you’re taking to resolve any issues. 
        • Talk to your bank about any loans you have, and how you can plan for meeting payments.
        • If you have a landlord, speak to them about rent and if you can negotiate any future extensions.

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      Supply Disruptions

        • Likely many of us will have disruptions to supply of overseas products, as a business or as customers. 
        • For businesses; plan for these slowdowns and think about changing suppliers, or scaling back production of stock that requires these supplies.

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      Review your Finances 

        • Start predicting and planning for the impact of business slow down.
        • Review your revenue and outgoings, to determine your cash flow position for the coming months. 
        • Will you have the ability to pay staff and suppliers?
        • Make sure you keep up-to-date with reporting your finances, so you can monitor your changes in profitability closely. 

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      Check your Business Insurance 

        • Check with your insurance company if you can make any claims for financial losses due to the crisis. Ask them about their business continuity policy.

      Get Professional Advice 

        • This isn’t the time to cross your fingers and hope this will all blow over. It’s very important to seek professional advice today, about your business plans, financials and marketing strategies. 

      For marketing advice, Mo Works is offering 20 FREE 1-hour video calls for businesses. 

      This applies Australia-wide, to any business of any size. We’d like to offer our expertise to businesses to support you, in areas such as:

        • Campaign creation (appealing to the current mindset of the market)
        • Taking your marketing online or out-of-the-box advertising
        • Any essentials you’ve been putting off: rebranding or website/app upgrades   

       If you are interested, please get in touch today to organise a time with us!

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