5 Tips to Grow Your Business During Lockdown

The global economy never looked so vulnerable in the last 50 years. Ever since the coronavirus pandemic broke out, economic activity all over the world has come to a standstill. This was followed by widespread job cuts with several major companies handing pink slips to their employees. Still, a number of organizations have adopted a planned approach to battle the lockdown blues and turn the tide over. Saletify, a leading digital marketing company in Pune, is one of them.

If you are hunting for ways to grow your business during the lockdown period, here’s how you can do it.

1. Plan in advance

While none can conclusively predict when the pandemic will end, a crisis plan for at least six months will undeniably help. Reassess your business and focus only on essentials. Issues like sales (online versus in-person), revising fixed expenses (salaries, rent, lease payments and others) would be ideal. Companies must seriously reconsider their business plans, should the pandemic continue for more than a year. Revise your manufacturing timeline and revenue goals while creating a new operating strategy.

2. Secure investments 

Capital fuels a business. There are several funds that have enough capital to deploy in the coming years. Investors have become more cautious and are taking longer to make funding decisions. History, however, has proved time and again that the economy bounces back after every crisis. In order to raise your bandwidth, approach your current investors for additional funding so that the business goes on in an uninterrupted manner. An existing investor, aware of your business model, is more likely to extend a helping hand rather than a new patron.

3. Keep expenses under check

A crisis scenario will impact revenues and it is important for organizations to track and check both variable and fixed expenses. Assessing expenses offers a clearer picture of the company’s financial condition and will help you formulate strategies. Even after the pandemic settles down, continue to keep track of your expenses so that you get an upper hand to tackle any similar unexpected economic situation in the future.

4. Bolster your online presence

With people still confined to their homes, strengthen your online presence so that your products and services become more visible. Actively engage in social media campaigns, write blogs, give offers, and engage customers over the internet. Saletify, as a digital marketing agency in Pune, has done just that. Even when the worst is over, people will not give up their burgeoning habit to buy products and services online.

5. Keep your team engaged

As a business leader, it’s obvious that your team will rely on you during a crisis. It’s your responsibility to see that team bonding is maintained and productivity is upheld. The lockdown may have an effect on the mental health of some of your team members. Accommodating their needs and assuring them of full support from your end, will allow them to bounce back sooner. Raising the team’s morale is extremely important. Collaborate on video applications as the digital marketing agency in Pune has been doing. Ask your team members about their family’s wellbeing and lend a compassionate ear. There’s no greater capital than a happy workforce.

The lockdown has already been relaxed in some states and the economy is limping back to the pre-coronavirus times. However, total normalcy is likely to be several months away, and in the interim period companies have to scour for ways to boost their business.