It's no surprise that most entrepreneurs and businesses are struggling amidst the current COVID-19 pandemic. However, every crisis offers new opportunities, and the coronavirus outbreak is no different.  

Before we dive into the considerations for weathering the storm, let's first discuss self-care. We already know the issues we're facing. Planning, analysing are essential to our survival, but we also need to ensure that we are safe, healthy and in a good mental state. Perhaps most importantly, we need to focus on things we have control over. 

The two key qualities we need to foster during the COVID-19 pandemic are empathy and decisiveness. The ability to empathise with your employees, stakeholders and customers will lead to support and loyalty beyond this crisis. By being decisive with your survival efforts and future investments will ensure that the wheel keeps turning. 

Cash Is King

For businesses and entrepreneurs alike, cash is king right now. There are seven places to find funding within your organisation; price, volume, costs of goods sold (COGS), overheads, accounts payable, inventory and accounts receivable.  It's imperative that businesses work out where they stand with regards to revenue and funding (equity & debt) options and to develop a plan for optimising cash. If you're unsure of your runway, the rest of this article and tips we provide will flatline. 

In the short-term, revenue is about generating new leads and the retention of current clients. In order for a business to effectively do both, they need a robust customer relationship management (CRM) platform. Should you not already have one in place, consider taking the time to set one up and enter in all your customer data.  By not having visibility of your client base, you're treading through water blindly.  Have an effective pipeline in place ensures that every business thrives. 

Once you've set up your CRM, you'll first need to consider how your customers are doing.  Assist them with a product or service which they need, regardless of whether it will make you money or not. By showing support during these times, your efforts will go a long way to retaining your customers. Moreover, engaging your client base via knowledge sharing,  innovative ideas, and proactive support will foster robust, long-lasting relationships.

Shift the Focus to Growth and Innovation 

The next aspect of the pipeline is growth. 

Is it possible to bolster the customer lifetime value (LTV)? In short, can you increase how much they spend over time and can you glean additional leads for your enterprise?  There are several marketing channels that cost, and there are many that do not.  Consider taking the time to optimise your owned media, such as social media, newsletters, blogs and think about creating new content channels such as podcasts or webinars.  Yes, you can indeed pay for Google ads and social media advertising, but your focus should be on customer acquisition wherever possible. 

In the long-term, shift your focus towards innovating your business model. If your business has begun suffering with regards to your industry, is it possible to find innovative solutions to this crisis? There are three levels of innovation to consider; incremental, sustaining and disruptive. Before we dive into the various types of innovation, ask yourself; are you clear about your business's purpose?  If you're unsure the rest of this piece might seem foreign to you. However, should you be crystal clear as to "the why",  "the what and how", will come easily. 

Incremental innovation is as simple as factoring in something you currently possess as products and services and shifting the focus to areas performing well during this crisis. Several essential services like healthcare, e-commerce, gaming, telecom networks, and more are thriving during this crisis. Do you sell something that these sectors need? 

A notable example is how hotels are offering "quarantine zones" to several nations around the globe. 

Sustaining innovation pertains to adding a product or service which aligns with your offering, but is not part of what you offer right now. This is where you should shift your business offering towards serving a market need you see, that you're able to deliver on. Of course, this will require certain business changes. For instance, an energy company presents opportunities for investors with renewable initiatives.  Perhaps this hypothetical energy company launches a fund for renewable energy, for people who have lost in the stock market, they'll be able to now invest in a different, long-term annuity product which offers stable and high-returns.  

Disruptive innovation is what many people refer to when mentioning innovation. This kind of innovation does, however, have the potential of turning your enterprise upside down. Disintermediation has hit many industries notably hard in the past ten years. What can you implement today that will destroy your business model? Of course, this presents a notably more bitter economic pill to swallow; however, there has never been a better time to do it.  Disruptive innovation commonly doesn't only do damage to your business but have the potential to disrupt entire markets with entirely new products or services.  

There are several examples of existing businesses who have achieved this, including Apple and Netflix, just to mention a few. 

Conclusion 

Lastly, not all innovation is technological in nature; often, it's business model innovation. The fundamental change is about delivering value.  You could consider taking the journey along with the order we've outlined, and by doing this, you'll begin a journey through several experiments until you achieve the goals you desire.  Of course, much of this will be strenuous until you find what works best for your business.  

Eventually, they'll become habits that are effective and lead to your business adapting to stay above water during this pandemic.  

The first step is getting on top of your business efforts. If you don't have the capital, how can you fund the necessary strategies to find a stable place first? If your business is already in a stable place, then this is an invaluable time to transform what you do and thrive beyond a COVID-19 world.