The Covid-19 pandemic is forcing many businesses to close down. As the economy worsens and smaller businesses find themselves without cash flow or clients, many people are simply closing their doors. However, some businesses are finding ways to thrive during the pandemic, even amidst social distancing, a degrading economy, and a challenging work landscape. Here are three ways businesses have found success during the pandemic.
As work moves closer and closer to being fully virtual, many companies are having to find new ways to stay connected while staying at home. The usual channels of communication used to be team meetings, business lunches, and performance evaluations. Today, you’d be more likely to see a video conference than a physical team meeting in an office.
As a result, keeping employees engaged has gone from difficult to near impossible. Many companies are experiencing disinterest and lower productivity rates as employees lack the physical reinforcement of an office or colleagues for motivation. As such, many are implementing new and exciting ways to reconnect virtually.
For example, companies are now hosting virtual game nights. By using online games like Skribbl, Jackbox, or ‘Pretend You’re Xyzzy’. Each employee will connect and have fun during a video conference, while playing games to start conversations and bond.
In addition to meeting online, many companies are finding new ways to perform classic office tasks. For example, faxing material to clients or vendors is something many employees took for granted. Now, employees are likely working from a home office without the luxury of a fax machine. Companies are having to answer the question: ‘how to fax from a computer?’
Luckily, you can use a communication program such as eFax to send a fax with enhanced security from one computer to another. In addition, you can also send a fax from your computer to an actual fax machine, eliminating the need for expensive computer equipment in each employee’s home.
Another example of technology helping out with online work spaces and practices is with virtual payment and online marketplaces. If, for example, a yoga company needed to move to a virtual setting, they could simply set up an online marketplace to offer their services virtually. A customer could pay using an application such as PayPal, and everyone would stay socially distant.
Finally, many organizations are now worrying about security during this digital era. If they are not prepared to move confidential information online, there is a great risk to the security of their data. Many companies are turning to VPN (virtual private networks) or virtualized work spaces to keep the flow of their operations private. For example, a financial institution called CPM Credit Union turned to VPNs for their security, and they experienced faster load times, provided better efficiencies, with more security for their business information.
Because many people are staying home, the usual methods of marketing have become null. If a restaurant offered a sale on their special for dine-in customers only, they likely wouldn’t make much money. The majority of marketing now must be done online or through media which can be consumed virtually. One effective way companies are now retaining customers and creating new relationships is through social media. According to a survey from CMO including market leaders in the U.S., marketers have increased their social media budget by around 70 per cent since the beginning of the pandemic. Consumers are moving toward channels such as Facebook, Twitter, and Instagram for their media consumption, so businesses are beginning to move their marketing messages online as well.
If you own a small business or if you’re simply interested in the state of small businesses today, understand that a pandemic does not mean the end of business. In fact, the pandemic has forced businesses to evolve and try new things, and many are thriving in this new landscape.