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Impact of Coronavirus on small businesses and what can be done about it

Impact of Coronavirus on small businesses and what can be done about it

6 Min read

COVID-19 pandemic has turned the world upside down. Suddenly it stepped in like a monster and consumed many lives. It isn’t only a threat to our lives but also our businesses. This outbreak is posing challenges to many companies.

The Coronavirus crisis is the worst nightmare for small businesses.

  • 96% of small business have been impacted by the outbreak 
  • 75% of them say their business has been impacted by fewer sales 
  • 51% of small businesses say they will only be able to continue operating for 0-3 months
  • While 13% of them are confident about their contingency plans to maintain business

COVID-19 has wreaked havoc across all the industries. Countless small businesses are in financial shock. Revenue graph is declining, customers are disappearing, new opportunities aren’t visible and employees are working from home. Yes, it is a difficult situation, but would panicking help?

When you think like quitting, think about why you started
– Anonymous 

You might feel your small business is sinking, but search and you will find a way to survive.

Do not be disappointed or anxious. You need a calm mind to fight the Coronavirus crisis.

It’s time to shift the gears and do all that you can to save your small business.

All is not lost- simple steps to get past the COVID-19 crisis

The struggle you’re in today is developing the strength you need for tomorrow. Don’t give up.
– Robert Tew”

In difficult situations, you get to learn new things and become stronger. So, work hard with unwavering determination.

Below are the few things small businesses can do to get past the coronavirus crisis.

1. Create a new game plan 

It’s time to change your approach as things are not the same due to the Coronavirus pandemic.

If you want a steady flow of sales and revenue then you will have to tweak your plan a bit.

Maybe you will have to invest in a few more tools to support your team that’s working remotely. For instance, you need to invest in tools like CRM software, project management or team collaboration tools.

So, speak to your team and find out which tools will they need to manage sales and other activities effectively.

Make sure you research your target market. See what is the condition. How are your prospects coping with the current situation?

Even your target buyers want to get past this Coronavirus crisis. So strategize on how your product can help them. What can you do to capture their attention?

Keep an eye on your competitors to see how they are battling the odds.

2. Collaborate with your team and listen to their suggestions

Collaborate with your team with the help of a video conferencing tool. Brainstorm some new ideas to keep your business going during the COVID-19 crisis.

Strategize on what you can do to win new customers during the traumatic situation.

Unity is strength. When there is teamwork and collaboration, wonderful things can be achieved.
– Mattie Stepanek 

Ask everyone to contribute by sharing their thoughts and ideas. Listen to your team and acknowledge them.

There are some ideas you might have to veto but do it cautiously without hurting someone’s self-esteem. Give your team a valid reason as to why the specific idea won’t work and motivate them to come up with something more impactful.

Share your ideas as well as strategies too and ask your team to give their feedback. Shortlist and start executing the things that can help your small business survive the COVID-19 crisis. 

3. Ask your team to take a closer look at the sales pipeline

Sales is the lifeblood of your business. So do not lower the bars for your sales team. Keep them on their toes. However, do ensure you set realistic sales targets. 

Ask your sales reps to pay attention to their sales pipeline. Tell them to make a list of deals that have chances of closing.

Apply new strategies to gain the trust and confidence of these prospects. Ask your sales reps to follow-up with the prospects regularly.

Due to the COVID-19 crisis, even your prospects might be busy worrying about their business survival. So don’t give up if you do not receive a response. Follow-up consistently. 

The best thing to do here is to create a sequence of emails or texts and put your follow-up on autopilot to save some time.

Follow-up is essential to move the deals forward in the sales pipeline. So, ensure your sales reps do not ignore this vital step as it might delay the closure which you cannot afford during the Coronavirus crisis. 

4. Guide your sales team and motivate them 

It is a challenging time for everyone. Your team needs your support while working remotely. So, be available. Don’t get infuriated if they call you repeatedly. Stay calm and guide them.

See where they are facing a problem and provide the solution to tackle challenging sales situations during the COVID-19 crisis. 

Have a virtual meeting with your sales team regularly and share some words of wisdom. Keep them motivated during the traumatic situation. Make sure they don’t get demotivated or lose their enthusiasm to sell. 

5. Keep track on your sales team 

Create sales reports and track your sales team’s performance. See where they are investing their time while working from home. 

Now that they do not have to travel to meet prospects they have more empty space on their calendar. So, find which activities have they added in those empty spaces.

Evaluate your sales team’s performance regularly to find the performance gap. Give them feedback and highlight the improvement areas. Find out if they need any tool or help to improve.

Wrapping up. 

The Coronavirus crisis is a bad phase that will pass. So do not get demotivated, keep fighting with full enthusiasm. This will help you in getting better and growing your small business. Keep coordinating with your sales team. Try to spread positivity. Send motivational emails to your team. Provide them with the necessary tools to improve their productivity and efficiency.

Small business CRM like Salesmate could be of great help for your remote working team. You can keep an eye on your team and see where they are spending their precious time. You can track the progress of the deals your sales reps are working on. It can help your sales team in managing their sales process more efficiently to close deals faster even during the Coronavirus crisis.

An avid writer who likes to explore new fields and research about interesting subjects. She is a versatile content developer who plays with words to express her thoughts. Calm, carefree and creative are the words that describes her the best.

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