By Alex Berryman
As social distancing and isolation becomes the 'new normal', I have found myself missing life before COVID-19. Seeing friends and family, moving freely, not eating things out of a box or can; but mostly I miss the feeling of control.
With supply chains compromised, businesses closing for weeks, and the global economic downturn, it seems that our work-related things are also swiftly falling out for our control.
But I want to challenge this notion.
Yes, these are strange times, but I challenge you to take stock. What is still in your control? Instead of falling into the Netflix binge trap or the endless scroll through bleaker news articles, take stock of your business and plan for your future.
By continuing to work on your business, you are choosing to look past our current situation, to life after COVID-19. As you look to the future, put strategies in place now to invest in the health of your business. Here are a few things that will help you prepare, bringing control back into your life and company.
Invest in Your Core Customer:
The next few months may be a bit turbulent, but having an in-depth knowledge of your customers can help you respond to their needs after COVID-19, building trust in the long term. Vogue Business explains “customer communication should focus on community-building efforts and addressing consumers’ changing needs and concerns."
This is a great time to be creating content and services that connect with your audience as more people are staying home and spending time online.
Community Building
In this time of isolation, we all need a little more community. By being the facilitator of that community, your customer base can find reassurance, can feel heard and be drawn out of their current situation. By tailoring social media content or specific services, customers will interact with your brand, creating a positive touch-point that builds trust.
Addressing Consumers Needs
Ask yourself how you can begin to prepare for changing tastes, consumer patterns, and habits. As you interact with your consumers, begin to poll what things are they missing and what specific needs will they have after these hard days of COVID-19 social distancing.
What products or services that you already offer (or could offer) could help them transition back to normalcy? Can you be tailoring your product offerings to help people re-engage with their work, school or family?
Reach out to like-minded businesses - what are other businesses seeing in a similar customer base and are there key partnerships that can be forged to answer these growing needs?
Resources To Create Liquidity
What good are new products or services if you do not have adequate liquidity to meet these needs? Many governments are creating resources to curb the effects of COVID-19. Depending on your county, state, region and country, there are multiple resources that create liquidity to weather the storm.
USA
If you are a business registered in the US, check out your local Small Business Administration in your Chamber of Commerce to see how you qualify for a Disaster Relief Loan. A high volume of applications are expected, so make sure to be checking regularly for when they become available. Additional resources include:
Forbes' list of Small Business Relief funds
US Small Business Administration list of resources
Canada
For Canadian clients, check out the Government of Canada’s website for general updates and here for updated information and benefit packages. Additional resources include:
0.75% interest loan from the Bank of Canada
Self-employed Canadians are eligible for an Emergency Care Benefit
Funding to assist in expanding into global markets, as well as contact forms for specific questions to the Trade Commissioner regarding expansion into these markets
Europe
For our European clients, please see the EU’s Temporary Framework to see the regional support framework. For country-specific information, see this handy resource from Sifted to find country-based support.
Australia
For Australian clients, please see the Government of Australia’s Business page for general information and each state’s page for specific benefits in which you can apply for.
Working with Purnaa
In the light of COVID-19, we all recognize the importance of a diverse and transparent supply chain We work tirelessly to support our customers and suppliers, ensuring we have multiple options for each material and being transparent with all involved. At Purnaa, we refer to each of our customers and material suppliers by their first names. They are our friends and our partners. We recognize how interconnected we are with the lives and businesses of those that use and facilitate our services.
Because of this commitment to diversity and transparency, our Project Managers and Material Sourcing Manager communicate with our customers when we anticipate delays, using alternative sources when necessary. We do the work for you to anticipate and mitigate the challenges that come with sourcing so that you can focus on your business.
We look forward to seeing the new ideas you generate as you continue working on your business through this time. Start planning a new product by submitting your design, our team of experts will help you assess the changing market.
We are with you.
Key Resources:
The Keyword - Understanding The Uncertainty of the Current COVID -19 Market
McKinsey Report - COVID-19: Implications for Businesses
Supply Chian Digital -How Supply Chains Can Mitigate Coronavirus Impact
Design Week - How Can Coronavirus Affect Design Lead Companies