The Coronavirus Outbreak: A Disaster or a Time for Businesses to Wisen Up?

Image courtesy of Saketh Garuda 

With widespread fear and panic that has spread just as rapidly as the coronavirus, it’s easy to feel down and overwhelmed – especially if you’re a business owner. All businesses, to varying extents, have been and will be affected. But despite this, we’d like to try and see opportunity where others may see certain doom. We’d also like to help you find the good in this situation and help you keep your wits sharp so that you can come back strong after the COVID-19 carnage.  

Here’s a few suggestions on what your business can do to stay afloat.  

Rethink and Regroup 

It’s a good opportunity to reflect on your business and analyse the areas that have been performing poorly so that you can create a strategy for how you plan to tackle these issues effectively. It’s also important to focus on the areas that your business has been performing well in and try to identify the ‘formula’ that makes these areas so strong. This way, you’ll be able to find strategies for enhancing this ‘formula’ or using it in other areas of your business that aren’t doing so well.  

Keep Insurance Payments Up to Date 

With the national lockdown wreaking havoc on business productivity, we advise that you become particularly prudent in keeping payments up to date so that you can make your claim as soon as possible and help your business make a quicker recovery. An unfortunate reality is that crime and other perils that businesses face may possibly be worsened by the fact that company premises will be unoccupied by all staff for a long period of time. Which is why it’s necessary to keep all your bases covered.  

Communication is Still Key 

The message that you’re communicating to your clients or customers during this difficult time will be a crucial component in your business recovery. Channels through which you communicate, such as marketing, may fall by the wayside but it’s a good idea to keep these channels open, being vulnerable about how your business is being affected, sharing why it’s all the more important that people use your services or buy your products and continually keeping your offerings top of mind (to an audience that is literally captive right now).  

The future for business owners may not pan out as expected and times ahead may be a little rough, but those who keep a focused and positive attitude will surely find some good in all of this. We, at CC&A Insurance Brokers, hope for the best outcomes for your business and encourage companies to work together and stay strong.