Best Online Business Magazine
5 Hidden Opportunity for Your Business during COVID-19

The lockdown due to COVID-19 has elicited all sorts of reactions, the most common of which, (other than the fear of contracting the virus) is anxiety over what’s going to happen to our businesses and the economy.

Will our companies be confronted with cash flow issues? Will customers cut back or defer orders? Will we be able to pay back business loans? Will we need to rethink our overall strategy and our company structure? Will the economy bounce back quickly or will there be a prolonged downturn?

All our worries are very real ones. But remember that our competitors are in the same boat as us. And now’s our golden chance to really think about what steps we can take to ensure that our company’s future remains as secure as possible.

Here are 5 tips to help you win big:

  1. Implement Strategic Projects – Do you have any projects that you haven’t had the time to implement but which could really take your company to the next level? Now’s the time to get the show on the road. These projects could be IT projects, research on new products, an organizational restricting…anything that could move your business forward. Draft your project plan, gather your resources, assign people, fix deadlines, monitor the project closely and get the show on the road.
  2. Create New Sales Channels – Nothing can secure the future of your business like sales growth. Think about new sales channels you can deploy, talk to potential sales partners, think about how to grow your outbound and inbound channels, focus on improving the quality of your search results. Thinking of out-of-the-box ways to grow sales can help you see unprecedented growth in the long term.
  3. Engage With Clients – Past and current clients are a goldmine which we often forget to leverage. This is a great time to re-engage with them, send them thought leadership articles or videos, arrange courtesy calls with key clients and explore potential new opportunities with them. If clients have been happy with your work, ask them for referrals. Nothing works better than a recommendation from people you trust.
  4. Scour The Market For The Best New Potential Hires – Think about your next lots of new hires. This lockdown won’t last forever and when the world normalizes, be the company that’s ahead of the game. Shortlist and interview potential employees. Speak to their references. Think about how you can structure their roles for optimal performance. Negotiating with potential new hires will never be easier than it is right now in these uncertain times.
  5. Focus On Marketing Collateral – Create communication for key stakeholders that are going to blow them away. In today’s time of information overload, crisp, easy to understand videos has become the most effective form of communication. Create explainer videos for prospects, product demos, onboarding videos, newsletter videos, thought leadership videos, company culture videos and so on. Video collateral helps stakeholders absorb and retain information much better than plain text or text with static visuals. Make a clear plan on how you’re going to disseminate these videos and with what frequency. Create enough collateral in advance for the whole year. Nothing works better than useful and relevant communication that is shared at the right moment.

I hope you find this information useful and can implement at least a few of these ideas. Stay well and constructive!

About the Author

Ms. Madhura Samarth, Founder, Ripple Animation

Madhura Samarth is the founder of Ripple Animation, the leading explainer video company in India, working with global businesses like Amazon, Vodafone, Ernst & Young, HDFC, ICICI, DMart and many more. Ripple Animation is the 2020 winner of the top B2B agencies in India.

Prior to co-founding Ripple Animation, Madhura founded and ran Sharp Shooter Films, a joint venture with the WPP group, the largest media group in the world.

Madhura is an investment banker by training and has worked on Wall Street in New York for several years before moving back to Mumbai and getting into advertising. She completed her BA in Economics from Lawrence University in Wisconsin.

Passionate about growing her business and thanks to her experience in investment banking, Madhura has written several articles on business-related issues. Madhura’s interests include reading, yoga, skiing and spending time with friends and family. She is also an angel investor and part of the Mumbai Chapter of Entrepreneurs Organization.