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Three Business Decisions That Could Hurt Your Business During the Coronavirus Outbreak

March 23, 2020

Coronavirus is a threat that should be taken into account when it comes to running your business. Over the last few weeks, we have seen a global pandemic take hold of the world’s population which has led to an increase in levels of anxiety and uncertainty. This outbreak has led to a widespread decline in productivity and profitability for the rest of the workforce all over the world.

That being said. here are three tips to help you and your business avoid major mistakes during the Coronavirus outbreak:

1. Avoid Making Rash Decisions

In a time like this, it can be hard to not make quick and rash decisions for the betterment of your company. It is imperative that some short-term adjustments will need to be made during this time. However, we all know that the key to success for any business is to have a strong, long-term strategic plan. Now is the time to focus on your corporate goals and initiatives and evaluate how you are working to reach these goals. Incorporate a team approach to think about what strategies you could implement to keep your business moving forward. Keep in contact with your team throughout these difficult times to ensure that your team is motivated and keeps moving towards accomplishing these goals

 

2. Lowering Prices and Offering Desperate Discounts:

Since the Coronavirus hit, it's no surprise to see that sales are down virtually across the board. Every business is panicking and trying to pull the nose up with an economy that isn’t doing them any favors. No one knows how long these downward trends may continue and panicking is a completely normal response. That being said, just because your business is feeling pressure, you really shouldn’t show that feeling to your customers. By maintaining your pricing, your customers will be reassured of the value and quality of your products and services even in difficult times. Through offering your services at normal prices and working as you normally would, it will bring a sense of strength and normalcy to your business.

3. Cutting Marketing Efforts to Improve your Budget

At first glance, your business’s marketing budget seems like one of the first things you can cut back on. By cutting your marketing budget, you are effectively hindering your progress towards your own goals. Instead, reevaluate your current marketing efforts and try to identify which efforts are working best to provide value to your company. Also, instead of thinking of the majority of businesses impacted negatively by this outbreak, think about the industries or markets that might need your products or services now more than ever.

These are challenging times for us all and it is completely normal to not only be worried about your business, but about the health of your employees, customers and family. This is when your company needs strong leadership and a clear goal to work towards. Have a plan but also be prepared with a back -up plan because things are still ever changing. Take this time to reevaluate each aspect of your company from top to bottom.

If you would like to find out more about what info and tips that Skyline Exhibits Trisource can give to you in order to weather this difficult time, please call our team now at 419-861-6200. You can also get in contact with our team via email at kjones@skylinetrisource.com.

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