With the increasing number of events now cancelled across the globe, the events industry is firmly at the sharp end of the financial fallout.
The last few weeks has seen both events, travel plans and speaking engagements dwindle to almost nothing. And whilst the knock on financial effects of the outbreak are undoubtedly discouraging for business owners, this could actually be an ideal time for entrepreneurs to take advantage of the downtime to enhance and develop their businesses. Here’s a few suggestions how:
1. Change your strategy
The Covid-19 outbreak is an eye-opener for many business owners, shedding a light on areas of weakness as well as opportunities they could be missing out on. Use this slower period to gather your team together, either over email or through video conferencing calls, to evaluate your business performance so far, Next decide how to enhance your product or service to help protect it from any future crises.
2. Develop your skills
With the sudden cancellation of so many meetings and events, many people will find themselves with a few more hours to spare during the working day. While you might be tempted to spend this extra time catching up on your favourite TV shows, perhaps use the extra hours to acquire new skills. Learn more about the industry you are in or seek inspiration from other sectors. Webinars and online classes are a great option for you and your team to learn and develop without jeopardizing your health. Alternatively, catch up on your reading and explore new genres related to your business that could expand your horizon and introduce you to new perspectives.
3. Enhance your customer experience
Slow periods provide an opportunity to evaluate how your company interacts with its clients and how you could step up your service. Consider ways to reach them faster, effectively and more conveniently. It may be a good time to seek their feedback on ways to improve your business through online surveys and focus groups.
4. Enhance your marketing
In the good times, with new business flowing in, we often overlook our marketing initiatives. If you haven’t ramped up your marketing collateral’s recently, maybe now is the time to do so. Look at your website, company credentials, social media platforms etc and see if they could benefit from a revamp. Use this time to make sure you’re ready to hit the ground running and be ‘top of mind’ when the market starts functioning normally.
5. Relax and recover
If you’ve had a busy period and have not had a chance to unwind, then do so now. Several medical studies reveal how stress and creativity are correlated. Many people are at their least creative when overwhelmed with work. Use this period to meditate, practice your hobbies, read and, most importantly, catch up on sleep. A recovered mind is a creative mind.
6. Clean up your office
Last but not least, most people wait for the slow summer period to declutter their office, if at all!. Use the downtime to get rid of all that junk, free up storage space, reorganise your files, manage subscriptions and evaluate your equipment.
In summary, the Covid-19 outbreak has led to dented profits, cancelled events and disrupted business performance. But don’t let the slow period daunt you, instead, make the most of it!