Creating Contingency Plans for Your Business

Right now there is a lot of uncertainty for businesses as the COVID-19 pandemic continues to have devastating impacts around the world. It is time to take action and create plans to survive & thrive during the new pandemic economy.

Navigating the Pandemic Economy

Utilize Social Media & Websites

• Social Media & Website are two of the most cost effective methods to market your business and maintain communications with customers

Remind Customers That You Exist

• Keep in touch with customers using email, social media, phone calls and continue marketing your business

Learning Experience

• Take notes on how your business was impacted and how you will implement the learning experiences

Critically Analyzing

Ask yourself the following questions and evaluate your answers:

What value does your business provide?

What is the future of your business and is there a demand for your products/services?

Are you a good business owner?

Adapt & Pivot

This is the perfect opportunity to do a brainstorming session and think about how your business can evolve or change. Create a dynamic business model that is sustainable for the short and/or long term.

Is there anything that you could do to adapt your business to the pandemic reality? Can you utilize technology or sell online?

Consider changing industries or search for new opportunities that will thrive in the new economy.

Can a new venture or business model be responsive and make money during a pandemic?

Take this time to revitalize and reinvent your business to be more resilient and adaptable moving forward. Ask difficult questions and push yourself to think different about what you business could be.

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Listen to "Creating Contingency Plans" episode of the Garrett Gaudet Podcast.