Diversification in a time of panic

In this time of turbulence, many businesses will be concerned about keeping the lights on and the show going. Being on lockdown is likely to impact all businesses at least to some extent, either directly or indirectly. If you are a hospitality business, such as pubs and clubs, then the repercussions of a nationwide lockdown could be catastrophic. However, at this time of great panic and stress, it is really important to consider the positives or at least try to find some.

I would urge all businesses to take this opportunity to consider how they can best adapt and diversify their business to benefit from the current situation.

Firstly, if you are a business who provides services which are in demand make sure to capitalise on these opportunities. For example, delivery businesses, SEO companies and web developers. Additionally, if you are struggling for workload consider taking on temporary staff to support the extra workload. There is bound to be a wealth of talented individuals who require an extra income due to Covid-19.

Secondly, for those businesses who are unable to operate in their normal way, consider adapting your product offering the match the new situation. For example, if you are a restaurant could you offer takeaways or home delivery?

Many people will be stuck at home and having a meal delivery option other than the local Chinese is likely to be a welcome break from the monotony of life on lockdown. The key to this concept is to make sure you can communicate with your regulars and win their support. You will also need to consider logistics such as whether you do collection only or delivery and how you will facilitate delivery. If you have waiting staff who hare currently have no patrons to wait on can they be offered work delivering or working in the kitchen instead?

Finding ways to adapt and diversify your business doesn’t need to be seen as a negative or a panic response, it is sensible brave and is forward-thinking. And best of all you may just find a new revenue stream which can be continued after we all escape from this dystopian film plot. Meaning your business will not only survive the storm but will come out the other side stronger than ever.

Some key points to remember are that if you do not already have a solid online presence now is the time to sort that out. Get that clunky website up to scratch with some help from a good web designer. If you aren’t getting traffic to your site consider getting some SEO work done and look at how you can improve this. And if you don’t know where to start with social media get in touch with us to get you started online.