The stringent measures implemented to contain the Coronavirus pandemic has affected many businesses. Startups are the worst hit because they lack the coping mechanism established businesses have. As the situation worsens, consumers are increasingly losing confidence, and sales are declining steadily. As an entrepreneur, your business can only survive if you strategically adapt to the new normal. If you are feeling the impact of the pandemic, here actions you can take to help your startup survive hard economic times.
1. Evaluate Your Marketing Strategy
During hard times, small businesses are prone to cut down marketing costs to reduce business expenses. But this is a wrong move. This is the time you need to market more and let your potential customers know that you are still open for business. So set a budget for marketing.
Consumers’ buying behaviors are changing, and your business must put this into consideration. Ensure you are