How to Stay Competitive During COVID-19

Peninsula Team

March 26 2020

Due to the COVID-19 pandemic, many countries worldwide are urging citizens to stay home and practice social distancing. Unfortunately, these precautionary measures are having a significant impact on the way businesses reach their target audience and compete in their market.

This post explores ways that business owners can continue growing their business, in these uncertain times.

Recognize the challenges facing you

With the massive changes the COVID-19 outbreak is causing, it is important for business owners to highlight the problem areas that have developed in their business operations. Understanding each challenge and its effect, is the first step in developing a plan to address them. 

Problem areas will vary depending on the nature of the business; however, can include:

  • Problems interacting with customers;
  • Issues in the company's supply chain; or
  • Challenges setting employees up to work remotely, instead of in the office.

Create alternative ways to serve your customer base

Since social distancing is key in minimizing the spread of COVID-19, business owners must be more creative in how they reach their target audience. Lower in-store traffic means companies will need to explore new avenues to deliver their products or services to the end-user. 

Alternative ways to say competitive can include, offering free delivery, at home delivery, providing monthly subscriptions, or engaging with your audience online (e.g., through webinars) - opposed to an in-person format like a seminar.

Make sure your services will be desirable after COVID-19

Success is more than weathering the storm. Companies must ensure they will still be needed after the pandemic. With this public health threat forcing people to utilize online or remote solutions to meet their daily needs, there is no guarantee they will revert to old solutions afterwards. Businesses should work to improve their automated and remote offerings, to ensure they are competitive throughout this pandemic and after. 

The COVID-19 pandemic is a confusing time for all. Peninsua Canada is equipped to help businesses affected by the coronavirus with HR concerns such as temporary lay offs, absences and remote work policies. To get advice on how to run your business during the COVID-19 pandemic, call our experts today: 1 (833) 247-3652.

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