Tips for Businesses to Overcome Covid Blues

1. Business plans: Depending on the financial situation, corporates may have to make changes to their business plans. Mergers and acquisitions, joint ventures and partnerships, may be the way forward as businesses join hands to share resources. A case like the synergy between Facebook and Reliance may become common in the near future.

Directors should hold a meeting with all key personnel to decide how to take the business forward. It is very important to give guidelines; a business without guidelines is like a rudderless ship.

2. HR functions: HR will have a key role in the business revival plan of companies. One of the key responsibilities of HR will be to handle the gradual return of employees to the physical workplace. This will make hygiene and social distancing protocols more strict.

One way for companies to motivate employees to come to work would be to hold health camps inside the premises. Any employee showing symptoms of fever may be asked to work from home. Workplaces should be redesigned to ensure social distancing.

For HR, these questions are relevant: Are the right people in the right place? Are employees motivated enough to join hands with the company during this difficult time?

Open communication and transparency will help companies win the trust of all stakeholders. More and more companies are realizing the importance of employee engagement.

3. Marketing: Many brand chief marketing officers are confused about how to market effectively during and after COVID-19. Just one aspect of their dilemma is that the big sporting events that big companies used to spend a lot of money on are canceled today and most consumers are in a gloomy mood. Now people need empathy from brands.

Marketers should tell customers what they are doing about the crisis, not just sell to them. The message should be substantial, not just humorous or entertaining. For example, companies can offer something special for front-line healthcare workers and send this message subtly.

Businesses have to focus on customers and communicate to them on a personal level about how the crisis has affected them. You have to ask them how you can create more value for them. Post-Covid, consumer behaviour has changed, and so have their expectations from companies.

You can participate in LinkedIn or Facebook groups that are based on your industry; you can get to know what your customers are thinking. Another way to gain consumer insights is through business analytics.

Many companies are now venturing into new business areas. The job of marketing people is to get new customers for them.

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