Who would have thought that we would spend the first three months of 2020 at home? The global pandemic has brought many nations to a standstill and has changed peoples’ lives and the way we do business, the world over.
Real estate entails a lot of person to person activities, from meetings, open houses, inspections, to repairs. We establish trust by meeting and communicating in person. With COVID-19 putting a halt on these activities, how do we keep our business afloat?
Here are five tips to help you future-proof your business amidst the Covid-10 crisis.
1. Maintain regular, transparent communication with clients and staff
Communication is key in this challenging time. Your staff and clients will want to know how this pandemic has impacted or will affect your business. It’s crucial that you let them know how you’re handling it and what measures you have taken to make sure that your employees’ and clients’ interests are protected. Communicate as frequently as relevant so as not to overwhelm them with information.
2. Ensure your remote working employees are being productive
It could take some time for your employees to completely adapt to this new work setting. It’s important that you guide them along the way. Encourage them to set up their work station away from their rest area and in a place where they can really concentrate. Establish clear expectations and deadlines to make sure that your employees are using their time productively.
3. Look into available government business support
It may differ from country to country but make sure to check if there are government allowances or rent relief available to help keep your business afloat. Doing this can help shore up your bottom line until you can return to a more stable revenue stream.
4. Do not cease marketing and sales activities
Now is the time to deepen relationships with clients. Keep your company’s name at the forefront of your clients’ minds with relevant and consistent marketing content, may it be through social media or newsletters. If you stop communicating, you lose brand visibility and you don’t want to risk people forgetting about your business once this whole situation ends.
5. Keep on top of cost-saving strategies
This uncertain time is the perfect time to analyse your business and check out which activities eat up your time but generate only small amounts of profit. Outsourcing business processes may help cut down on cost and streamline your business activities, you can improve business efficiency and focus on a growth strategy.
There is still no certainty about when, or even if, things will go back to the way they were before. The way we do business and the way customers behave has irrevocably changed. But as long as we know how to adapt we can survive and even succeed amidst these turbulent times.