COVID-19 ECONOMIC IMPACT FOR SMALL COMPANIES AND INDIVIDUALS
The Covid-19 economic impact for small companies and individuals across the world has no precedents, disrupting supply chains, putting the business out of work forced by the distancing measures, and changing the economics rules worldwide. Small business and Self employees have been among the most affected segment of the Australian economy, according to a survey launched by The ANU Centre for Social Research and Methods study that shows that almost half of the self-employ workers have seen a reduction in their profits as a result of Covid-19.
For the foreseeable future small companies and individuals have to be more competitive than ever, and fostering their relationships with their customers will play a vital role in their recovery, nevertheless handling data protection and privacy risks under Covid-19 circumstances represent a big challenge.
Tips for Small Companies and Individuals to Survive to this unprecedented time
Drop the extras and focus on what you do best that’s most profitable.
Focusing on what do you best is your best strategy, recession times have the particularity of filling individuals heads with fears and insecurity about the future, a tendency in cutting costs by doing things by themselves or trying to escalate new branches can take them out of business, instead of losing their focus, small businesses and self-employees should get different revenues on the same product if possible.
Offer something more or different than what the other guy does. Research your competition
Recession times are businesses war, adding value to their products Small Companies and Self-employees can provide a more attractive service, what it is their main product?. why is a good product? can any value be added without an extra cost? Answering this question could be the difference between keeping in business.
Make the Most of Current Customers
The current base of customers that a company or independent has, it’s their best chance to stay in businesses, try to repeat them, focusing on their needs and the connection with them will get them through hardship time.
Don’t Cut Back on Marketing
As before businesses are no other than a relationship between brands and customers, marketing is the foundation of that relationship, cutting costs is important but cutting marketing is shooting their foot, marketing is not a cost but an investment in your brand.
Protect your and your customer data
Small businesses, sole traders, and self-employees that handle sensitive information shall not allow the crisis to take over their usual data protection quality. The information destruction and data protection law are fundamental to reinforce trusting relationships with consumers and ultimately represent and added value to their business.
Protecting records even during crisis adds security and a sense of safety another pillar in a healthy relationship with customers.
Destroying records using professional services allows small businesses and individuals to focus on their core business while guaranty the correct records destruction in that sense Secura Bags its present to support this process during this difficult time.