The spread of the virus COVID-19 in more than 180 countries around the world has already changed people’s habits and behavior – from daily greetings and the ways to how they shop but could lead to fundamental changes in the world as well as mindset, the world media reports.
But what about business, how will this global situation actually affect countries in the Middle East?
According to the United Nations Organization – 42 of the 100 largest companies in the world say they are facing the problem of a profitable business. This means that they have to reduce investments, which will have a negative impact on banks’ operations and then on the rest of the economy.
“Businesses are now learning the lesson of how sensitive the global production chain really is,” says Gabriel Felbermayr of the German Keel Institute for World Economy.
And people? Are young entrepreneurs, managers or owners of start-ups learning how to make their business suffer as little as possible or to advance an already existing business?
Check out this list of 5 things you can do in isolation that will help your business
Let’s say you own a small store that is closed because of this situation. Isn’t it the right time to digitize your store and expand your business to people who love to shop online? Maybe you’re a life coach or fitness instructor. Ignite your youtube channel with new visits and continue to help people in a new way.
TIME TO RE-BRAND IS NOW
Tired of your website and want to change your logo? Now is the right time to do this because you have enough free time to commit to your new brand. Choose the colors you like, refresh your products, write a new tagline. Get out of isolation fresh and ready for new business success.
EXPAND YOUR CONNECTIONS
Okay, it is not like you can go networking in a public event now. But you can use alternative ways to stay in touch with other business people. Try social media, especially LinkedIn (90% of you already have a LinkedIn account, but are you using it in the right way?). Start a conversation about some business topics and see what happens.
LAUNCH YOUR INVENTION
If you are one of those people who like to spend their free time thinking and making new inventions, now is the perfect time to test it. Whether you are a scientific inventor or have made a video game, maybe this is your big breakthrough on the market.
RESEARCH YOUR COMPETITION
Internet competitors are all websites that rank well on search engines for specific keywords. For example, let’s say you have your own food store. You’ve created a site, it’s natural that you want people to find you through a search engine. When you type in the ‘food store’ keyword, all the sites that appear on the front page are your competitors. Other than that you can see what are your competitors do right now.
Maybe one of them started an online business, maybe someone started a campaign to help people with food delivery. If they do not rest, neither should you. Explore the best way to stay competitive even in the isolation.