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How to Guide Your Business Through the Crisis
Almost all businesses have been impacted by the Covid-19 situation in one way or another. In Cambodia, where tourism and manufacturing are vital, it has been particularly tough.
Some companies have been told to close, or have decided that it was necessary to do so, leading to quite a lot of turbulence, job losses and stress for business people around the country.
The reality is, some companies might go bankrupt altogether, and others are struggling to adapt as the situation changes at such a rapid rate. Currently there is no certainty, and while many people are guessing the future, nobody really knows what the future will hold for Cambodian businesses at this time.
There are some positive changes that you can make to improve your situation and try to strengthen your business position to help you ride out the storm. While it depends greatly on your personal circumstances, here are a few things that might help.
Cut back on costs
This might seem obvious, and many companies have already started this process. The point is, it’s better to do this early than wait until you’re forced to. This could include renegotiating with your landlord, moving to a lower cost location, cutting back on business hours, electricity and business travel costs.
Look for new opportunities
The business landscape is changing, you only need look at the rise of the food delivery and ride haling apps to see this. Many real estate agents have seen business come in as tenants look for cheaper apartments, and some other businesses such as minimarts and supermarkets have supplemented their income by offering masks and hand sanitizers. It might be time to look at new ways of doing things at this time.
Use this time to plan for the upturn
Things will improve and now is the time to plan for that. Chances are that things will open up at a gradual rate before they return to pre-crisis levels and competition is likely to be strong. If you and your staff have any free time on your hands then now is the time to refine your product. Plan your marketing and promotional strategy and think ahead to new opportunities that could lay ahead.
ADJ Creative understand you might not have the cashflow to work with external marketing companies at this time, but we would still love to connect with you, either in person or by video call. This is a fantastic time to network and we would love to share ideas and find out more about you, your company and the challenges you face. Please use the contact form below to get in touch – we can schedule a time at your convenience to share ideas.
Get in touch now for more information:
UK: 07815 53 54 55
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KH: 096 687 8502
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How to guide your business through the crisis
Almost all businesses have been impacted by the Covid-19 situation in one way or another. In Cambodia, where tourism and manufacturing are vital it has been particularly tough.