Leverage on COVID-19 to thrive, expert urges entrepreneurs

Ibadan – A Certified Project Manager, Mrs Busayo Adegoke, on Thursday urged entrepreneurs to leverage on COVID-19 in order to survive the after effects of the pandemic.

Adegoke in Ibadan that staying productive during COVID-19 was the only way they could thrive once the epidemic was over.

“It is no longer news that a lot of businesses are at a freeze point in this season and it is key to configure your mindset on seeing this as an opportunity to further upscale your business after COVID-19.

“It all depends on how you’re able to exploit and leverage on the situation for the greater good of your business.

“If your business completely goes to sleep because industries have been forced to sleep, that business may not wake up when the industry wakes up,” Adegoke said.

She, however, urged business owners to analyse the weakness and threat to their business.

“There are some insights on how to stay productive in this period and prepare for business to thrive post COVID-19.

“Re-do your SWOT Analysis; the weaknesses and threats to businesses are different now and should be updated, it helps you to know what your business is up against in the present.

“SWOT is Strength, Weakness, Opportunity and Threats. We use it to analyze a business or project.

“Keep your overhead costs minimal. Smart business owners watch expenses carefully, they keep it minimal. Only making necessary expenses, refrain from spending on analog ways of business operations, spend on digitization of your business.

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“Keep in mind that, for most businesses, revenue has drastically hit the ground and expenses will most likely keep coming.

“Let your brand remain visible to clients and prospects. This is the time to keep your audience and customers engaged on your platforms more than ever.

“You do not have to be too ‘salesy’ about it though, your communication and content should be padded first with empathy.

“Then, if your products and services are classified as essentials, let your customers know that you’re practicing safety measures while you’re still able to take their orders,”she said.

Adegoke added that it would also be essential to map out ways of winning customers once COVID-19 is over.

“Do research on how to win customers over once the shutdown is over. Draw up a list of who your prospects are, it will guide you to market right as your competitors are most likely doing their best to ensure they bring their A game post COVID-19 and you shouldn’t lag behind.

“For every knowledge, implementation is key, and I believe that businesses that implement these insights will be productive in this period and they will thrive post COVID-19,”she added. (NAN)