5 Strategies to Mitigate Business Risks due to the Coronavirus (Guest Contribution from Keith Coppersmith)

The following post comes to us from Keith Coppersmith, an experienced business consultant who serves small businesses and startups. Learn more about Keith in his bio following this article.


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This year has started on all the wrong feet possible, to put it mildly, and businesses everywhere are starting to doubt the value of having 2020 on their calendars at all. We have yet to see just how damaging the pandemic will be for the economy, although all the forecasts and prognoses aren’t too optimistic, since too many have already had to close their doors, while others have been forced to lay off numerous employees, or postpone contracts with partners and vendors.

The upside: we’re all in this together. Knowing that, businesses understand that no matter the implications, every entrepreneur under the sun, every corporation, and every independent organization will have to work together to slowly build up the economy and every industry from the ground up. 

Mitigating losses and risks associated with the pandemic is essential, and the sooner you start investing in that particular strategy, the stronger your contribution will be to the economy, and your business will have a better chance to grow. Here are a few actionable suggestions for companies to manage risks in light of the coronavirus crisis, and to make the most of this situation for the sake of your future.

Adapt to the remote model

A safety precaution and a necessity for companies to remain open, working remotely is the lifeline for success amidst the pandemic. This is perhaps the most comprehensive transition your company will need to go through in the next several weeks, but it will certainly help you reduce expenses, increase social distancing, and maintain business productivity.

To do that, you should consider reviewing various project management tools designed for your own workflow, so that your teams can communicate seamlessly and continue working on innovative solutions during work hours.

Invest in rebuilding your position in the SERPs

One of your top priorities should be to keep your business visible online. Considering how the pandemic has shifted the global online attention to various news outlets and a range of related trending topics, your business is probably being pushed lower down the SERP ladder. The only remedy here is to invest in proper SEO strategies, but most companies don’t have the in-house resources to handle such a robust task on their own. 

In order to fully leverage your position online, you can benefit from collaborating with a trustworthy white label SEO company that will seamlessly tend to all of your optimization needs. Through link-building, ongoing keyword research, and content optimization, your investment in SEO will help you bounce back from this crisis over time.

Implement the needed preventative measures

While the focus for most companies remains on what to do to boost revenue, which makes perfect sense, you should also remember the following tidbit of truth: what about preventing the spread of the virus? This is the responsibility of every business out there, and it’s largely in your power to reduce these specific risks that will consequently help preserve your company. How? Well, imagine what would happen if one or two of your employees got sick at the office? Chances are, you’d have to close down for the foreseeable future and all of your operations would be compromised.

The solution: protective gloves and masks, disinfectants available at every turn, especially if you run a manufacturing business and own a warehouse, and enforcing social distancing rules. This, by far, is the best way to keep your business afloat and reduce the most crucial risk of them all. 

Tackle the learning curve

Although you’ve already decided that outsourcing certain aspects and marketing processes such as SEO makes more sense for your budget and your employees’ capacity, you should still keep an eye on relevant trends. After all, you’ll make all those relevant decisions together with your agency of choice, and you should always understand the fundamentals of what you’re investing in.

To stay informed and educate yourself and your staff on the intricate elements of optimization, you can learn from reputable sources such as the highest rated book on SEO to understand the process better and choose the best methods for your business. Ongoing education in every sense will play a vital role in the future of your business after the pandemic, since keeping up with trends and changes is what will keep you alive.

Look for seamless ways to cut expenses

To say that money is tight would be the understatement of the century. Even the wealthiest, most secure organizations in the world are now tapping into their emergency funds. Smaller businesses need to make some tough decisions, but some of them can be easier on your company morale if you get creative with your budget. For example, now that your employees are working remotely, you can negotiate the lease on your office or close it down altogether if you can continue working remotely post-lockdown. 

This alone will give you access to a sizable chunk of cash from rent, utilities, equipment, and materials such as paper and ink that you no longer use. Look for ways to negotiate vendor prices, at least for the next several months until the situation stabilizes. 

The pandemic and the process of adapting to the new ways of conducting business are both taking their toll on companies everywhere. While some losses are inevitable and we’re all bound to continue running our businesses with a risk of losing even more, these and other strategies help reduce those risks and keep you stay on solid ground for the future. Use them to rebuild your organization and to make sure that your company will greet yet another year ready for other, hopefully less devastating challenges. 

rsz_keithkAbout the Author: Keith Coppersmith is an Adelaide based business consultant with a degree in Media Management. With experience in numerous small businesses and startups, he enjoys giving advice on all things marketing.

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