6 Ways To Maximise Business Cashflow during Covid-19


Marish Binuya Cheong

Editor with Genesis Global Singapore, revising and reviewing contents to improve viewers readability including content creation for publications.


Since the Coronavirus (COVID-19) was announced a global pandemic, countries worldwide have implemented measures at large to tackle the spread of infections, leading to unforeseen circumstances in the economy, businesses and its people around the world.

As businesses in Singapore are forced to temporarily cease physical operations, one of the major concerns of retailers and restaurants is how to compensate for the loss in their shop’s revenue. To top that, brand purchases are also affected as consumers are facing tough times and are in a state of uncertainty. 

However, instead of reducing budgets entirely, we believe that adopting a different brand-position suited for the current plight could ultimately maximise business cashflow this year. Companies that seize this window period to do the right marketing can eventually look forward to an even better revenue pre-pandemic.

In this article, we will be sharing with you some ways to maximise businesses cashflow, boost online sales and revisit digital marketing budgets.

 

Reducing your expenses? You should instead consider finding different avenues to maximise business cashflow.

Promote vouchers / coupons / gift cards

To minimize human contact, promote digital vouchers on your social media and email marketing campaigns. Especially for businesses with thin margins, coupons can help provide retailers with immediate fusion of cash and increase the odds of a return

 

Pause standing orders with suppliers

To avoid being stuck with a pile of inventory, you may want to slow production down and re-evaluate any standing orders for raw materials with suppliers. Push back any future payments by halting any auto-replenishing algorithms until circumstances improve. The sooner you cancel or defer the order, the better for your supplier relationship.

 

Apply for government relief

There is no shame in asking for help. Our Government is offering financial relief to help support small businesses during this pandemic. Apply for these financial relief measures instead of taking on more debt to pull through. Visit www.gov.sg for more information and applicability. Support campaigns to help local SMEs tide through tough times by following their FB pages – Support SGSMEs, Hawkers United – Dabao 2020, KeepSingaporeUnited.com

 

Strategies to intensify online sales

Reach out to high-value customers. Consider prioritizing high-value customers providing them with lifetime loyalty as almost 20% of your customer base contributes to 80% of your revenue. You can also include live chat to your online store or website for a more personalized service.

 

Create “social experiences” on social media

Quarantine has forced customers to yearn for content and connection, turning to social media to satisfy those needs. Get creative by leveraging on your social media presence to keep your existing loyal customers in touch with your brand, such as hosting a “live” cake baking or flower arrangement demonstrations. Offer free workout / yoga classes to attract the stay home crowd. As they become your loyal followers. You can charge a minimal sum for Zoom classes.

 

Extend your return and exchange policy

As customers are also facing tough times and are in a state of uncertainty, extending the duration of your return and exchange policy in lieu of the current situation could alleviate your buyers’ doubts and boost online sales.

 

Choosing the right platform to find your online customers can make a huge difference

 

Re-target your ads to increase reach 

As much as we get frustrated with the ever-changing algorithm of Facebook, if you have already been building rapport with your existing clients over the years, through personalized custom audiences on Facebook ads, you can reach out to new customers based on your existing customer base. Engage with your most loyal customer through the Ads Manager platform to highlight your offers, discounts, gift cards, and more as covered in this article.

 

Re-evaluate your paid marketing plans

It is not what everyone is doing – it is what works best for your business!

Since the implementation of the Circuit Breaker and work from home measures, your clients are now spending more time than ever online.

No way is there time to waste building a landing page, or better still, create an app to land clients. Such processes, no doubt, are effective, but they are only so in the long-term, and right now you do not have time to waste.

Consider competitively-priced platforms with fuss-free customer targeting, high engagement of ready buyers, and most importantly a good CRM backend software to manage your deliveries and inventory.

Which of these techniques are you going to use?