Category: Best Practices
2020 marked the beginning of a new decade – one that would be full of technological advancements, digital transformation, and customer-centric strategies for B2B businesses. But, what no one could have predicted is that it would also be marked by a major pandemic that is sending shock waves across the business world.
At this time, COVID-19 is making running a business difficult by restricting travel, in-person meetings, causing disruptions in the supply chain, inventory, and normal business operations.
As businesses begin reacting to the crisis, they are realizing that they do not have processes and plans in place to respond quickly. This is leaving many businesses scrambling to respond to the crisis and meet customer needs.
Here are 4 tips to keep your B2B business running smoothly during a crisis:
1.Communicate with your customers
In uncertain times, customers are often looking for direction and reassurance from vendors and partners that business is going to continue and they are going to still get the products and services they need. When a crisis unfolds be sure that you’re communicating with customers throughout the entirety of the situation. This includes what you’re doing as a business to continue operations, the status of any products or services, and updates as changes unfold.
2. Embrace a Digital Sales Process
The rise of the digital workplace is here – more and more businesses are moving operations online and that includes the sales process. When a crisis is happening, offer virtual meetings when possible. Moving to a digital sales process will help keep your sales team on track, and give your customers and prospects access to your team at their convenience.
3. Get a Grasp on Inventory
Whether you’re a manufacturer or distributor, a major crisis can have a major impact on the production of products. It’s important to have a clear understanding of where current inventory is at, and how the crisis might impact future production. Prioritize inventory management, and make sure you’re keeping employees and customers up-to-date on the big picture.
4. Implement (or enhance) an eCommerce Strategy
If you do not have a way for customers to place orders online, you see that its now more important than ever. If you have eCommerce, now is a good time to extend it to new channels, new brands, or new customers. As a crisis unfolds, sales reps, franchise locations, and customers still need to get the products they need, even if they are harder to get. Offering an eCommerce solution allows more orders to continue to be processed.
During a crisis, the most important thing for a business owner to do is to ensure that customers and employees are taken care of. By having processes and procedures in place, a B2B business has a better chance of finding success during a crisis.