What Have We Learned? Business Lessons from COVID-19

The coronavirus chaos is beatable. That’s probably one of the most important business lessons learned from COVID- 19. There are a few essential things you should be doing today to beat the economic challenges and cyber threats that may test your company’s resilience during the pandemic. Keep the following points in mind as you craft your COVID-19 business survival strategy to come out of the chaos stronger.

1. Cybersecurity Impacts Your COVID-19 Resilience

Since January 2020, there’s been an upsurge of cyber-attacks of different kinds, from phishing to ransomware. For example, a popular IT security firm reported that cybercriminals targeted 403 users of its antivirus software with about 500 malicious files.

The data breach threats facing businesses today are greater and more serious than ever before. Stolen customer records by a cybercriminal can be devastating to businesses. Any stolen personal or financial information can result in a serious breach of privacy. Hackers can also install ransomware on your enterprise network, causing a costly business interruption.

The recent trend in remote/virtual work environments has led to more companies being vulnerable to cyber attacks. Not only that, but hackers are exploiting the confusion that comes with the pandemic, including people’s desperation for coronavirus updates and relief.

If you have a work-at-home or telecommuting arrangements in place, here’s how you can prevent cyber attacks:

  • Educate your staff, including how to identify spoofed emails with enticing COVID-19 lures and malicious links.
  • Install anti-spam and anti-phishing software.
  • Ensure 100% endpoint encryption for virtual private networks (VPNs), home routers, etc.
  • If you have a BYOD policy, ensure your employees use secure personal devices.
  • Apply access restrictions on cloud-based corporate resources.
  • Minimize privileged system access.

2. Customer Relationships Should be Your Top Priority

Whether you’re a B2B or B2C company, you may be feeling the pinch of declining revenues as more customers stop buying or paying for your product. Customer churn is affecting all businesses right now. Before COVID-19,  U.S enterprises lost $136 billion a year due to loss of business and customers. About 34% of that cost resulted from failed payments and involuntary churn. The annual cost could be higher now.

Focusing on customer relationships is a great way to retain customers and help weather this difficult period. Here are a few approaches that can help:

  • Empower customer service agents to personalize engagement with customers.
  • Authorize customer service reps to make independent decisions.
  • Educate sales reps to understand how your product works and the value it adds.
  • Request unhappy customers that are leaving to provide reasons for their decision.
  • Use negative feedback to improve your product.

3. Make the Most of Your Business Website Now

As COVID-19 movement restrictions and safety precautions stay in place, in-person customer engagements are at their lowest level ever. A good business website and web technology can be your lifeline now:

  • Create fast-loading web pages to minimize bounce rates.
  • Leverage email marketing.
  • Increase the use of email and web chat to respond to customer concerns.
  • Update key information on your website, including your contact details, open hours, and customer service line.
  • Redesign your website, such as to make it mobile-friendly or fix loading issues.
  • Update your online content to address customer needs unique to the COVID-19 world.

COVID-19 has brought along many changes and unique challenges to businesses. With adequate insurance coverage, you can still protect your business from major risks associated with the coronavirus crisis. Contact the experienced team at Pittman Insurance Group, LLC to work out policy details. Our dedicated experts will help you secure coverage suited to your business needs.

Call Us