Penn Valley, Pa. (March 17, 2020) – The world for small-to mid-size companies that service the oil and natural gas industry is ever-changing. Just like 9/11 changed how we fly, the coronavirus crisis will definitely change how we all conduct business.
Having lived through 9/11, we all know how the business world changed in the short and long term. As we evolve to the post-coronavirus working world, you may want to consider enacting these five To Do’s for your company, employees and customers:
- Keep your employees informed of government enacted business restrictions and explain if these restrictions impact the day-to-day operations of your company.
- Focus everyday on developing programs that can lower your costs. The price of oil and natural gas will be under constant pressure. For your company to be successful, being the low-cost efficient provider could prove beneficial to your long-term growth.
- Maintain near constant communication with your customers. Do not assume they know how your company is operating during the coronavirus crisis. Tell your customers daily if necessary how your company is coping and adjusting to meet demands.
- Develop an expertise within your company to work remotely with efficiency. While you may need if for this crisis, being able to work remotely should become a core company skill. It will surely be needed.
- Become an aggressive marketer during tumultuous times. Numerous studies have been conducted to measure the effectiveness of marketing and advertising during a recession. These studies have shown that companies who maintain their marketing efforts during a recession realize an increase in business during the downturn and realize faster and greater growth when the economy improves.
Small- to mid-size companies are daily facing new, complex challenges to running their businesses. Ideally, one or two of these to do’s will prove helpful and reduce a little of the strain you’re feeling personally and professionally.
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Joseph Barone, President