(ThyBlackMan.com) As can be expected from a health crisis that keeps citizens in their homes, COVID-19 has led to one of the most substantial economic slowdowns of recent generations, leaving countless business owners questioning whether they’ll ever open doors again.
This is terrible news, especially if your company depends on monthly revenue to cover things like rental costs and employee salaries. But, as some front-runners in the working world right now are proving, it needn’t be the end.
Times are tough, and there’s no denying it, but rethinking the face of revenue right now could still see you bringing some money in. And we’ve got a few suggestions that could make it possible. 
Credit, not refunds
For some industries, particularly travel, losses are coming not only from the inability to function, but also from the need to refund existing customers. You don’t need to be a genius to work out that a struggling company + refunds from money they’ve already budgeted into their profits are headed for trouble. Unless, of course, they think fast and offer alternatives.
Obviously, it’s only fair to refund customers who want that, but no one will be keen to cancel a service that they were willing to put their money into previously. For vacations, especially, companies should, therefore, offer credit to spend after lockdown instead. This way, you get to keep hold of all-important revenue, and your consumers have a light to look forward to at the end of this tunnel.
Services that offer value now
You can also obviously boost revenue by thinking about any way to keep products moving right now. Developing an online shop and using something like this QR code generator to direct customers here contactlessly could work wonders. Even if you have to provide limited stock or extend shipping times for now consumers are sure to appreciate this effort. That could see them continuing to buy from you, even if you’re having to run a one-person operation from your home study for the time being.
A helping hand
In most instances, businesses are all about going above and beyond for consumers. But, one positive thing to come out of this pandemic is the loyalty shown to companies under threat. While it might go against your training, this could be the time to let customers help you. You may find, for instance, that they’re willing to pay now for products that aren’t available until later. Equally, getting innovative with delayed vouchers, etc. could see you bringing in a small amount of revenue no matter what your production line or capabilities look like. And, if you put that small trickle to the best possible use, you should find that you can stay afloat no matter how bad things get.
Revenue for businesses most definitely isn’t a given right now, but nor is it an impossible goal. All you need to do is let go of sales as you know them, and consider these ways that the face of revenue has changed due to COVID-19.
Staff Writer; Carl Parker
