How do Small Businesses Survive | Business Survival Plan
The year 2020 was marked with the appearance of the deadly Corona Virus. Due to its contagious nature, social gatherings and business meetings had to be suspended. However, one of the key factors of human nature is their strive for the survival of the businesses. As people started getting used to the new way of life, they turned towards the one medium that required no physical contact but is as effective as any physical platform i.e. the internet. The business and educational sectors started shifting their work processes onto digital platforms. Rather than hosting big events that risked exposure, corporations started hosting virtual events.
What are Virtual Events?
Virtual events are similar to physical events, the only difference being that they are held over the internet. The internet was first introduced to the world in 1983 and has progressed since then. The web allows corporations to host their events and business meetings on virtual platforms. Not only are they effective tools for communication and interconnection, but they also limit physical human contact to curb the spread of the Corona Virus.
How are Virtual Events Beneficial for Corporations?
As the year passed, virtual events started becoming the new norm. The first-ever virtual event was held in 1993 by Alan Saperstein and Randy Selman, called “Convention View”. Since then, virtual events have become more modern to befit the times. Every sector shifted their focus towards them, and they steadily gained popularity due to their many advantages. The benefits of hosting events on a virtual platform are as follows:
1. They Save Money!
Physical events are costly, as corporations have to cater to the many needs of the attendees. Corporations have to pay for the venue, the cost of accommodation and the food etc. Once corporations shift onto digital platforms, they do not need to cater and splurge. Corporations use virtual event platforms such as Virtual Recruitment Days to host their online events, due to which they do not have to consider the extra expenses.
2. They Save Time!
A lot of planning and forethought goes into hosting any event, whether it is hosted on a virtual platform or a physical one. However, the overall time in which an event is hosted is cut down by almost 60%. The time that companies usually spend on looking for venues and caterers etc, can be utilized into planning the event better and reducing any problems that they might face while hosting.
3. They Save the Environment!
For the past decade, the earth has been suffering to no end. Global warming and extreme climatically changes have led scientists to believe that at the rate we are going the Earth might not be inhabitable for our future generations. Virtual events help in that aspect as well. These events do not require physical presence due to which people do not have to travel which in turn reduces carbon emission.
What Can Corporations Do Now?
There are so many different types of corporate events that companies can conduct on a virtual platform. These events help corporations carry out their business as they normally would but with a modern, innovative twist. The following are the events that companies can host:
1. Virtual Conference
Not very different from normal conferences, virtual conferences are the best way to carry out virtual meetings with employees and shareholders. These conferences are held so that the CEOs of corporations could talk to their entire workforce and shareholders on a single platform. Saving time and money are just added bonuses when the work of the CEOs can be done effectively and efficiently.
2. Virtual Trade Show
Trade Shows are events that are held by corporations to showcase their products and increase sales. Virtual Trade Shows platforms are the same thing but held on an online platform. These events are equipped with a combination of audio-visual aids, webinars and virtual booths. These are as effective as physical events and much easier to navigate. They are easily customizable to suit the needs of corporations.
3. Virtual Product Launch
In these times, the most difficult thing that corporations had to face was the promotion of new products as they could not display them by throwing parties and product launches. However, technological advancements has taken care of that too. Virtual Product Launches are amazing events that corporations can use to launch all their new products in a safe, virus free environment. These events can be attended and held from any corner of the world.
4. Virtual Exhibition
A virtual exhibition is a lot like a virtual trade show. However, they are used to showcase all the products and services that corporations offer. These events have virtual booths with employees ready to engage with all the attendees and answer any questions that they might have. These events are a great way to maintain a constant line of communication with prospective customers and stakeholders.
5. Virtual Recruitment Events
The rate of employment went down last year as corporations could not figure out how to carry them out in the current climate. Soon afterwards, these events were shifted onto virtual recruiting platforms too. Job Fairs and career fairs are organizing now virtually to help companies connect and interact with stakeholders and potential new hires globally. Where as these events help corporations by providing their recruitment teams with the necessary tools to hire the perfect candidates for their company.
6. In House Recruitment
In-House Recruitment was also shifted onto the virtual platform. The training of new employees and inculcating them into the company’s culture is one of the most important parts of the hiring process. This event helps corporations by making the process easier and much less tedious. Moreover, these events ensure that these is coordination between internal employee referrals and a wide array of business connections.
7. Virtual Onboarding Fair
Lastly, Virtual Onboarding Fairs are events that are designed for the sole purpose of welcoming and engaging new employees into a company. Videos and seminars help employees get integrated with the working of the corporation. These events are a way to maximize productivity, training newly appointed staff members and fast track the onboarding process. These interactive, immersive training sessions help new recruits feel like they are part of the corporation.
The technological advancements of the time have enabled man to carry out his life in the easiest way possible. Even when faced with something as derailing and deterring as a global pandemic, mankind did not lose hope. Quite the contrary, they worked harder to assimilate themselves. Now that corporations have been given the tools for success, it is up to them how they tackle the situation and fight for the survival of the businesses in a competitive market.
Author | Zoha Junaid