The biggest impact of wave after wave of the Covid 19 pandemic has been on the businesses in the country. More so on the small & medium-sized ones. It is not easy to keep your business afloat when the pandemic is necessitating lockdowns and shelter-in-place orders.
But despite the setbacks due to the pandemic, there are things businesses can actively do to find growth during these uncertain times. It is a matter of getting creative and trying to find new business opportunities that can sustain your business and sail it through this crisis.
Here are things you can do to keep growing your business while dealing with the effects of the pandemic.
Pivot and adapt to the changing markets
If your business is suffering due to the pandemic, it is important to identify the specific areas that are most impacted. This will help you understand where you need to focus and identify if there are any opportunities to tweak to be more competent in the current times.
You will have to dig deep to understand the reasons for the slowdown in the growth of your business. Is the demand completely wiped out? Will it return as the situation eases? What are the long-term effects that you need to be prepared for? Do you need to put a business exit strategy in place?
Figuring out answers to these (and more) questions will be critical in deciding the direction your business will take to stay on top of things. You will need to evaluate the specifics of your product or service. In turn, this will help you understand whether you are solving the same problems for your customers, or if they have changed due to the pandemic.
The needs of businesses and people have changed drastically due to the pandemic. The ‘ideal customer’ persona has seen a transformation and no longer looks like what it did all those months ago. It is imperative to understand the new needs of your potential audience and adapt your offering to solve these new or altered problems they now face.
You have to beef up your online presence
Irrespective of the type of business you are, in today’s world, you have to have a strong online presence. Strong digital branding has never been more important than now. Attracting your audience via the internet helps you build a strong online community that supports your brand.
Building an online community has never been more important.
Outside of your website, your social media handles are where you have the opportunity to get maximum eyeballs. Your business has to spend time every day posting and curating content that is relevant to the target audience of your offering.
This will help you keep an open and ‘always on’ channel of communication with both your existing clients as well as potential new ones. If you can provide value to your audience, they will remember your brand even long after the individual posts have become obscure.
Tap into the global workforce
The pandemic has pushed working remotely to the forefront of how businesses operate. What it also does is make a whole lot larger talent pool available to you, from anywhere in the world. Think about it, you can now hire top remote talent just like that.
Having a global workforce gives your business a competitive edge. You get to have people with varied experience and perspectives work for the growth of your business. When you hire remote employees, your productivity instantly shoots up.
Not only that, you will cut down your hiring costs by a large margin. Not employing remote employees will be missed opportunity, and it is better to do it before the rest of the world catches up. First mover advantage, you see.
Communicate more with your customers
Just like the pandemic has you raising concerns and asking difficult questions, your customers too are in the same dilemma that you are. Now is the best time to reach out to your customers regularly and show empathy.
It is a great idea to let them know how the pandemic has affected your business. Show them what changes you are bringing in to ensure that they are serviced the best they can be.
For example, if you are raising your prices to safeguard your business, let your customers know that. Let them know if this is a temporary or permanent move, and how the change in pricing will help your business. Help them see if it will have an impact on them and by how much. Such transparency will likely be rewarded with loyalty.
Also, talk to your customers about the issues they are facing, and figure out a way to help them, in any manner that your business allows. Even if they don’t need your help, they will always remember that you offered to help in a difficult time. This goes a long way in strengthening your relationship with them.
How to come out on top of the pandemic ruckus
Things look very different for businesses than they did before. You can no longer keep following the same strategies as before if you hope to stay on top of things. What truly matters is how much attention you are paying to each aspect of your business, and how you are stepping up to the challenge.
Your business has to take a holistic approach and has to rethink every tactic. You will have to adapt your business strategy and tweak your financial strategy. The goal is to not only survive the pandemic but also continue growing after the pandemic dies down. You will have to think years ahead and be prepared for the things to come.
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