Everyone has been going through a phase that nobody expected for over six months. It’s not just about a person, a company, a state, or a country, but everything has stopped all over the world. The pandemic that had the greatest impact was on small businesses. The pandemic has hit them so hard that there is no room to expand and take the business to higher levels. All the strategies that small business owners have planned for the future are in vain and have brought their businesses to entry-level.
Regardless of what you think about COVID-19 or the media, the economic uncertainties caused by the pandemic should be enough motivation to take a second look at a strategy to even keep your business growing.
In a recent webinar presented to over 180 attendees by the SCORE Manasota section on the CARES Act, one respondent asked the panel to host a future webinar on “things to work on during this downtime”. The straightforward answer is: digitally transform your operations!
The Best Marketing Strategy to Grow your Business After the COVID-19 Epidemic
Checking The Viability of the Business Model
As the market changes every week, it is imperative to rethink the business model and reassess where your business is based on your revenue and cost assumptions. Be aware of your trail. Businesses should assess the impact on new sales, collections, credit cycles, and potential bad debt.
Boosting Small Business Strategies
As the pandemic hampers small business plans, there are fewer opportunities for owners. However, digital marketing has brought a new way of thinking, bringing out the creativity it buried in owners. Digital marketing has made it really easy to strategize and track the campaigns you run and evaluate each step to make changes for effective targeting.
Reach More Customers Than Ever
Audiences on digital platforms are limitless, and there are no restrictions on how far you want to grow your business. Small business owners are taking advantage of this opportunity and growing their businesses through digital platforms to reach more customers.
Communicate Transparently with Your Customers
Everyone is facing this crisis together, so be transparent about what is going on in your business. Customers can relate to brands in crisis, as long as you communicate with them appropriately. According to Harvard Business Review reports, “ When customers step away from behind-the-scenes work to serve them, they value service less and service less.”
Plan Policies for the Next 3/ 9/ 18 Months
As it is difficult to estimate the duration of this outbreak, it is important to prepare for all scenarios. If we think it is a 3-month problem, instant disruption of variable expenses like hiring, marketing, travel, etc. it can help. However, if the crisis lasts from 9 months to a year, entrepreneurs will have to reconfigure their business strategy to reduce variable costs, renegotiate fixed costs (rents, salaries, equipment rents, etc.) and focus only on l ‘essential. For survival. It may be a good idea to revisit the sales strategy: sell online or in person.
Here Are Some Tips for Staying Connected and Afloat During Shutdown
- Communicate transparently with your customers
- Maintain a healthy relationship with the contracting parties.
- Employee management and associated optimization
- Keep your team engaged
- Communication to stakeholders