A struggling economy doesn’t mean your business needs to struggle too. Although you may feel like the only hope you have to regain strong revenue is with a strong economy, you’re wrong.
2020 has clouded all businesses with a feeling of uncertainty. Some companies were setup for success in a pandemic-inflicted economy, like Amazon and Zoom. But, many others have had to reassess and pivot in order to keep afloat.
Although some normalcy would be ideal right now, we can’t operate thinking things will return to “normal.” We have to operate in the present and learn how to grow with our current situations.
Think about your customers. It may be easy to get wrapped-up in your own troubles and stressors, but you need to remember that you are in business to help your customer-base. Because, without them, you wouldn’t be able to survive.
Try to put yourself in their shoes. Analyze their spending habits and design a plan to accommodate their needs. For example, people are online shopping more than ever, and when they do, they are buying more in single purchases.
As customer behaviors have changed, how are you trying maximize their purchases so they feel like they are getting the best possible deal and want to return for more?
Optimize your online presence. COVID-19 is causing all of us to stay home and avoid in-person interactions. If you haven’t already, you need to grow your online presence and access customers via social media and e-commerce sales.
Ask yourselves these questions. Do you have well-curated and organized social media accounts? Are you capable of handling sales online? Do you have ease of accessibility to make sales happen quickly and efficiently?
Be brave. Take a long, hard look at what’s working and what isn’t right now. Do you feel like you are capable of making necessary changes?
You don’t have to reinvent the wheel to be successful during a down economy. Do some research and see what’s working for similar companies. You can recreate and personalize similar models in order to maintain growth in your business structure.
Change is a normal part of any business. Don’t run away from it. Embrace it. Especially during a time like now, you’ll need to be adaptive and creative. Tweet @StarterNoise to tell us how you’ve maintained growth during the past year.
Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.