With uncertainties looming around every corner nowadays what can you do keep your business from going out. This is a serious predicament many businesses are facing in the recent times of closure and abnormal situation. In the current context of pandemic, many businesses are trying hard to stay in the game, stay afloat whereas some are having no problems maintaining their stand. So, what separates these businesses from the rest, what strategies do they use or what upper hand do they hold in the market to keep themselves running even when many others are in ruins. Even when the pandemic is over there is no confirmation of everything going back to the way it was, there are going to be some changes for sure. Even various reports around the world predict that the future times won’t be the same for the businesses after the pandemic is over. As we see government lessening the closure and lock-down procedures and businesses beginning to open back up, there is still the case of many protocols to be followed as social distancing, cleanliness, minimum operating basis, etc. Even the users/ customers will be hesitant to involve themselves with businesses directly to some extent.
So, what can you do to make the most out of it even in this bad situation, how can you make sure that your business is not heading for bankruptcy? There are many valuable factors and events you need to take into consideration but in this article, we will guide you through the 5 basic ways to keep your business running and heading brightly for the future.
1. Make the most out of your time:
With the lock-downs and various other rules imposed you might have more time now then you ever did before when you started on your business adventure. Don’t think you are getting laid off or have nothing to do because of the closures. Make the most out of your time that you have now saved due to less commute, not needing to have a physical presence at the office. Focus on the things that you can do to preserve your business’s integrity and structure. Think of ways and make model or plans to further your business now and in future. Try to see the bigger picture of how you can enhance your business when it’s the time to open everything back up again. Think about your business on a different scale – may be from someone else’s point of view and try to find the defects or common mistakes you have made earlier which is holding the business back. Reflect on your past actions in business strategies and try to develop a better and more efficient plan to overcome previous mistakes. Mainly, don’t waste the time you have got now make the most out of it. think of this as an opportunity to do more for your business. Strengthen your brand name and goodwill while you are at it.
2. Retain customers not just acquire new ones:
Gaining new customers is always a good thing but making sure the older ones stay with you is far more necessary. Retaining customers can be very challenging. Views, choices and ideas of customer can change in an instant, so think of ways to keep them with you. Every customer you lose is a new customer gained by your competitor. Still confused?
You have technology at your disposal, you have a CRM for your business, use it. Take full advantage of the CRM application you use to see the changes in customers, their choices their purchasing habits. Then come up with a plan to make sure you keep them indulged in the business and keep them entertained. Use methods like sending promotion packages, newsletters, discount coupons and other event related news and ideas to keep them indulged in the business peripherals. Make sure that the customers feel welcome and not forgotten by you.
3. Enhance your team:
You might have been working on premise when the world was open, and your employees were all sales and customer specialists. But with the lock-down and closures those specialists can no longer interact with customer physically. That is what you must think right? WRONG! Enhance your team and employees, think of the future, if your sales team and employees didn’t have social marketing and other online business ideas now is the time to offer them the opportunity to acquire them and enhance your team to a whole new level. If you need then hire a professional to take charge while your team is enhancing and gaining more experience and efficiency. With the world heading towards digitization, every digital skill acquired by the employee and team for the business is going to be beneficial in the long run. So make sure you have a team for now and for the future.
4. Get organized and focus on specializations:
Many businesses make the mistake of thinking what they are doing now will be fine for the future as well since it has been working effectively currently. Don’t do this. with employees unable to work as before things will take a turn for the worse in no time if you are not careful. Take time to go through all your business sectors like: finance, assets, past revenue, bookkeeping records, etc. take note of important factors that might have been overlooked in the past. There is sure to be some area that need more detailing or managing. Order everything in a specific manner or organize your business in a more effective way. Focus on the sector your business is dropping back and now use this time to improve that area. Specialize in any area that your business was lacking prior or gain new specialization in a field that can be beneficial in the future after you fully open. Don’t waste the opportunity and try to grasp everything that’s within your reach.
5. Prioritize your finances and know your competitors:
Sales dropping all time low, having trouble to manage your asset during lock-down. Many businesses are going through the same condition while some are beginning to recover others have already managed to boost their business more in this crisis time. So how are they doing this? It all falls on to managing your finances, assets and knowing about your competitors. While the lock-down and minimum operational rules are hitting hard on the businesses, even when your business fully opens it will not be the same. Take time and look through your balance sheets, profit loss statements, asset acquisition statements and cash flow statements to gain valuable insight on the business peripheral. Knowing these will help you save your business from falling into a financial crisis. Further know your competitors – research on what your competitors are doing and how big of a threat are they posing you. Don’t wait for the threat to be big, often miniature threats are overlooked and later that causes the fall of many businesses. As the saying goes “keep your friends close but your enemies closer” – there is nothing wrong with knowing more about your rival. On contrary, knowing them will help you to formulate better business ideas and plans to better strengthen your business.
Summarizing everything, make sure that the time you have is used to its fullest potential in managing your employees, retaining and gaining customer via digital means, knowing more about your business’s faults and strengths and knowing about your competitors. But just having the knowledge won’t be effective if you don’t utilize it. Use the digital platform and medias to enhance your business to a different level to ensure its survival now and in future.
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