Updated: May 20, 2021
If you’re like many other business owners, then you might have experienced quite a blow to one degree or another when COVID-19 hit the country. As the future is filled with more uncertainty, and businesses continue to navigate financial difficulties, everybody has to find a way to survive and, hopefully, succeed once again.
Growing your business amidst the pandemic is not impossible. There may be even more challenges, and you might have to compromise one thing for another to keep things afloat, but building your business back up can certainly be done sustainably and ethically!
Navigating these rough waters should not be done alone. By preparing your plans for growth with a business advisor near you and getting started with these tips, you’ll be more confident about succeeding in the right way.
Prioritize Delivering Value to Your Customers
People can be quite discerning with what they choose to spend their limited budget on these days, so your job as a trusted brand is to reiterate the value of your products or services. Ensure that whatever your customers are getting from you is something that they will consider especially important, even amidst the pandemic.
The value you offer should come in both quantity and quality—so along with ensuring quality in every transaction, try giving a discount here and there to assure your customers that you have their needs in mind. This way, they’ll surely remember your brand when they’re ready to repurchase again!
Business growth and delivering value can also be done with presence and engagement. Ask yourself what might be most value-adding to your customers at present, given the current situation. Updating your newsletter and posting content on industry information, tips and tricks, and even career openings are some topics worth considering. You could also offer features that cost virtually nothing except a bit of effort on your part, such as gifting a free e-book or starting a webinar series!
Provide Extra Support to Your Team
A lot of eyes will be on your business and how employees are treated during this time. Customers and investors expect to see an organization that treats its personnel fairly given the circumstances. Both positive and negative behaviours you exhibit will be well-remembered long after the pandemic is over, so be extremely cautious about how your words and actions will affect your reputation.
During challenging times, where financial constraints make it tempting to cut corners, remember your organization’s values. Providing extra support to your team in any measure, even if it's providing talk sessions, online counselling, or even just a small bonus pay for the holidays, is the right thing to do. The perception of your customers will improve while your employees will have an increased sense of loyalty.
Migrate Online Where Possible
If you’re asking yourself how to succeed in business given the pandemic’s constraints, then one of the best ways to do it is by moving all your transactions online. Some businesses might find this more difficult than others, but what matters is that you try and get the essentials right. Gym owners might want to switch to instructional videos or live classes done over Zoom, while those working in the food and beverage industry can offer online ordering methods for takeout and delivery.
Business owners who haven’t already done so would do well to invest in digital marketing efforts now. There is no better time to get started on taking your business online. Learning the basics of search engine optimization (SEO) will help people find your business and stay relevant in a time where keeping afloat is a challenge.
While COVID-19 has put a damper on everything and everyone physically, emotionally, psychologically, and economically, there is still hope. Businesses are starting to pick themselves back up, and their customers must be able to support them. Growing your business and minimizing long-term impact is still a possibility by taking care of your people, increasing your value, and taking advantage of online opportunities. This year could be the year you survive despite the pandemic; next year could be the year you flourish.
As a business owner needing guidance, you may be asking, "Where can I find a business coach near me?" Here at Four Tree Coaching, we empower business owners to rise above the challenges and problems to come out as a stronger and more successful entrepreneur. Reach out to us today for a free consultation with one of the most reputable business advisory services in Canada!