With the world in turmoil due to the effects of a global pandemic, many businesses are in precarious positions. The unlucky ones had to close down, and while some are still hanging, they’re hanging by a thread. Expansion and growth, something that has always been many business’ primary goal, have been put on hold as everyone is struggling to survive. As jobs have been cut and operations have been slowed, is this really the time to continue your plans of expanding and growing your business?
Definitely! Despite the challenging economic climate and uncertain market trends, there is always space for growth and expansion. As a matter of fact, growth and expansion come with surviving a tough market. The techniques necessary to develop your business are the very same ones used if you’re struggling and want to survive. Through clever position and wise business moves, you can not only pay your mortgages but also evolve your business into something better.
Adjust to Market Demands
If you think of the current economic situation as the market shifting its demands, you will begin seeing opportunities to improve your business. Just as most of us were forced to stay at home, business models should accommodate the stay-at-home model. If you look at many food service companies, not only did they offer delivery services (through the use of popular food delivery apps), they have also offered raw versions of their popular dishes. These raw versions, or cold cuts, are sold to people stuck in quarantine for them to cook and eat while hot.
This is a great example of adjusting to market demands, as you ensure that your business remains relevant and is still in your client’s mind. Take a look at your current business model and ask yourself: how can you adjust your products to fit the changing demands of the market?
Sell and Advertise Online
If there’s anything that we can learn from this pandemic, it’s that the Internet will play an even more valuable role in the future of business. Not only business processes are automated thanks to the power of technology, but the client and service provider relationship is also done through the Internet. Take the opportunity to put your business online, if it’s still not there yet. And if your business is online, look at ways you can optimize your website.
You can include online shopping options, making purchasing your products and services a lot more convenient for your clients. Keeping your website up to date and equipped with the latest online shopping technology will definitely help you grow your company as e-commerce is steadily growing and it doesn’t look like it will slow down any time soon.
Advertising your website is also a must, as this will help you gain new clients. There are many options and tactics to do online advertising, but target marketing is the most cost-efficient. It basically involves creating a profile of your target market and putting your ads on virtual spaces they would most likely frequent. This allows you to turn more leads into actual customers.
Keep Your Traditional Lines Open
Despite the Internet’s amazing innovations, older forms of making business are still very much useful. Things such as a phone line, direct mail, and a brick and mortar shop are still beneficial part of your business arsenal. Advertising via direct mail is known to connect with more clients than e-mail, and a phone line will make sure that even without the Internet, your income stream will not stop. A phone line is also great for your local area, especially if your business has created a connection with the local community.
Finally, if you can keep your brick and mortar shop open, keep it. Things will settle down, and once it has, your business will be at the forefront of hungry consumers.