We would like to hope and believe that we will never have to deal with a ‘crisis’ and that we are in full control. However, the reality is not so. According to The Balance, a financial crisis takes place every ten years in the US. Financial crises are hard to eliminate because each decade, something ‘new’ appears that we are not prepared to face efficiently.
In the spirit of efficiency and survival, there is plenty of business owners can do to avoid catastrophic results when tough times hit the economy.Â
What Is Essential
Most businesses will have to implement specific changes and refocus their energy on the ‘essentials’ to survive in uncertain times.
What are some of these essential activities?
Improve Your Product or Service
Unless your business is involved in the ‘essentials’ such as groceries, Netflix, hand sanitizer, toilet paper, and other general entertainment products or services, you will have to make changes.
You will also have plenty of time on your hands. There is no use in sitting around counting the days. Now is the perfect time to go through all your analytics and see what you can do to improve your existing strategies.
Catch up on client retention techniques and create a strategy to stay relevant through digital services and content.
Investigate the possibility to innovate and elevate your products to a new standard.
Look at your financials, and adjust your expenses, play around with different scenarios and research services that can help you recover when the crisis is over.
Pivot and Evolve
There is no telling how long a crisis will last. Also, there is no telling how willing the people will be to get back to ‘normal’ activities and how fast.
However, there is plenty business owners can do, to create opportunity and to diversify their line of products and services.
It does not matter what industry you are in. For example, if you are running a gym and people are now in isolation, you can begin a digital service that allows people to access your personal trainers online.
If you are a restaurant, you introduce delivery services to continue to service your clients.
If you are in the retail business, this is the perfect opportunity to consider creating an e-shop to allow your clients to continue to shop for your products.
You can find online marketplaces and list your company and inventory on their platforms.
Tough times usually come with the advantage of serious ‘down’ time. This time can be efficiently used to reshape and revitalize all your social media platforms.
Find New Potential Partnerships
This is a time-consuming task that is usually placed on hold during the daily grind of running a company. When the economy is in crisis mode, we need to think of our ‘exit crisis’ strategy.
Creating new partnerships is a strategic move to re-enter the market with strong momentum.
Being that most likely, every company is looking for smart solutions and new partnerships, the timing is perfect. You are more likely to get a positive response.
Just make sure before approaching anyone to have a plan of action in place.
What are you proposing?
Can you make this a win-win situation?
Invest in Your Employees
Everyone needs to attend a training seminar from time to time. Things change faster than we can keep up with. ‘Downtimes’ provide us with the ideal environment and time to invest in people and build stronger relationships.
Provide webinars and build a platform to optimize remote working for your employees. There is a real chance that whatever changes we are implementing now become permanent.
Setting the right infrastructure and training will help your businesses to bounce back faster.
Communicate With Your Clients
You need to stay vigilant and find ways to retain as much of your clientele as possible.
Even if your sales experience a drop, you want to ensure that you will still have the clientele once the crisis starts to fade.
It is easier than we think for people to move on and try new products and services. Here we have a considerable risk that we can not ignore as business owners.
Have you ever heard of the phrase ‘out of sight, out of mind’?
This is a massive threat for companies in times of crisis.
How can you remedy the situation?
Communication through content is the primary way to stay connected, so they do not need to look for alternatives. Also, if done right, quality content can even open up new sales channels for your company even in times of crisis.
Business owners need to stay on top of content marketing strategies.
This includes their social media account, newsletters, surveys, blog articles, etc.
During tough times it is vital to keep in mind that retaining your loyal customers is your business’s best chance to bring back revenues as fast as possible once the crisis is over.
Content marketing is not optional, but on the contrary, it is a necessity.
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