How to Keep Your Business Thriving
When COVID-19 hit, it sent shockwaves around the world. The restrictions in place to keep people healthy have dealt a serious blow to many businesses worldwide. Even as many economies attempt reopening, many are still struggling to keep businesses afloat. However, you do have an opportunity right now to adapt to the existing changes and grow your business. Here are a few ways you can thrive despite the global health crisis:
Add a digital component to your business.
Most people are avoiding public places right now, which includes going into brick-and-mortar businesses. For the customers who have the means, they are spending money online. If you haven’t already, now is the time to offer your services and products online. Utilize e-commerce business platforms to sell your products and digitize your business. Many businesses have begun offering things like virtual classes and coaching. So, if you don’t see a clear way to sell your products and services online, consider adding these services to your business strategy.
Shift to digital marketing, including social media.
Your business has a website, but does it have a blog? Do you have a newsletter? How about social media? If you’ve answered no to these questions, you have identified areas of potential reach and growth. In addition to the marketing component, these are elements that you can use to communicate with your customers. It’s a great way to keep yourself alive and in their minds during this unusual period.
Prepare for the long-term.
COVID-19 will eventually go away, but your business must prepare for the next crisis. Utilize this pandemic as motivation to prepare a crisis management plan, create new work-from-home policies, and support for your employee’s health and wellness. Think of how you must reach your customers digitally and consider pivoting your business strategy to include online services if you don’t have one readily developed. At this time, consider the needs of your customers and your employees. Be transparent with where you are at, especially if layoffs and furloughs are imminent.
As we look ahead to 2021, it’s hard to determine where we will be in the future. It is certain, though, that the businesses that quickly adjust to the new reality will thrive. Now is the time to identify growth opportunities, digital marketing strategies, and long-term plans to ensure your business grows.
Here at Davis Thorpe and Associates, we want to be part of your solution. Contact us for our business consulting services and schedule a free consultation.