As we have seen from the recent fallout of COVID-19, small businesses are at the mercy of the global economy. Business might be great one day, and in the span of 24 hours, you could lose your entire customer base due to catastrophe. Organizations can face different obstacles they will need to overcome to ensure their survival. Just when everything appears to be running smoothly, a business can experience a nasty surprise that can damage its operations, finances and/or reputation. If you want to help direct a business out of hardship to ensure its longevity, read the following seven ways to get through any tough time in business.
- Look at the Big Picture
People have a tendency to attack the most obvious immediate problems with vigor and without hesitation. That’s understandable and might make good business sense in some situations. However, it is also advisable to step back and look at the big picture to see what is still working and what might need changing. It’s an opportunity to better comprehend the size and scope of existing problems and further understand your company’s business model—determining how its strengths and weaknesses come into play.
2. Try something new
If what you are doing is unable to give you the expected results, then try something new and different. Remember that doing something new is like painting your business wall with creativity. You’d better step out of your comfort zone. So, take advantage of this and do something different to know whether it works or not. It may happen that your experiment or risk can set you apart from your business rivalries, and you create something incredible that can take your business to your intended level.
3. Use Low-Budget Marketing
When recessions and other difficult times hit, the marketing function of a business is the first to get cut. With less advertising and marketing, the funnel of incoming prospects is reduced creating even more revenue decreases and setting up a vicious cycle. The key to salvaging any business in hard times isn’t to reduce your marketing activities but to replace them with low-budget marketing. Low-budget marketing includes tactics such as PR, networking, public speaking, online marketing and more.
4. Connect with other business owners
Entrepreneurship isn’t an island. You need to lean on other business owners who are in the same boat. When you surround yourself with other positive, motivated business owners, you can tackle trying times with a heartier attitude that gets results.
Seek out mentor ship, coaching or a mastermind group. Try to connect with business owners from different industries, business models and backgrounds to share ideas. You never know where you’ll find your next great idea, but it certainly won’t come from burying your head in the sand.
5. Focus on your existing customers
When companies go through tough times, many owners turn their focus to bringing in new business. The downside is that existing customers are often forgotten, but those are the most efficient people to make sales to. You don’t need to stop marketing yourself to new customers, but make sure you give extra focus to the customers you already have, to ensure they remain loyal. Find out what their current needs are, how successful you are at meeting them, and what you can do to maintain an ongoing relationship. Communicate with them, and always provide exceptional customer service.
6. Examine your marketing plan
Your marketing plan brings in new customers. Now is the time to consider fresh marketing ideas to bring in new revenue. Is there an area of your business you haven’t promoted before but could bring in clients? Is there a new way to market yourself you haven’t tried? Examine previous marketing efforts to determine how successful they were. If they weren’t successful, stop wasting your valuable time and money on them. Use your efforts on something new.
7. Monitor economic changes
Economic changes can be detrimental to a business’s longevity and revenue. To ensure your organization is prepared for an economic dip or recession, you must remain up-to-date with the latest industry news. If it appears the economy could soon take a turn for the worst, you can develop various backup plans to help your company survive the tough times ahead.