From what we have experienced so far, the world has turned out to be very unpredictable and the times are changing really fast.
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” —Charles Darwin.
Has the pandemic affected your business since the lockdown, which was very necessary due to the outbreak of the CoronaVirus?
In a matter of weeks, everything changed! Uncertainty is the only thing that is certain! Most businesses have been greatly disrupted and negatively impacted. Companies, CEOs, executives, entrepreneurs, employees, business owners are facing a time of great uncertainty and what lies ahead is unclear.
Entrepreneurs know that some of the best businesses come out of the worst times because sometimes in our darkest moments, new ideas and innovations provide beacons of light.
There are likely changes you wanted to make in your business but haven’t and now is a time to act. Evaluate your talent, review your contracts, and decide what is truly necessary to run your business. Make sure you spend your cash wisely. Look closely at your financials to see how you reduce your losses. It’s time to streamline so you can move forward without the weight of unnecessary cost burden.
A business that was weak during a good economy is greatly exposed in a bad economy. If your business is not working now, and was not working well 6 months ago, it may be time to re-examine its long term viability. Winston Churchill once said: “Never let a good crisis go to waste.” Use this crisis to get out of businesses that aren’t working and haven’t been for some time. Invest your time and energy on what is working vs what is not working. Now is the time to be brutally honest with yourself!
It is also a good time to take advantage of the financial resources available. It is important to educate yourself on the many forms of aid, resources, and support made available.
Once you have stabilized your business it’s time to focus on the future.
Here are 5 ways your business can thrive in a pandemic:
1. Embrace the Digital way
If you’re primarily run out of a brick-and-mortar store, it’s time to find the digital version of whatever work you were doing. Can you deliver your product or service electronically? Restaurants and hospitality businesses have been hit especially hard by the pandemic, and many have transitioned to online delivery and curbside to-go orders. ShopRite even before now had taken things a step further, by making it possible for customers to order groceries online along with their usual sandwiches and salads.
If you own a boutique, now is a great time to launch an E-commerce store with Glade Quick Commerce store for all sellers. If you are an interior design company, pivot to virtual consultations, you can also create content with payment links to sell your products and get paid instantly, using the Glade Payment Link. Real Estate agents have embraced a virtual presence, from doing 3D tours, Facebook Live, and virtual walkthroughs, to even featuring homes on TikTok.
With everyone stuck at home, the demand for online content is higher than ever.
2. Leverage your existing assets and resources
Leverage your current assets and resources and align them with your customers’ current needs. What could you change in order to fulfill those needs?
Businesses of all sizes are already making successful pivots in order to fill different customer needs and continue to operate.
Ask yourself: What do people need most right now? How can your company fill that need with your existing resources? If your business is unable to operate, is there a way to pivot to digital or a business that is deemed essential?
3. Deepen loyalty with existing customers
We’re all in this together. Be real, authentic, and transparent about your efforts to serve your customers as best as you can – and let them know how they can support you in return. Loyal customers are champions for your company and brand ambassadors. Continue to maintain a strong relationship with your clients whether directly, individually, in newsletters, and or/via social media. Show them you care. Trust matters (more than ever)!
With people spending more and more time online, it’s a great time to share relevant and engaging content related to your business. One local interior designer has been sharing photo montages – including a handwashing themed series with a collection of beautiful bathroom images. A local salon is sharing a series of photos of stylists each holding up a sign featuring a different word, collectively telling customers that “we miss them, and we’ll see them soon.”
Ask yourself: How can I best engage and communicate with my customers now? What can I do to encourage my current customers to support my business? What are other companies doing to engage customers that I could also be doing or could help my business?
4. Explore the benefits of collaboration
There’s an African proverb that says, “If you want to go fast, go alone. If you want to go far, go together.” The objective of collaboration can be new ideas, exploring synergies, and creating new business partnerships, where 1+1 = 5. Partnerships can help give you access to new customers, new products or new markets. What partners can you work with that also have resources you can leverage? Is there a partner you think could help sell your product or service to their customer base? What could you offer them in exchange? Is there an opportunity to bundle your products together? True partnerships and successful collaborations are win-win.
5. Try and fail (and try again!)
There has never been a better time to try (and fail!). Now is the time to experiment. Quickly launch new ideas with minimal investment. Focus on results. Learn and improve with each iteration. Not everything you try out will work. And that’s okay. Expect to fail. Move on. It may take multiple attempts to figure out what works for you. Be brave. Have courage. Persistence pays off in the end.
Even the most successful and famous companies have had numerous failures.
Ask yourself: If I do a small test of a new idea and it fails, what is the worst that can happen, and what knowledge can I gain from trying?
The Glade Digital Bank was built for times like this and embarrassing the DIGITAL way means you need a Digital Bank that provides superior banking experience and financial tools that small businesses needs to grow.
Are you are a Freelancer, Entrepreneur, Sole-Trader, Small Business Owner, or Developer? Start by opening a Business Current Bank Account on Glade Web or Digital Bank App without filling lengthy paper works or visiting any bank building and access other financial features that will help you grow your Business.