HOW TO TURN COVID-19 CHALLENGES INTO OPPORTUNITIES
Growing a business in normal times is a lot challenging talk more of doing so in times like this when the world is grappling with the Covid-19 pandemi
Growing a business in normal times is a lot challenging talk more of doing so in times like this when the world is grappling with the Covid-19 pandemic. Countries around the world are experiencing huge jobs losses, businesses are shutting down and global financial institutions are predicting slow growth for the global economy. In fact, we are said to be in a recession.
Amidst these, how can you re-engineer, reposition and equip your business for continued growth as the situation persists and after it?
1. Stay Connected to your top 20% customers- make a list of your top 20% of customers and stay in touch. Don’t just stay in touch, think up new areas for business you can do together and what opportunities you can begin to prepare for. Find out what they are thinking and how you can contribute to that vision.
2. Push to Become a Brand- most of your competitors have gone out of business; now is the time to stay active rendering miniature versions of your product or service as support for people to keep staying ‘alive. Any action that people can trace to you and your service at this time will help them create a connection. Run online gift tickets/ items to be picked up post Covid-19 for a simple competition most people can easily win.
3. Offer alternative payment structure – it’s in times like this that cash is king. Think through new ways to help people afford your service. Keep reworking your price list and mode of payment to fit the times. If necessary, work out bespoke mode of payments for clients.
4. Create Add-ons – People now want more for their little spends. Offer more where possible. Extend benefits periods for services you render. See what the telecoms businesses are doing; they are offering 20times more for any amount of recharge you do. Just do something. Create something to get customers ready to use when the Covid-19 moves on.
5. New to Market Platforms- elementary business studies tell us that a market is anyplace where buyers and sellers meet. So open your eyes to all the places where your market has moved to. Learn to use new marketing platforms to reach potential customers. Read up, talk to experts, attend a training; whatever.
6. Capital and Finance Structures – do a complete analysis of your capital structure. What is your debt to income ratio? What is your debt profile? What is the size of your savings? Work on your balance sheet. By every means get as much details about your business financial health. From there make a plan for a new finance structure and begin to work on it immediately.
7. Reciprocal Partnerships – now is the time to talk reciprocal partnerships. Most business owners I know are relooking at their business and won’t mind suggestions for partnership. Provide well written and detailed write-up for what can be done between your businesses and the benefits that would be accruable to both of you. I like the concept of strategic referral partnership (SRP). Could transform your business’ access to more qualitative customer base.
Thinking growth for your business is not something to wait for. It’s one to begin to take advantage of the time to create and perfect so you can confidently maximize post Covid-19.
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