Growing your Business and Making Money during COVID-19
At a time when many businesses are limited or shutting down, it can seem impossible to continue to make money during COVID-19. Despite the setbacks, there is still opportunity available.
Businesses that rely on the fundamentals for their growth will get through these times. Think about what worked when you first started out in business.
Ensure you know your target market and pay attention to what they are saying and thinking. Respond to the needs of your target market and address things from their perspective.
Keep the sales coming in by building your base, not just in customers, but …
Situations like this demand hands-on leadership. Take time to invest in yourself. Finish that course, learn that skill, whatever you need to do to be the best Business Owner you can. Put everything into practice and as you grow personally, so to, can your Business.
Again, go back to the basics, think about which products are really profitable. Are there any that you don’t really need? Are there any additional products you could offer that relate to your best sellers?
Don’t forget to check in with your manufacturers. Every business is going through tough times, make sure you are not going to get stuck by a closed warehouse.
Marketing and Sales
Now is not the time to ‘disappear’ in terms of marketing. Be strategic about your marketing efforts. Use the low or no cost options, such as organic marketing through Social Media, email lists and your website, ensuring you have a strategy in place.
Be transparent and offer hope without shying away from the reality. Your customers will remember the companies that reach out right now. Support and nurture your audience, providing them value and they will continue to purchase from you.
It is more important than ever to know your numbers. Pay attention to your finances and know what your cash flow looks like. Be conservative in your forecasts. Look at your expenses and if there are any expenses that can be reduced for now.
Don’t forget about your staff, check in with them and firstly, make sure they are ok. They need your leadership and they will be turning to you for how to respond to the crisis. Build a strong sense of community and make them feel valued, this will motivate them and keep them productive, which will ultimately lead to loyalty, a boost reputation and growth.
Going back to basics will not only lead to continuation in your business, but could turn into growth and serious money making.
As an ActionCOACH and member of the International Coaching Federation, Mark has tools, resources and accreditation’s, which have enabled him1 to transform over 100 businesses and business owners lives including achieving an average of 50% growth in both revenue and profitability while creating an improved work life blend.
Through our one to one programs I will work with you create a plan, actions and time lines and hold you accountable to them, along with working with you to develop the necessary business skills
TAKE THE NEXT STEP: For a discovery business assessment, call +61 26362 8970 or email firstname.lastname@example.org