Thursday, September 10, 2020

How To Increase Your Business Earning Potential During A Pandemic


As an entrepreneur, did you ever imagine that you would need a global pandemic response policy? Few businesses could foresee at the close of 2019 that the opening months of the new decade would see a complete global economic shutdown.

The novel coronavirus pandemic took no prisoners - especially for businesses. In a matter of days, the COVID-19 pandemic hit economies like a tsunami. Many companies and organizations were shuttering their doors to mitigate the spread of the virus. From small startups to established enterprises, the rulebook on effective business leadership and growth was thrown out in exchange for crisis management. For others, the sudden shift was fatal. As early as May 1st, nearly 100,000 businesses closed their doors for good.

Is there hope for businesses to survive amid a once-in-a-century global pandemic. Better yet, are there ways that a company can thrive despite the challenges that lay ahead?

Empty stores and challenging sales environments don’t mean that your business has to struggle. There are huge benefits to be gained in the new pandemic economy for entrepreneurs and business owners who are willing to pivot their operations and adapt to new processes. The only limit is your creativity. Consider the following three practices to increase your business earning potential and thrive during COVID-19 and beyond.

3 Ways To Boost Your Business During A Pandemic


1. Revisit & Revamp Your Digital Presence

When the world goes online to shop, you should be there to meet them with open digital arms. It is shocking to see how many businesses ignore their digital web and social media presence. Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly. As consumers head online to shop due to health risks and business shutdowns, your presence in the digital marketplace is more important than ever.

The first step to boosting your business during a pandemic is to invest in a digital audit. Look over every aspect of your social media and website presence to analyze whether you are taking full advantage of digital marketing opportunities.

Are you reaching current and new customers through targeted, ad-driven posts and organic content?

Does your website feature updated content and an online shopping system?

Have you placed a line item in your budget for digital marketing strategies?

By combining high-quality online content and a robust social media marketing plan, you can quickly reach and remind your audience that your business is still open and ready to meet their needs. Don’t let your storefront on Digital Main Street suffer - open your online doors and watch your sales traffic skyrocket.

2. Invest in Online Sales & Delivery

Once you have adapted your online presence to a pandemic-friendly marketing plan, you need to ensure that your products or services are online-sales friendly. One of the hardest-hit industries during the initial months of the shutdown was the restaurant and hospitality market. However, those businesses that adapted their sales to online-only with quick delivery or curbside service saw their sales take a much smaller hit than those who shut down completely.

Having a way for customers to reach your business and buy online through your website and social media is essential for creating an environment for your business to thrive. Revamp your services by creating outlets for curbside delivery or contactless door delivery to help your customers enjoy your company without risking their health. The increased convenience will pay huge dividends as the market goes digital in the years to come.

3. Help Serve Your Community

The pandemic is creating opportunities for businesses to increase their PR presence and raise awareness for various causes. A byproduct of getting your business involved in the community is increased awareness and brand reputation.

Lisa Laventure, Director of Strategic Communications at online businesses commerce company Lightspeed, says that mission and value are among the most important aspects of a business finding a way to reach consumers during a crisis:

“Companies that are more in touch with their customers and brand will be the ones that succeed. These are the moments when you fall back on your values… It’s not the time to market and promote, it’s the time to stick up for your customers.”

To increase your business’s impact on your customers, find a local or regional cause to support and create new ways to invite your customers to join you. During COVID-19 shutdowns, many business owners began to look outwardly and started initiatives to serve and celebrate frontline workers with unique events and donation-driven sales. Don’t miss the opportunity to increase your brand reputation and recognition by getting involved in your community.

Get Creative & Watch Your Business Thrive

One reason many entrepreneurs start their own business is to lead in creative ways and impact the community in which they live with quality services and products.

The pandemic has created a tragic and challenging environment for everyone. Still, it has also created an incredible opportunity for creative business owners to flip the script and lead new and exciting ways. Your ability to thrive amid a global pandemic is limited only by your willingness to be bold and creative.

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