Facing a pandemic or any other kind of outside crisis can be very overwhelming for a business owner, even one who has been through previous disasters and challenges. This makes it extremely important to understand the value of taking a step back and looking at all of the ways you can tweak your current business.
With a future focused on surviving the crisis and adapting practices to be prepared for other future crises, it’s important to cut down on unnecessary expenses, prepare for the economic shutdown to last potentially longer than you previously anticipated and to focus heavily on your marketing. This is an important opportunity to up level your business. If you have been worried about whether or not your business will survive this crisis, you are not alone because millions of businesses and business owners are facing significant challenges that they might never have expected.
Even having insurance in place might not have prevented you from suffering immediate shutdowns or challenges with payroll. If your company needs to cut back and you’re the owner, think carefully about leveraging the option to take the first cut. Your decision to protect employees could pay off significantly in spades later because many people will remember this decision. It also sends a message to your existing employees that your business will be prepared to adapt however necessary. With regard to your marketing, think about leveraging omni channel efforts.
Now is the perfect time to adapt and eliminate previous marketing methods that did not carry their right ROI. Connect with your customers and employees however you can. Many current business owners looking to adapt are sharing on social media to empathize, inspire and stay connected. Reorganize if necessary. Marketing teams and marketing team members might be redirected to different goals at this point in time.
Unfortunately, one of the biggest challenges facing business owners today is anticipating that this crisis could last longer than you anticipated. This means that you have to think carefully about embracing what the new normal looks like for you and your family as well as for the business.
As the business owner, you must take on a leadership role to help articulate to your employees what they can anticipate and what this really means for them. You need to be prepared to discuss options with your executive team members and consider a variety of different scenarios that could affect your business not just now but into the future.
Now might not be the appropriate time to sell your business but it is a great opportunity to adapt your existing practices and look for room for improvement. This could set you up not just to survive the crisis but to thrive after the fact. Look for your chances to make big improvements to your overall marketing strategy and customer delivery to leverage your business and grow into the success you have always imagined.