Economic disruption, a global panic, increased business restrictions and cities on lock down!

If only these were just headlines for another fictitious disaster film!

Unfortunately, they are very real circumstances every business owner across the globe has been facing with the continuation of the COVID-19 crisis.

The crisis has affected the marketplace at record speeds and business owners have had to stay ahead of the demands of the new normal.

Since lockdown came into place, there have been mass layoffs and closures for many small and medium-sized businesses around the world.

For businesses that have managed to survive, the owners have had to alter the ways they deliver their products and services, adapt and pivot during the crisis.

To help business owners during these unprecedented times, we have accumulated our Top 9 tips to help owners, not just survive, but thrive!

  • Vision – Having a vision provides a sense of purpose and direction for the business owner, the business and its employees.  Take some time getting clarity on your vision for the business!  Businesses with a clear purpose are almost always more successful than those without one.  How can you get to where you want to go, if you don’t know where you’re going?
  • Learning & Development – During this pandemic, business owners should be growing their knowledge and those of their employees.  Research shows that businesses who spend more on training, enjoy a 24% higher profit margin than those who spend less on training.  Therefore, business owners and their staff should read more business books, participate in webinars and sign up for online courses.
  • Digital Marketing – In the emerging global economy, digital marketing has become a vital component to business strategy.  As a business owner, you need to be thinking, has your business got an online component?  Can you market or sell your goods through your website?  It’s estimated that there will be 2.05 billion global digital buyers by the end of 2020, and expected to hit a massive 2.14 billion people in 2021.  Adapting to the electronic age is no longer an option, it’s a necessity.
  • Staying close to your clients – Staying connected with both past and present clients is valuable to a business’s success. According to research, 73% of companies with above-average customer experience perform better financially than their competitors.  So, business owners, phone and/or email your customers to show them that you care.  Ask them how they feel about business and gather information.  Above all, remember that the way you treat your customers, especially during trying times, will go a long way in reinforcing loyalty and securing customers for life.
  • Review products & services – Scheduling time to review and revise products and/or services is vital.  As a business owner, you need to ask yourself, is there any additional products/services you could offer? Are your customers buying all of your products and/or services?  Ask yourself what you could do to enhance your offering.
  • Marketing – According to a survey, brands with strong brand awareness and relationships with their customers will recover the quickest. Everything is different now, so marketing and sales need to adapt along with it.  A great way to start is to analyse competitors and monitor customers buying habits. 
  • Review financials – Regular reviews of a business’s financials is crucial.  It alerts business owners to issues before they become major concerns, it allows them to see if their goals are on-track and that is just the tip of the iceberg!  As a business owner, you need to take time, either weekly or even daily to run through your numbers, and think wisely about every expenditure.  Have your cash flow planned! 
  • Plan – Having a documented plan is VERY important! It’s crucial to a business’s survival regardless of the pandemic!  Although, taking time out of your busy schedule to make one may seem tedious, it will be the key to your business’s success throughout this pandemic.  According to Gartner, the world’s leading research and advisory company, enterprises will miss the equivalent of up to 10% of annual sales lost opportunities because of poor planning. 
  • Positive Mindset – You are the only person who can make a difference in your business and your life.  If you are committed to creating phenomenal results in your life and your business, you need to take total ownership of it, be held accountable for your results and responsible for your actions.

While it is difficult to know what will happen next, and somewhat scary to not know what is around the corner; adopting these suggestions will help any business owner feel more in control of their company, and where it is going.

We are here to offer businesses tools and resources to help business owners adapt, change and evolve.  If you are a business owner and are keen to have a discussion to see how an Action business coach could help you during these difficult times, book a call with myself now, or find out more information here.