The pandemic has presented challenges for businesses spanning across the globe, with virtually no company left untouched by change. Yet with hard times comes glimmers of hope and resilience. One thing’s for sure—the way people are doing business and living their lives has drastically changed from a year ago. When things change, it’s the businesses that can adapt who end up thriving. If you’re looking for ways to bolster your business as a result of the pandemic, consider these points to ensure your business thrives for years to come.
When the going gets tough, it’s time to get creative. Restaurants have started to bundle to-go cocktails. Small boutiques have begun to sell their clothing via social media when they previously lacked an online presence. No matter what product you sell or service you offer, there are ways to get creative and amend your current business model.
If foot traffic in your business has slowed or halted, that doesn’t mean it won’t get back to the hustle and bustle in the future. Right now, you can encourage the sale of gift cards to generate a revenue stream, which also encourages future in-store purchases. While each business is unique, one thing remains the same: Creativity is a driving indicator of those businesses who are succeeding despite the hardships we’re facing.
Digital is the way of the future. If you weren’t considering the advantages of digital marketing, or even remote working before the pandemic, now is the time to reconsider. Many businesses will allow their employees to work from home even after the pandemic ends.
While many businesses used to be primarily only brick and mortar stores, many were forced to adopt e-commerce and online buying to stay afloat. In the future, your business might consider cutting back on brick and mortar locations to cut costs. Consider whether your business can still thrive with a primarily e-commerce component, or if your team members continue working from home.
Don’t Be Afraid to Pivot
If what you were doing in the past is no longer working, it’s time to take a new direction. Maybe that means new products or services. Maybe that means finding a way to continue your current offerings in a different way. First, you have to let go and realize that times are changing. If you’re a service-based company and able, bring your offerings outdoors where your customers might feel more comfortable. Consider delivery even if you’ve never done it before. Think of ways that you can pivot and adapt to remain successful.
Relationships will continue to remain key to success. Consider what value you can provide to your customers during these hard times to continue strengthening relationships. Reach out to some of your most loyal supporters to ask how your business can continue to work for them during these unprecedented times.
While there are no set rules for helping businesses survive during the pandemic, these points will help your business adapt. Now is the time to foster creativity, to embrace the digital landscape and to make shifts where you’re able. These hard times won’t last forever, but it’s important to be agile while they last. Remember, we’re all in this together and are hopeful to come out stronger on the other side.