Now, more than ever, small business owners need to make wise decisions to help grow their companies. The pandemic has created the toughest challenge businesses may ever face. From employee training to marketing, every aspect of a business needs attention. Companies need to adapt to withstand economic pressure and constantly changing needs. The following are multiple strategies for growing your company during the pandemic.
- Make a plan: Come up with a plan of action, one that you can execute. A clear strategy is the best way to grow a small business at any time and even more necessary now.
- Pay attention to your customers: Consumers are the lifeblood of a business and the pandemic has made it even more essential that you maintain core patrons. You need a clear picture of the type of customer that uses/buys your product/services, what motivates their decisions and how their behaviour is evolving with the pandemic. Let your customers know you value their feedback. Provide multiple opportunities for them to communicate with you. Use this feedback to develop products and services that are suitable to the current demands of the market. Ensure your customer service is exceptional. Address problems and answer questions quickly.
- Maximize social media and online presence: The pandemic has us spending more time online; working remotely, taking virtual classes, participating in business meetings, hosting family gatherings and making household purchases. Make sure your company is easy to find online, your website is simple to navigate and your social media is generating interest. Monitor social media channels for mentions of your brand, your product and your competitors. Read comments, answer messages and build your social brand. Find out what customers are saying about you, gain insight into their behaviour, identify keywords and trends that appeal to your target market. Use this information to improve your customer service and provide what your users want.
- Manage your costs: Pay close attention to the costs associated with running your business and getting your products/services to customers. Analyze your balance sheet, profit and loss account and cash flow statements to keep business expenses under control. Lower these costs where you are able. Liquidate low-earning products and/or eliminate low-performing services.
- Invest in employees and company culture: In uncertain times, you need qualified and dedicated employees. A smart, diverse team is a company’s greatest asset and one that deserves protection. Adapt employee work duties to accommodate shifting needs. Provide the resources employees need to do their work remotely. Allow flexible work schedules so that working parents and those with increased home stresses can better manage their work-life balance. If you’re hiring, choose experienced professionals who can work with minimal help and supervision.
- Be open to funding: The pandemic has adversely affected the global and local economy. The government has developed programs to cushion small businesses against these pressures. Consider accessing this funding to boost your working capital, respond to the crisis, refinance debt, and finance growth. Available assistance may ensure your company’s survival and growth.
- Undertake strategic marketing: The pandemic has had a huge impact on household incomes and consumer spending. A solid marketing plan is essential. Use marketing technology to actively measure and track results. Determine which posts are performing, which products and services are selling and how your customers are responding. Pay attention to bounce rates, page visits, average time on site, and how your audience is arriving at your website. Use this information to drive your decision-making. Offer greater convenience by delivering products to your customers. Consider hiring an agency/consultant with marketing expertise in your industry to help boost your profile and drive up customer interaction across your social media platforms.
Make the changes needed to ride out the storm. Keep goals and measurable results in mind and implement your plan systematically and consistently. Find initiatives that address your company’s specific needs. Keep searching for growth opportunities. Be creative and your company may do more than survive. It may thrive!
Need advice to help grow your company during the pandemic? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.