5 ways to boost your business in a crisis

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“It is neither the strongest nor the smartest type that survives. It is the one that is best adapted to change. “Charles Darwin.

5 ways to boost your business in a crisis
5 ways to boost your business in a crisis

Everything changed within a few weeks. Uncertainty is the only thing that is safe. Most companies have been disrupted and have a negative impact. Companies, CEOs, executives, entrepreneurs, employees and business owners are at a time of great uncertainty, and what lies ahead is unclear.

s know that some of the best companies are created in the worst times because sometimes in our darkest times new ideas and innovations are beacons.

All we need is the glow of a great idea. Which new companies, products and movements are born from our new reality? As a businesswoman and manager who resisted the outbreak dot-com bubble From September 11th and the market crash in 2008 I know firsthand the possible devastation that companies are exposed to today. The economic impact of what we are experiencing is unprecedented, but there are still ways to get out stronger than ever.

Personally, I’ve had to change a lot, and although it can be scary, it can be a time of growth. Now it’s time to experiment, create and innovate. Of course, that’s easier said than done. In times of immense change, it is difficult to boost your business. Before starting an innovation, I recommend stabilizing your company to the best of your ability. It is important that you fasten your seat belt, assess the costs and ensure that you take the necessary steps to deal with the crisis.

There are likely changes that you wanted to make in your company but haven’t made, and now is the time to act. Assess your talent, review your contracts, and decide what you really need to manage your business.

Make sure you spend your money wisely. Take a close look at your finances to see how you can reduce losses. It’s time to simplify so you can move forward without unnecessary costs.

A company that was weak in a good economy is heavily exposed in a bad economy. If your business isn’t working right now and it wasn’t working well 6 months ago, it may be time to review its long-term profitability.

Winston Churchill once said, “Never let a good crisis end.” Use this crisis to get out of companies that don’t work and that haven’t been around for a while. Invest your time and energy in what works and what doesn’t. Now is the time to be brutally honest with yourself!

It is also a good time to use the available financial resources. Many of the companies in my portfolio have applied for the federal government’s paycheck protection program. If you have not already done so, it is important to learn about the various forms of help, resources and support available.

Once you’ve stabilized your business, it’s time to focus on the future. Here are 5 ways to strengthen your business not only for survival but also for success:

1. Get on the digital train

If you’re running out of physical stores, it’s time to find the digital version of the job you’ve completed. Can you deliver your product or service electronically? The pandemic has mostly hit restaurants, and many have switched to online delivery and take-away orders. Panera Bread has gone one step further and enables customers to order groceries online along with their regular sandwiches and salads.

If you own a boutique, now is a good time to open an ecommerce store with a 90-day trial of Shopify. If you are a fitness trainer, you can practically complete your regular training courses with Zoom. If you are an interior design company, switch to virtual consulting. You can also create content with links to purchase products. Real estate agents have taken on a virtual presence, from 3D tours, Facebook Live and virtual tours to hosting houses on TikTok. My local liquor store offers home delivery and cocktail preparation and wine tasting courses through Zoom. With everyone trapped at home, the demand for online content is higher than ever.

Ask yourself: What can you offer online?

2. Use your existing assets and resources

Use your current assets and resources and align them to the current requirements of your customers. What could you change to meet these requirements?

Companies of all sizes are already making successful changes to meet different customer needs and continue to operate. Cosmetics manufacturers such as LVMH, which own luxury brands for make-up and perfume, have switched to the manufacture of hand disinfectants, drawing on their experience and production capacities. Large clothing manufacturers such as Gap, Nike, Zara and Brooks Brothers manufacture masks, dresses and scrubs in their factories.

Amid a sharp drop in carpool demand, Uber launched an on-demand work platform that switched from carpooling to carpooling. The Uber Job Center enables drivers to connect to other Uber platforms such as Uber Eats, Uber Freight and Uber Works, or to a growing number of companies using the Uber system, including McDonald’s, PepsiCo, UPS, FedEx and Walgreens. This shift will allow the company to harness its greatest assets, technology and workforce, and will help drivers find alternative jobs.

Ask yourself: What do people need most right now? How can my company meet this need with its existing resources? If my company can’t work, is there a way to go digital or to a company that is considered essential?

3. Deepen loyalty to existing customers

We’re all sitting in the same boat. Be real, authentic, and transparent about your best efforts to serve your customers and let them know how they can help you. Loyal customers are champions of your company and brand ambassadors. Maintain a solid relationship with your customers, either directly, individually, in newsletters or on social media. Show them that you care. Trust is important (more than ever)!

As people spend more time online, this is a good time to share relevant and engaging content related to your business. A local interior designer shared photo montages, including a hand wash series with a collection of beautiful bathroom pictures. A local salon shares a series of photos of stylists, each with a sign with a different word, and saying together to customers: “We miss them and will see them soon.”

Sky Zone is a popular trampoline-covered park for children’s birthday parties and has 160 locations that are temporarily closed. Sky Families offers free virtual birthday parties for children of up to 10 guests to give something back to parents who want to party while staying home. They support parents and ensure that the employees continue to work. Sky Zone has a significant and unforgettable impact on children, parents and the community and deepens their customer relationships.

Discover the best way to interact with your current customers and do it creatively.

Ask yourself: How can you better get in touch with your customers and communicate now? What can you do to encourage your current customers to support your company? What are other companies doing to attract customers that you may also do or that could help your company?

4. Discover the benefits of working together

There is an African saying that says, “If you want to go fast, go alone. If you want to go far, go together.” The goal of the collaboration can be new ideas, explore synergies and create new trade associations, where 1 + 1 = 5. With the help of associations you can access new customers, new products or new markets.

Which partners can I work with who also have resources that I can use? Is there a partner that you think could help you sell your product or service to its customer base? What could you offer them in exchange? Is there a way to group your products? Real partnerships and successful collaborations benefit everyone.

It is also important that you work with other companies to get support and ideas. If you’re a local or small business, you can feel particularly isolated, but there is power in numbers and there are more ideas. Try to connect to a neighboring company, a local chamber of commerce, an industry trade group, or even a Facebook or LinkedIn group.

The collaboration doesn’t have to be extensive to be effective. For example, local ice cream parlor NORMAL Ice Cream, after closing their shops due to COVID-19, has partnered with Diabolical Records to offer a 3-pack of ice cream at home and $ 30 of records. vintage for $ 50. They announced the partnership on their social media sites and their packages were sold out within hours!

Many companies have formed innovative partnerships during this time.

Ask yourself: Who could I work with? Which companies have synergies or customer profiles in common? Which current partnerships would be mutually beneficial for my company?

5. Try and fail (and try again!)

There has never been a better time to try (and fail!). Now is the time to experiment. Start new ideas quickly with minimal investment. Focus on the results. Learn and improve yourself every time you try. Not everything you try will work. And that’s good. Wait for it to fail. Go on. It can take several tries to find out what works for you. Be brave. Be brave. Persistence pays off in the end.

There are many famous phrases. YouTube was once a video dating site. Twitter was once a podcasting network called Odeo. Play-Doh was once a wall cleaner that found its way into one of a child’s most popular toys.

Even the most successful and well-known companies have had numerous glitches you may not even remember: Google Orkut Social Media, Coca Cola that Coca-Cola Max launches, and Amazon Fire Phone. The inventor Sir James Dyson designed 5,126 vacuum cleaner designs until he finally invented a bagless vacuum cleaner that worked.

Ask yourself: If you do a little test of a new idea and it fails, what is the worst thing that can happen and what knowledge can you gain from trying? How can you benefit from exploring a new partnership or collaboration?

Embrace change

If your company is badly affected by the current crisis, you are not alone. It is important to remember that large companies can be built in difficult times. After the outbreak, I founded my first company dot-com bubble, Annual sales eventually rose to over $ 100 million.

Many of the successful companies you see today: WhatsApp, Uber, Credit Karma, Pinterest, Slack, Venmo and Square were founded during the 2008 recession. Embrace the change! Don’t focus on what you can’t control. Think about what you can do.

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