How To Increase Your Business Earning Potential During A Pandemic

 

As an entrepreneur, did you ever imagine that you would need a global pandemic response policy? Few businesses could foresee at the close of 2019 that the opening months of the new decade would see a complete global economic shutdown.

The novel coronavirus pandemic took no prisoners - especially for businesses. In a matter of days, the COVID-19 pandemic hit economies like a tsunami. Many companies and organizations were shuttering their doors to mitigate the spread of the virus. From small startups to established enterprises, the rulebook on effective business leadership and growth was thrown out in exchange for crisis management. For others, the sudden shift was fatal. As early as May 1st, nearly 100,000 businesses closed their doors for good.

Is there hope for businesses to survive amid a once-in-a-century global pandemic. Better yet, are there ways that a company can thrive despite the challenges that lay ahead?

Empty stores and challenging sales environments don’t mean that your business has to struggle. There are huge benefits to be gained in the new pandemic economy for entrepreneurs and business owners who are willing to pivot their operations and adapt to new processes. The only limit is your creativity. Consider the following three practices to increase your business earning potential and thrive during COVID-19 and beyond.

3 Ways To Boost Your Business During A Pandemic

 

1. Revisit & Revamp Your Digital Presence

When the world goes online to shop, you should be there to meet them with open digital arms. It is shocking to see how many businesses ignore their digital web and social media presence. Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly. As consumers head online to shop due to health risks and business shutdowns, your presence in the digital marketplace is more important than ever.

The first step to boosting your business during a pandemic is to invest in a digital audit. Look over every aspect of your social media and website presence to analyze whether you are taking full advantage of digital marketing opportunities.

Are you reaching current and new customers through targeted, ad-driven posts and organic content?

Does your website feature updated content and an online shopping system?

Have you placed a line item in your budget for digital marketing strategies?

By combining high-quality online content and a robust social media marketing plan, you can quickly reach and remind your audience that your business is still open and ready to meet their needs. Don’t let your storefront on Digital Main Street suffer - open your online doors and watch your sales traffic skyrocket.

2. Invest in Online Sales & Delivery

Once you have adapted your online presence to a pandemic-friendly marketing plan, you need to ensure that your products or services are online-sales friendly. One of the hardest-hit industries during the initial months of the shutdown was the restaurant and hospitality market. However, those businesses that adapted their sales to online-only with quick delivery or curbside service saw their sales take a much smaller hit than those who shut down completely.

Having a way for customers to reach your business and buy online through your website and social media is essential for creating an environment for your business to thrive. Revamp your services by creating outlets for curbside delivery or contactless door delivery to help your customers enjoy your company without risking their health. The increased convenience will pay huge dividends as the market goes digital in the years to come.

3. Help Serve Your Community

The pandemic is creating opportunities for businesses to increase their PR presence and raise awareness for various causes. A byproduct of getting your business involved in the community is increased awareness and brand reputation.

Lisa Laventure, Director of Strategic Communications at online businesses commerce company Lightspeed, says that mission and value are among the most important aspects of a business finding a way to reach consumers during a crisis:

“Companies that are more in touch with their customers and brand will be the ones that succeed. These are the moments when you fall back on your values… It’s not the time to market and promote, it’s the time to stick up for your customers.”

To increase your business’s impact on your customers, find a local or regional cause to support and create new ways to invite your customers to join you. During COVID-19 shutdowns, many business owners began to look outwardly and started initiatives to serve and celebrate frontline workers with unique events and donation-driven sales. Don’t miss the opportunity to increase your brand reputation and recognition by getting involved in your community.

Get Creative & Watch Your Business Thrive

One reason many entrepreneurs start their own business is to lead in creative ways and impact the community in which they live with quality services and products.

The pandemic has created a tragic and challenging environment for everyone. Still, it has also created an incredible opportunity for creative business owners to flip the script and lead new and exciting ways. Your ability to thrive amid a global pandemic is limited only by your willingness to be bold and creative.

5 Reasons Why You Should Be Networking

Many business professionals, educational institutions and other agents of commerce continually stress the importance of networking. This is quite possibly because they foresee, witness, and experience the tremendous benefits that derive from opportunities of connection. Networking is like a good pair of shoes that never goes out of style. Whether you’re just stepping into the field of entrepreneurship or you have been running your business for a long while, it is still the perfect fit that will get you to that next step.  No matter where you are on the spectrum of entrepreneurship and business ownership, you have something to gain from connecting with likeminded individuals. Below are our five reasons why you should be networking. Take advantage of them.

Information

           

Networking is an outlet for information. People attend to both talk and listen. We suggest that while it is imperative that you speak and promote your business in these kind of forums, it is fundamental that you use networking opportunities to soak up as much information as you possibly can. Listen for what’s working in your industry and what pitches and approaches have been unsuccessful. What are the current trends? Which individuals should you be speaking with? What more can you learn? Who is your competition? How can you stand out? There is no limit to the information you can gather at a networking event. At the very least, it is a soundboard to reassure you of your progress, setbacks or need for a little positive and negative information is useful to a growing business.

Increase business/referrals

As a business owner, it is your job to promote your company and increase your clientele. Networking events facilitate this in a way that is less formal and stuffy.  There’s no Powerpoint presentation, no folders, and no necessary major pitch. You simply speak about your business and hand out your business cards. It is your key opportunity to be as real as possible without feeling the pressure of having to book a client. You go at your own pace, choose the people you want to talk to, and keep the conversations lighthearted.  Entrepreneurs tend to excel at networking due to the natural flow of the conversations. Additionally, you can be more creative in your approach to draw people to you. For example, wear a statement piece (jewelry, shoes, etc.) that is guaranteed to strike up a conversation. Although most networking events are less pressure-filled, it is crucial however, to maintain an objective standard of professionalism as you are still representing your company.

 Making connections

Let’s face it; every business needs resources to contribute to the growth and acceleration of business. Networking provides such opportunities. You are exposed to different individuals who are experts in subjects that you are less familiar with. They may also have capital that your business may benefit from or perhaps you’ve heard they invest in certain kinds of businesses. Your attendance significantly increases your connection potential. Use that opportunity to build and grow.  Once you have exposed your business to likeminded individuals who believe in your company and your vision, it can secure a connection that may transform your business for the better.

Tackle unanswered questions

Networking is your “Q and A” forum. If you’re feeling uncertain about your business or perhaps your next step, use networking to share ideas, receive feedback, and alleviate your uncertainty. Additionally, speak specifically with individuals who know more that you and pick their brain.

           

Building your profile and confidence

Finally, networking is your runway. It is where you strut your stuff so that your colleagues can put a face to your name and you can build your profile. It is always where you go to gain your confidence. Most of the people you are intimidated by are just like you.  Find comfort in that. Believe in your ability, believe in your business and be confident.  

How To Ensure Your Business Remains Innovative As It Grows

As companies get larger, there is a tendency for them to lose some of the innovative edge and versatility that defined them as start-ups and young enterprises. Several factors common to larger firms contribute to this, including increased bureaucracy and more rigid, hierarchical command structures.

Accordingly, one of the challenges that growing businesses face involves keeping the company nimble, and ensuring that the workforce and leadership alike continue to adapt to technology and changing market conditions.

Encourage experimentation, with some margin for error.

All businesses strive to offer products and services that are commercially viable, and for larger firms in particular, a preoccupation with maximizing shareholder value can intensify those commercial pressures. Unfortunately, a drive for immediate windfalls can undermine more sophisticated forms of innovation that require time and capital investment to develop.

Major innovations cannot happen without experimentation, and experimentation is inherently risky. Many successful businesses have invested in products and technologies that never really took off. (Think of Google Glass, or QR codes, for example.) To genuinely innovate, managers must be willing to take risks on novel concepts that may not always pan out.

Consider the potential, and not just past achievements, of job candidates.

In applying for a position at your company, job candidates will typically emphasize their past experience and achievements that are relevant to the role—and well they should. But in looking to hire and promote, don’t get so fixated on the past successes of a candidate that you overlook the potential of applicants to grow as individuals and expand their skill sets.

In the recruitment stage, in interviews, and in personality surveys, try to incorporate questions that will reveal whether a candidate is curious, open to new approaches to old problems, and believes in h/er own potential to cultivate new skills.

One question that may reveal all of these attributes is: “What new skills or knowledge have you gained in the past year, and what did the learning process involve?” Alternatively, the common interview question “Do you have any questions for me?” can help bring out the curiosity, level of engagement, and preparedness of the candidate. Consider giving job candidates an assignment that will test their skills and approach to problem-solving.

Personal accountability matters.

One of the most important attributes of strong leaders is a capacity to assume responsibility when something goes wrong. In other words, they believe the locus of control is primarily internal rather than external. These are the types of individuals you should seek to hire and promote.

Personal responsibility is important from the perspective of organizational growth. Individuals who are willing to assume primary responsibility for their own shortcomings are more likely to learn from them and modify their approach. By contrast, those who convince themselves that their errors are entirely attributable to bad luck or circumstances beyond their control risk missing the lesson.

Reflect on your performance.

It’s not enough to merely work harder or put in longer hours when your business faces a challenge: you need a plan to help steer your efforts in a productive direction. Real learning requires not only hard work and persistence, but also active mental engagement.

One practice that can help is daily reflection—over the course of the work day, what did you do well, what would you have done differently if offered a second chance, and where do you see room for improvement? To facilitate this kind of reflection, you can encourage staff to keep a work journal, and set aside time (10-15 minutes of the workday) for entry-writing.