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 Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly.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.

What is Growth Hacking, and Could it Work For You?

Growth hacking is a term that originated in the tech industry—coined by entrepreneurs Sean Ellis, Hiten Shah, and Patrick Vlaskovits in 2010—and remains popular in Silicon Valley. In effect, it describes a non-traditional approach to marketing, wherein expansion of the business is the primary focus. Many growth hackers (some of whom have even adopted that title) would describe themselves as more-or-less analogous to the VP of Marketing at a conventional firm. Historically, growth hackers have tended to work with small- and medium-sized enterprises rather than major established companies—although there are indications that growth hacking is now making inroads into the corporate mainstream.

You needn’t be an IT wizard—or even a self-identified growth hacker—to take advantage of growth-hacking techniques.

A common perception of growth hackers is that they are mostly associated with the dot com sector, and as such, possess extraordinary technical knowledge and skill, including the ability to code at an advanced level. While this is undeniably true of many in the field, technical expertise is not necessarily a precondition for growth hacking. Marketing and expansion techniques familiar to growth hackers can be adopted by traditional marketers, entrepreneurs, managers—in fact, just about anyone in the business world. And now that website design templates are widely available, non-techies have ample opportunity to establish a profitable online gateway.

Growth hackers’ approach to marketing resembles more conventional marketing strategies in some respects, but principally revolves around the online medium. Like traditional companies, firms that adopt growth-hacking principles aim to attract customers, facilitate sign-ups, and retain clients over the long term, in part, by offering innovative products and services. But under a growth-hacking framework, the effectiveness of the website (and online pathways thereto) take precedence.

A simple, elegant website, with an easy sign-up process

Modern society is characterized by short attention spans, and a rule of thumb for business website design is that there is roughly a ten-second window in which to attract a prospective customer’s attention and pique h/er interest. In your initial user interface, aim for short but clear descriptions, understandable options, and visible (but not gaudy) links and portals. Allow visitors to navigate to some areas of your site without registering, and give them the option of signing up for additional services.

Another vital consideration is the process of registration itself: You’ll want to collect relevant data from your prospective clients, but it’s also important to ensure that they know exactly what they’re signing up for, and don’t feel daunted by the duration and/or arduousness of the endeavour. Many would-be customers will simply give up and move on rather than endure even a few seconds of unnecessary inconvenience.

 

Tools of the trade

Among the devices in the growth hacker’s tool kit are search engine optimization (SEO), data analytics, viral video, guest blogging, mailing lists, and a wide range of specialized survey and marketing software. A fairly extensive list of utilities for marketing and metrics is available here.

Some common objectives growth hackers emphasize in the development of a new product or business are virality, effective distribution, and ease of access and use of the business’s website (from the customer’s perspective). The purpose of metrics, surveys, and other data is to provide feedback as to the success of those efforts.

Start with your networks to drive traffic. Use “calls to action” to generate sign-ups.

Online advertising can get expensive, and virality can be a difficult and time-consuming ambition. For start-ups with low cash flow, the cost and challenge of driving traffic to a website can be especially prohibitive. One of the ways around this problem is to start with your social network. Let your friends on Facebook know about your business, send e-mails to your contacts, call up friends to gauge their level of interest.

Create a landing page separate from the website’s home page, and direct visitors toward it. Once they arrive, the next goal is to promote registration. An approach that many businesses find effective is the Call to Action—usually in the form of a prominent icon that visitors can click on in order to “learn more”, “get started”, etc. This is where registration kicks in, which you can then measure, analyze, and, in turn, identify ways to improve.

Of course, there is no shortcut to a robust level of growth. But a growth hacker’s mindset can help to propel your business toward that goal.

A wealth of additional information is available online. Check out QUICKSPROUT’s Definitive Guide to Growth Hacking, GrowthHackers, growth-hacker.com, and the personal blogs of growth-hacking specialists Aaron Ginn and Andrew Chen.     

Finding New Ways To Network

Finding new clients and attracting new customers doesn’t have to be all about advertising your business. Sometimes it’s about selling yourself through networking. But networking events tend to get a bad rap – most people don’t look forward to boring business events full of schmoozing and faking interest in others. But attending those awful local events isn’t the only way to network. If you cringe when you hear the mention of “networking”, why not try a new way to create business relationships?

Start a Meetup

Networking events are said to be the best way to meet new contacts and create business relationships. With so many to choose from, it can be hard to know which will be most beneficial to your needs. So why not start your own? Create your own event and send invites on social media to reach out to people you already know and ask those people to pass along the invite to others who might be interested. Make sure you find an open and comfortable space and have refreshments available to make your event feel friendly and welcoming. As the host, you’ll be responsible for making your event is successful so go out of your way to introduce yourself to as many people as possible and ask lots of questions (while networking the whole time)! Starting your own meetup allows you to create the ideal networking event – not the stuffy boring kind that everyone dreads! If you’d rather do something informal, try starting a book club or a wine tasting event. This will provide a more intimate environment for discussion and, with the right group, can turn into potential relationship building in the future.

Find a Volunteer Opportunity

Not only does volunteer work give you a feeling of great satisfaction, it’s a fantastic way to meet like-minded individuals who are looking to give back to the community. Being in a group who are passionate about volunteering can really bring people together and eventually forge close bonds. There’s a sense of trust established as people are working towards a greater good. Another way to volunteer and get your work noticed is to offer your services for free to a non-profit.

Have Your Business Card Handy

You never know when you’ll run into someone who could become a potential client, so always have your business cards ready to hand out. If a casual conversation at a pub turns to work related discussion, providing a business card with your answer to “what do you do?” can turn a chance meeting into a future business venture. The business card might get tucked away, but is a good reminder for when services might be needed later or it can be passed along to a friend. To make a larger impact, splurge on an interesting and creative design for your cards as a statement piece.

Strengthen Your Existing Connections

Sometimes it can be hard to find the time to keep in touch with co-workers, employees, or clients from the past. But reaching out every once in a while is a great way to keep your name (and business) top of mind. A simple email to catch up or even a social media message keeps the relationship even after years have passed. LinkedIn provides a great way to keep contact information of those you’ve worked with in the past, and makes it easy to find those you may have lost contact with. You’ll also have an easier time meeting new contacts simply through keeping up with your old ones. Now that’s networking!

How to Get Customer Referrals to Grow Your Business

Before heading out to see the latest Hollywood blockbuster do you check the reviews? There are certainly plenty of places to read other viewers opinions. The same can be said for any type of service company. On many levels, these "reviews" are actually referrals, at least the positive ones are! 

Businesses depend on customer referrals to keep the sales numbers flowing. How are you doing with collecting customer referrals? Is there room for improvement? Try embracing these insights to help gather customer referrals to grow your business.

Collect LinkedIn endorsements.

Your company should have a LinkedIn page up and running. If so then you'll be able to start collecting endorsements from other professionals who you're networking with. In the grand scheme of things these endorsements might not make or break your company but every little bit helps. A good way to generate endorsements is to give endorsements. Stay active on your page and you should be rewarded in kind.

Ask and you shall receive.

You know it never hurts to ask, right? That applies for so many things in life not the least of which is getting endorsements for your business. If you have some trusted clients who you've established a strong relationship with then reach out to them and ask for an endorsement. Make it easy on them by providing the link to where you want that endorsement to go. Your goal could be as simple as increasing your Facebook likes or getting a written testimonial you can post on your website. Be proactive on your hunt for endorsements and you'll be amazed at what can come rolling back to you.

Sift through the recommendations.

If you do your homework right and the recommendations start flowing your way you'll want to sift through them to make sure they are the right recommendations for your company. This ability to sift through the recommendations works best when you're in control like on your own web page or Facebook account. Just because someone says, "I like them" doesn't mean you have to use that recommendation especially if that is all you get. Without writing them yourself, the recommendations should be thoughtful and specific towards what your company is offering. The more details the better the recommendation.

Spread the word.

Securing a good recommendation is meaningless until you can put it work for you. Every new positive recommendation should be shared with your entire social media network. It should also be included in any email blast that you'll be sending out to new customers.

Growing a Company from the Startup Phase

Congratulations! You've got your startup running and things appear to be going smoothly. It took a lot of planning and hard work but it finally all came together.

Now what?

There will come a time in the life of every business when you should take it to the next level of success. Is it time to declare you are no longer an official startup but a fully-fledged business? Are you ready to make that leap? Here are some insightful tips to help you manage the next phase of your business growth:

Expanding your staff with smarter people.

Just because it's your business doesn't mean you always have to be the smartest guy in the room. In fact, you would do your company a great service by seeking out future employees who you consider to actually be smarter than you. This is a sign of confidence and strength where you're putting the needs of the company ahead of your own ego. That's a good thing!

Don't rest on success.

Hopefully, you've had a good quarter or two in terms of profits. Take a moment to celebrate and then get back to work. Resting on your laurels won't help your business move forward. You should have the same sense of urgency now as you did in the first week of your operation when you were struggling to make it a success.

Look for the repeat business.

The most profitable businesses have customers coming back time and again. By creating a loyal customer base you are setting yourself up for long-term success. Yes, you need to add to that base but you need to spend just as much effort keeping previous customers satisfied. Don't hesitate to reach out to them by offering incentives for purchases or asking for feedback. Make them feel appreciated and they'll always come back for more business.

Be a hero.

Customers appreciate when you go the extra mile to help them. If you tell a customer an order will be ready in a week, try to have it ready in half that time. You'll come out looking like a hero and they'll be back for more business. And yes, it's okay to pad an estimated delivery time because in the long run that can help you if something goes wrong.

Keep an eye on your prices.

There is a sense with every start up that they are the "David" going after the "Goliath" of their competition. They can bring down that giant by offering deep discounts to attract customers but you have to be mindful of the long game. At some point, you'll want to get your profit margins up. That can only happen when you increase prices and cut operating costs. When that happens you've really entered the big leagues. 

"Why join the navy if you can be a pirate?" Entrepreneurship Lessons from Steve Jobs

The retirement of Steve Jobs from day-to-day operations at Apple caused such a furor from the business community that the price of Apple stock dropped by 7%, losing a value of almost $17.5 billion dollars in one day. Jobs’ popularity stems from the fact that in spite of facing some stiff opposition in one of the most competitive industries, he led his company to become one of the most innovative and profitable companies in the world. Having started Apple in the late 70's, he was forced out by the board in 1984 and was asked to come back to turn it around in 1996. From then on, his creative vision and leadership single-handedly transformed the computer industry and changed how the world communicates.


Many consider him to be the embodiment of entrepreneurship and a great role model for businesspeople and entrepreneurs alike. He not only started and grew Apple, but also has done the same for other companies such as Pixar and Next Technologies, making him one of the most admired billionaires in the world. Here are some of the lessons that he's learned in starting and growing a business.


1) Follow your heart


"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary."


Being an entrepreneur is a tough job! So be very sure that you are passionate about the business that you’ve started. Never forget that the person that you truly must make happy is yourself – as you will face a lot of challenges in your journey as an entrepreneur. And when you’re up late at night fixing problems, you know that deep inside of you, you don’t want to be doing anything else. Being an entrepreneur means believing in your ideas and having faith and most importantly, you must have faith in yourself. It is this faith that will draw others to you; because that’s the passion and vision others that will allow you to lead.


2) Make a positive impact or change the world


“Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?”


Those words challenged former Pepsi executive John Scully when Jobs tried to recruit him into Apple. Steve Jobs was obsessed with creating technology that would change the way people interact with it and make it an integral part of their everyday lives. To achieve his vision, he strove to push the limits of technical creativity, coming up with groundbreaking products that raised the bar in design and function. It was his vision that has made Apple the leader in innovation and the envy of many CEOs. But what does that mean for you? Ask yourself - does your business have a higher mission towards the world and your clients? Do you strive to make a difference in the world through your services and products? Because in the end, trying to change the world is just good business.


3) Don't follow the herd, be unique.


“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.”


Stand out from the crowd, because that is what’s going to get you noticed. Progress in all things are made by people who stand strong in their ideas, are not swayed by public opinions and passionately care on how their actions benefit the world around them. Being unique in business may be just what your brand needs ... and should communicate. However, just being different isn't what you want to achieve. Instead, you want to be distinctive -- in the things your customers and clients value most.


Jobs’ achievements don't lie just only with Apple. However, it has been his crowning glory and by taking an almost bankrupt company to being the most admired, envied and emulated company in the world has left a legacy that will be hard to replicate by those who follow after him.