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 Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly.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

Starting a Business During The COVID-19 Pandemic

 

Think that a global pandemic is the worst possible time to start your dream business? Think again - the opportunity may never be better to capture the momentum of a market in flux.

For many business owners worldwide, the COVID-19 pandemic has been one of the most unexpected events they have ever encountered. From sudden economic shutdowns to government-mandated restrictions on patron numbers and health code requirements, not a single element of “business as usual” has remained “usual.”

The pandemic’s impact has been even more unbelievable for businesses and startups just getting their feet under them when the pandemic struck. Whether they were only signing paperwork for a loan or moving equipment into their new locations, the hopes and dreams of many entrepreneurs in 2019 were quickly dashed when 2020 reared its ugly head.

For all its havoc, are there any silver linings for those just starting their businesses amid the global pandemic? The plunging markets, the increased health concerns, and rising unemployment could offer more than enough reasons to pull the plug on any new business venture - at least until the pandemic subsides. However, could there be hidden pearls of success waiting to be uncovered for entrepreneurs who are willing to push ahead and open their business doors during the pandemic?

There are many ways that your business or restaurant can begin to pivot and optimize adaptability to function in the post-pandemic economy. Below are four examples to consider leading your company into the pandemic economy:

1. Hello, Reduced Overhead Costs!

We get it - opening your new business during a global pandemic may seem like an insane decision. If you are looking for a silver lining amid the chaos, consider the reality that the pandemic has brought to companies around the world - decreased overhead costs.

As consumers move to online shopping, and team members increasingly work from home, businesses have quickly discovered that many of their daily operations can be done just as effectively from home. Unfortunately, this has left large, expensive buildings to sit empty and rack up costly utility bills.  

As a new business, how can you take advantage of new business practices to reduce your overhead budget? Can your team members work from home to help launch the business? Do you need to purchase a lease on a brick-and-mortar location after all? Do you need to spend money on physical business cards, paper supplies, and more?

You will be surprised how much margin you can regain in your startup budget by moving away from the traditional cost of starting a business in a physical location. Don’t fear the unknown that comes with launching a business in a digital-only format. Should the time come that consumers start emerging and returning to physical locations, you will be primed to move in that direction. However, don’t be surprised if you never do. The pandemic is changing many traditional ways of doing business - and the need to visit companies in-person may fall victim to the effects of digital convenience.  

2. Reach Your Target Audience Through Online Advertising

Just because doors are closed doesn’t mean you can reach your target audience with news and announcements about your new business opening. In fact, the pandemic’s impact on consumer behavior may give your new business an edge that few have ever enjoyed.  

Instead of depending on in-person sales and engagement, throw your marketing budget toward online engagement through a robust digital marketing strategy. By hosting live streams that showcase your new business mission, values, and products, you can reach more potential customers than ever before.

A benefit of launching your new business through an online medium is the ability to reach your audience on their terms. Instead of inviting them to visit your business location physically, simply show up on their smart devices through an integrated advertising plan. With a robust digital presence, you can potentially open your brand to more customers than you expect. Social distancing doesn’t mean you have to postpone your business launch. It may make reaching your customers more manageable than ever before.

3. Take Advantage Of New Technology

The world of COVID-19 has given way to incredibly significant new technological advances. This shouldn’t be that surprising - most innovations in the business world have come from a crisis. By adopting new technologies early in your business startup phase, you can enjoy the benefits of being on the front-end of exciting innovations that will lead the businesses of the future.

Consider the power of analytics-driven automation and applied intelligence to your business from the beginning. These solutions can help you choose the most price-effective products to help you engage your customers in new ways online. While other companies and businesses attempt to adapt their large-scale operations to these new technologies, by implementing them from the start, you can race ahead of the pack - before you even begin building your customer base.

Smart analytics is a great way to lead your digital marketing above and beyond in a world where online sales and engagement are taking precedence. As you move forward in opening your new business during the time of COVID-19, make sure to take advantage of all possible technological options to help you build brand awareness quickly.

Ready To Start Your New Business?

As you can see, there are many reasons to consider launching your business during a global pandemic. There are new, emerging technologies available that will allow you to reach customers like never before. Reduced overhead costs and the ability to conduct business digitally will open up new avenues of revenue to help you focus on providing the best products and services. Don’t be afraid to be bold - there is much to gain in the post-pandemic economy for those entrepreneurs who are daring enough to launch their passions!

Get started! Register a business online or get incorporated in Canada!

 

 

Coping with Failure

There are unlimited mantras, quotes, and stories dedicated to coping with failure. This is perhaps because it is a well-accepted fact that failure is simply a part of life. Starting and running a business is often subject to the same outcome. In fact, failure is often a welcomed disposition in the discourse of entrepreneurship because it helps to shape and reshape a successful business.  Failure should never be a deterrent from pursuing your business goals. Rather, it should be embraced and perhaps anticipated. In this article, we’ll explore coping with failure in business and using it as a sword rather than a shield.

 

Business failure can span anywhere from an unsuccessful marketing or promotional method to the complete termination. Regardless of what failure looks like in this particular context, it has an impact on the psyche of the self-employed individual who started or took over the business. 

According to Bruno, McQuarrie, and Torgrimson in an article published in Journal of Business Venturing, the self-employed appear to have an emotional relationship with their business.  More specifically, the motivation for managing one’s business spans beyond personal profit, into loyalty to a product, loyalty to a market and customers, and the need to prove one’s self. When you consider these elements of this emotional relationship, it becomes clear, first, why failure elicits such a huge response in business and second, why the way in which you recover is much more important than the failure itself.  So, how do you cope? How do you recover?

1. Learn

                       

One of the best ways to cope with failure in business is to make a conscious decision to learn from it. In a 2003 article published in Academy of Management Review, Dean Shepherd suggests, “learning from business failure occurs when you can use the information available about why the business failed to revise your existing knowledge of how to manage your own business effectively.”  This requires the ability to stare failure in the face and accept that you are still a student even when you run the business. It further requires an ability to “revise assumptions about the consequences” of previous decisions, actions, and omissions.  When you can approach your failure in an evaluative manner, you are more likely to have a successful outcome.

2.  Anticipate and Rehearse

“Don’t make the same mistake twice”.  This warning cannot be echoed loud enough in business. When you’ve done something wrong or insufficient a first time it should prompt you to be more careful the second time around. In other words, you should anticipate an error; rehearse with that error in mind and control for it.  Many entrepreneurs have had to test and retest prototypes continuously to ensure it is failure proof.  Sometimes this means getting out of your comfort zone and being completely transparent.  The more you dissect your product or service piece by piece and ask yourself “how can this fail”, the closer you get towards a product or service you can proudly stand behind in success. This will not make you failure proof, but it can certainly minimize the outcome of same and teach you more about yourself as a business owner.

3.  Think Positively

One of the immediate responses to failure is negativity. A close second is doubt. These two devils can drive your business into hell if you allow them to manifest and percolate.  When you’ve come face to face with failure, take a few minutes to cry and scream if you have to. But once those minutes have expired, commend yourself for your effort, feed your mind with positive affirmations, and most importantly, saturate yourself with acceptance. Accept that the one thing that makes you most like any other business is your susceptibility to failure. Once you’ve acknowledged that, immediately begin rebuilding, modifying, or changing your direction.

4. Start Again

Some of the biggest companies that exist today have failed hundreds of times before getting their big breaks; Apple and Disney are prime examples. Failing just might be the answered prayer you didn’t know you need. It can challenge you into success. Don’t pressure yourself with deadlines if your product isn’t ready. Take your time with your craft. If you love it, you’ll be tender and starting over will only allow you to become more intimate with your business. Embrace a fresh start.

Failure is a part of life and that life doesn’t stop when you acquire a business. Instead, it becomes much greater. Consequently, your failures will increase, but so will your successes.

Getting Acquainted With the Habits of Successful Entrepreneurs

Psychologists have proven, through continuous research, that behaviour can be learned through observation and mirroring. They also purport that it takes 21 days of consistency for an individual to make or break a habit. Why is this important to entrepreneurship? Well, your success as an entrepreneur can lie heavily on the monitoring, observing, and putting into action some of the habits, techniques and practices that are common among entrepreneurs and small business owners who have propelled their careers beyond the confines of “a single start up”. Many entrepreneurs credit their success to modeled behaviour and plans. Consequently, we have compiled a list of some of the habits of successful entrepreneurs to help steer you in the right direction and give you a head start on your return on investment.

Watch the company you keep.

If you want to attain entrepreneurial success, you should find yourself in the company of those who have gone before you and have excelled. You can learn a lot from people who are smarter than you. Don’t let their knowledge dissuade or intimidate you. They, too, once had a startup (in many cases, of humble beginnings). Once you’ve selected the individuals you want in your circle, refrain from suffocating yourself with business and business-related tasks and conversation. 

To elaborate, refrain from meeting these  “role models” in networking and business settings. Instead, spend time with them at sporting events, barbeques, or even light coffee. If you surround yourself with successful business owners beyond the context of business, you create the opportunity to learn how they live their lives on a day-to-day basis. Conclusively, if you intend on starting an accounting firm, make sure accountants make up a percentage of your “friends group”. 

Be intentional about your day-to-day routine.

Successful entrepreneurs rarely complain about lacking enough hours in the day. They recognize that everyone is allotted the same time and it is the use of that time that is transformative. If you are a morning person, wake up early to capitalize on your hours of productivity. That doesn’t mean waking up at 7 a.m. It means really taking advantage of the time you complete your best work. That may translate into a 4:00 a.m. call time. If you want to maximize your daily productivity potential, you must take your body’s cues seriously. Recognize that work is just as important as rest and when there’s an imbalance of these two things, you and your business are bound to suffer. Further, incorporate time for exercise, personal time, and quality time with family and friends. Once you’ve settled on your day-to-day routine, be consistent.

Make use of the short-list.

When you own a business, your to-do list is often eternal. The list itself might discourage you from completing any work at all. In other instances, it can be so demanding that you seldom complete tasks in a reasonable manner.  Successful entrepreneurs report condensing tasks to two to three priority items each day. As a result, in the likely event that you do not get through your entire list, your most important tasks are completed daily. This technique keeps you accountable, increases task completion, and provides an overall picture for your efficiency. Additionally, short-lists function as an evaluation tool on how to run and grow your business.

Aim high.

Finally, one of the most common emotional traits that persist among entrepreneurs is doubt. Will this work? What if I fail? Is this the right way? Will they buy it? Should I do this? The second-guessing disease is correlated with goal setting. The more you second-guess yourself, the smaller the goals. Successful entrepreneurs aim high, no matter how unsure they are. Why? Because starting a business is a risk and that’s where the magic happens in many instances. Will the outcome always be favourable? Probably not, but at least you can edit and go back to the drawing board when something does not work out.

It is better to aim high and land somewhere at the top than to aim low and hit the mark.