Starting a business is no joke. Given that there are several factors to consider, business owners usually hire experts to conduct feasibility studies before launching. Despite all the studies conducted, not only the small-scale businesses but even the multi-million dollar businesses have been blindsided—COVID-19 happened.
So, how can your business not only survive but even thrive during these tough times?
- Embrace digital marketing
Even before the pandemic, some businesses have already been trying to establish an online presence. Going online was only optional before since traditional marketing strategies were the way to go. But COVID-19 has made these marketing methods, such as direct sales, word-of-mouth, radio, and television ads used to be the ways to go, old-fashioned. In the new normal, if you don’t have an online presence, you’ll soon go out of business.
Business owners hire social media managers. They take advantage of platforms out there. Facebook, Twitter, Instagram, and Tiktok are platforms to help grow their audience reach. One great feature is live streaming since this has made it convenient for everyone to attend the event. In today’s time, your online reputation precedes you. Hence, be a company that knows what its customers want and delivers it.
Since it is not location-bound, you can even have international audiences. Who knows? This might pave the way to a global expansion.
- Establish your business’ credibility
Although there are free platforms that are waiting to be utilized by businesses, everyone can create their own page on social media. This can also cast doubt on the legitimacy of your business. Hence, it would be much better to have your own website to establish your business’ credibility. Some might shy away from the idea since this is unfamiliar territory.
But you can have a good start by having a reliable ad agency by your side. They can help you establish and communicate your brand’s credibility. Your competitors are a click away when your target market search for a product or service you provide on social media. Communicating your visions for your products and services is crucial. Thus, having a great and unique website gives you an edge.
- Take care of your employees
Yes, digital marketing and establishing your credibility are vital, but so is taking care of your employees. Though some found it hard to transition to the new normal Jeff Brown, the CEO of Ally Financial has got it all right. They have a workforce of 8,700, and they managed to help most of them be home-based ready. They provided equipment for those who need it and helped set their remote work in a matter of days.
Some business owners also provided additional benefits for work-from-home-related costs and paid medical leaves. Being self-made is a myth. Every successful business has a great team to back its company up. Hence, it is important to help your employees take care of both their physical and mental health. Great communication and facilitation of activities online can keep staff engaged and motivated. How you treat your employees during these difficult times is pivotal to how your business will go.
- Have social responsibility
Yes, there are many nonprofit organizations that are already doing their part to help better society. But, you can also make it a pillar in your business to help support other good causes that are also struggling to survive during the pandemic. You could start with helping your employees like Uber, Amazon, Microsoft, and other big players have done. If you could also allot a certain percentage of your profits to your chosen NGO or charity, not only will you keep your customers or clients, you’ll also gain new ones.
There are many people who are also waiting for a chance to support a good cause. Providing them that chance to help your business, your employees, and other people as well as a sure win from all angles. Be a business that is not profit-driven but is socially responsible. You’ll be surprised at the returns.
There’s no doubt that a lot of businesses have filed for bankruptcy. Many have halted their operations with no definite time frame for resumption. Others continued but are struggling to make it day-to-day. While it is difficult to predict what will happen next, there are certain ways to keep your business operational despite this setback. If you can build a good online presence, take care of your people, help society, not only will your business survive, it’ll thrive.