It is safe to say that things will not be the same after COVID (whenever that will be). We are still seeing significant cases and deaths all over the world while economies are re-opening amidst the ongoing crisis. Businesses must urgently get “with the times” to ensure they don’t “go bust”.
How can businesses prepare for what is coined as ‘the new normal’?
The buzz word – reinvention. Businesses will need to redefine how they do what they do. It calls for a radical adjustment to best practices. More specifically how business was done pre-covid; this may allow your business to flourish at a time when others may be unfortunately deteriorating.
Here are 5 Strategies Women in Business can utilize to prepare for a successful transition into the “New Normal”.
1. Cost Cutting
First step would be to look at what you have and how you can make it work better for you, simple right? How can your business reduce spending without affecting the quality of your service or product? Could you utilize the efforts, skills, and expertise of your employees where you would have otherwise outsourced? Conduct a thorough assessment, select the necessities and release the excess, essentially tighten up. Crisis requires you to put your best foot forward and do more with less.
2. Research
It goes without saying that we must look at how the world is responding to the crisis. Identify problems and or challenges that existing and potential clients may be facing. Identify new trends/business strategies that are relevant and being employed. Determine what will work for your business moving forward then implement them. Do not get stuck in the past, you must embrace this new normal and go through a metamorphosis with it. Look at the competition – businesses in your field that are thriving. Figure out or even ask what they are doing differently. See how you can apply some of what you have discovered to your specific brand or product? Learning from each other and improving your business through the recommendation of others is an asset. In these times knowledge is power.
3. Use of Mobile Apps and other technology
It is not a secret that technology is the name of the game now as we journey into this new way of doing business. The concept of work-from-home is no longer a concept. Most corporations as well as business owner now have home offices if they did not before. Some businesses have taken the decision to convert to strictly online-based offerings. As a business owner you must create a plan that caters to the customers who come through your door as well as those who access your business through a computer screen. To help you achieve this, ensure you have employees dedicated to servicing the online aspect of your business. Also technical support is critical and a prerequisite to managing your business through COVID.
Companies such as Amazon who have experienced significant increase in their revenue due to COVID and increased online spending would have ramped up their technological capabilities. Follow their lead. This is a strength that will serve you and reduce the possibility of being left behind. Accessibility to goods and services in the comfort of their home is now an expectation of many consumers in this crisis. Wouldn’t it be great to be able to satisfy this expectation? How about creating a mobile business application to allow access to your product and services 24/7 (online), right at their fingertip. Your customers will also be kept abreast of your new releases thereby facilitating making money (literally) while you sleep. Think about what it will do for your business once marketed effectively.
4. Networking
As daunting as it sounds, networking has been proven to boost businesses and has been a tool used for decades to grow and sustain many businesses. Networking gives you new leads on potential business partnerships. It may improve business practices, contribute to selling products or services and much more while cultivating mutually beneficial business relationships. Networking may also broaden your global outlook and impact. So, network away.
5. Update your website/Business Page
The good news is that now more than ever people are searching online for things to fulfill their daily needs. These potential customers may very well end up on your website if you offer what they are in need of. The sad news is that only 50% of small businesses have a website; while 70- 80% of consumers will try researching a business online before purchasing a product or service or even before going into the store. This is according to Blue Corona, a small business expertise website. As stated in point 3 (above) technology will play an important part in business success in the “new normal”. It is therefore important to have a website and not any ordinary website, but one that is clear, attractive, engaging and inviting.
According to statistics posted on Sweor.com 38% of people will stop engaging with a website that if it is not appealing. If you already have a website, ensure it is well designed and up-to-date. Include pictures and videos, as well as testimonials of people who can attest to your products and services. Take the opportunity to announce or advertise new products, etc. In years past, creating a website was tedious and extremely expensive; fortunately that is no longer the case. Sites such as Squarespace, Wix and WordPress have made it an extremely simple process with accompanying script or tutorials that will guide you from set-up to completion.
Some other things that you can do with your website are:
A. Create blogs that support your product or services. Ensure you enable a subscription form that allows visitors to sign up, in other words building an emailing list is critical.
B. Connect your website to a business You-tube channel, it is estimated that 95% of the global internet population watches YouTube and that 62% of businesses utilizes YouTube to showcase their offerings through videos or advertisements. With those numbers, businesses must make their presence felt in that space
C. Develop master classes, tips, among other offerings that speak to your expertise and why your business is the go to. This may give additional income outside of normal products and services.
For centuries mankind has had to adapt to the many changes that have taken place in the world. Covid 19, while seemingly at another level is no less. In order to survive, business owners must evolve, then move to a place of thriving. It’s not the time for businesses to be discouraged; instead it is time to adjust and advance. There is success in crisis. We hope these 5 tips will spur you to stay optimistic and make the necessary changes to ensure your business continuity and success.
“Close scrutiny will show that most ‘crisis situations’ are opportunities to either advance, or stay where you are.” Maxwell Maltz
What will it be for you?
Sources: https://www.theguardian.com/technology/2020/apr/30/amazon-revenues-jeff-bezos-coronavirus-pandemic / https://www.bluecorona.com/blog/29-small-business-digital-marketing-statistics/ https://www.sweor.com/firstimpressions
