Many businesses are taking a hit from the pandemic. With many people locked down and focused on essentials, it seems like a recipe for disaster for most companies. But some companies are thriving. The key is adapting and using the opportunities available. Here are some pointers on how your business can still grow despite all the obstacles.
Lean Into Your Strengths
If you are lucky, your product or service might be perfect for the current condition of the market. A prime example of this is the video conferencing app Zoom. But the pandemic is not what made the company a hot commodity; it only pushed it higher. Although many people think of Zoom in terms of the pandemic, the service was already on the rise when COVID hit. They were already at the top of the game, but the shutdown only added more fuel to the fire.
But it is not just Zoom that is doing well. Pharmaceuticals, cleaning supplies, and other businesses are booming. If your business is seeing good business despite the pandemic, you shouldn’t be satisfied with the good earnings. With the high demand for your product or services, this is the prime time to expand your business. You can do this by showing your clients your best while also looking for more customers.
Pivot Into New Business Models
The pandemic changes a lot of situations, and that means what was once effective may not be anymore. Businesses who had a solid lock on the market can see their grip disappear if they don’t change. For example, many private schools have shut down operations because of COVID restrictions. But this doesn’t mean that they are completely out of business. Several of them immediately pivoted to online teaching platforms. This allowed them to offer their services still while also providing a solid education.
The pivot aims to position your business to meet a pandemic-created need. It might require some creativity, but most products and services can do this. Besides meeting a need, your business might also change its business model in how it sells its products. Instead of going to a physical store, your customers should be able to buy your offerings online. Many companies have gone online with great success.
Use Opportunities
There are also a variety of opportunities that opened up because of the pandemic. One notable example is the current drop in mortgage rates. This makes it the perfect time to refinance your business mortgage. Besides saving a lot of money in interest payments, you can use the new injection of capital to make changes and improvements to your business. This is so that your business can be ready for when the recovery happens.
This pandemic can also be an ideal time to do some hiring. Many people are out of work, and this worker pool might be willing to work for you. This can be an excellent opportunity to hire an experienced employee that you would normally not be able to sign on to your company.
Time For A Rebrand
The pandemic can also provide a marketing reset for your brand. Your current marketing campaign is probably dead in the water from the lockdown so you’ll need to get your business visible again. Communicating with your customer base is important if you want to keep them. You can combine your business pivot with a new marketing campaign. For example, if you are unveiling an online store, you can rebrand as an online seller now. To be more effective, you should work harder on the social media part since that is where many of your customers are right now.
Show That You Care
It would be best if you also showed that you care about your customers. This means you should adopt efforts to keep them safe. For example, if you are still operating in-person transactions, you should highlight your efforts to be as hygienic as possible. Service industry operations will get better treatment if you show that you are properly observing social distancing and have masks on all your people.
Besides improving your operations, consider donating or help to the community. If you can donate, then do so. It doesn’t need to be money either. If your products are useful, then donating some of them can be a big help.
The COVID pandemic is a major obstacle for many businesses. But it is not insurmountable. You have to know what to look for and use everything to your advantage. If you do it right, your company will come out of this pandemic stronger than ever.