COVID has shut down some of our favorite companies—some temporarily, some for good. But in trying to identify the opportunities in this crisis, now is a good time to re-examine your own business and see how you can rebuild or revamp it.
Here are 5 tips to help you make your business stronger than ever in a COVID world:
1. Re-examine your product offering. You may have to pivot and explore a whole new business model during this COVID period. Your customers still need to buy products and services but want to keep a safe distance while doing so. Now more than ever is a time to be innovative and explore ways to sell and deliver products from a safe distance, removing person-to-person contact from the equation. How can you build revenue in a way you hadn’t considered before? Can you deliver products via an online platform? Can you create streaming, video, downloadable, or other remote services and products to complement your current business or products? What can you change to complement the ways of the world today and turn it in your favor? All questions to consider as you revamp how you’ve always done things.
2. Take advantage of online advertising. Additional exposure is of utmost importance. Gratefully, prices for online advertising are at an all-time low, so your money will go a long way, further than ever before. Give Google AdWords a go or use another pay-per-click service to get more exposure online for your newly revamped online products.
3. Find new ways to gain funding. Interest rates are at remarkable lows and small businesses can get loans that maybe didn’t make sense when rates were higher. Crowdfunding resources can also be an effective way to get funding for your business if you have a robust social media following or email list. Additionally, the government has implemented unique programs that your small business can apply for. If ever there was a good time to give your business an infusion of revenue, now might be it.
4. Work with a coach. A coach can help guide you in the right direction and make defining decisions to catapult its trajectory. Sometimes, all you need is someone by your side to help you sort through innovative ideas and create a plan of action to jump-start your business. With a coach, you may even find yourself prospering when others are struggling! If you’re interested in learning more about whether a coach can help you and your business thrive, request your FREE 30-Minute Talk with Teri and learn how I help entrepreneurs break free from whatever is holding them back to reach new levels of success.
5. Plan for the next crisis. Going through this one allows you to be better prepared for the next one – if it should happen. Things like planning for the backup funds you will need in case of a crisis, planning for employee layoffs, having conversations with your customers, and anticipating the unexpected need for flexibility that could happen at a moment’s notice can all yield massive dividends in the future. Preparing effectively for this crisis simply means you are better prepared for anything that may come your way.
Schedule Your FREE Gift: A 30-Minute Talk with Teri
Do you need support strengthening your business during COVID-19? Schedule a FREE 30-Minute Talk with Teri to see how you can turn your business around—and build it up to be stronger than ever—even during a crisis. I look forward to the opportunity to work by your side as you transform your business into one that will outlast all others.