Keeping Your Business Profitable Through COVID-19 Until You’re Ready to Sell
By Andy Kocemba
We are experiencing a new reality in today’s marketplace. Six months ago, no one would have imagined a virus would shut down the economy for three months and continue to hinder commerce during a prolonged reopening. But, that’s where we are. Thankfully, there’s no reason your business can’t thrive and remain profitable, which is key to reaching your goals. Here are three strategies to implement now to keep your business profitable through Covid-19 recovery and beyond.
- Stay Connected and Engaged with your Business Network and Customers: Now more than ever, communication is key. Without our usual face-to-face routine, businesses need to do more to remain top-of-mind. Like forming any new habit, it will feel strange initially, but there are many communication channels available today that you need to utilize. Put some thought into which are right for you and be sure you are utilizing more than one or two. The goal is to remain networked with your industry and your partners, and to let your customers know you’re still there to help them. Areas in which your business needs to be active include utilizing multiple social media channels, regular email distributions, direct mail campaigns, up to date website messaging, traditional print advertising, and even TV and radio communications.
- Develop Alternatives Income Streams: During times of change and uncertainty, multiple income streams within your business will ease any tension. Quarantine and social distancing might make traditional immediate in-person business transactions difficult. If your business has always relied heavily on those transactions, find ways to shift into the sale of gift cards, offer webinars in training, education, virtual services, and virtual events, and most importantly set up e-commerce, phone orders, and curbside pickup. As I mentioned with communication channels above, you need to utilize as many different methods as you can to get your customers to purchase your product or service.
- Evaluate Your Budget Efficiency: The potential of income slowing down should be a good reminder to examine the money that is being spent by your business. Items such as rent, unnecessary software licenses, over-budget office expenses, un-utilized subscription services, and any other unused service providers are great areas to cut down your expenses. These moves can go a long way in helping you weather a storm.
Above all, view these challenging times as an opportunity. Stay positive, and use your energy to make changes to your business that will make it stronger and more profitable. There are plenty of cliches that apply right now, “Thrive don’t survive”, “Never waste a good crisis”, etc. but cliches often exist for a reason, namely that they have an element of truth. Take the steps you need to so that your business comes out on the other side more profitable and in a better position to sell than it was before.
- Your business can thrive even in times of crises.
- Show your customers you are thinking about them. Make sure to communicate regularly and provide different ways for them to purchase your product or service.
- Evaluate your expenses and consider cutting services or products you don't utilize.