How to keep your business profitable
Running a business feels really weird right now. Should we continue to push our products and services? How do we reach our audience through the clutter of coronavirus messages? Should we discount our services?
Adapt and be flexible.
If your business is struggling financially, now is a good time to consider evolving into a more digital presence and/or seeking financial assistance. Focus on building a community online, whether that be through your Instagram followers, email subscriber list, or Facebook group. Consider increasing your digital marketing efforts (and if you have the budget, allocate a bit more to those ads) to keep fresh eyes on your product or service. Looking for new clients? Reach out to some ideal candidates online (email, DM, etc.) and pitch your services! Got a big event coming up? Instead of cancelling, try taking things online through a digital conference/meet-up. If you need immediate financial support, shop around for some loans/relief (the SBA has great assistance in response to the pandemic): https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Work on YOUR business!
Take this time to tackle all of the things cluttering your to-do list. Start on that re-branding you’ve been wanting to do for months now. Create some valuable content for your Instagram feed. Finish writing the copy for that free resource you’ve been wanting to offer. Set up an organized task list/schedule for your team in Asana. Update your website. Your community will notice when you use this time to adapt and improve your business.
Create an online class or online resource.
Want a great way to grow your email subscriber list? Create a freebie or class that your clients/customers will LOVE! Find a way to offer some value to your community and give it away for free. Work backwards: think about what your customers/clients are looking for (example: a new brand) and create your freebie’s content around this (example: a DIY brand checklist). Not only will you increase the reach of your online community, but you’ll build your authority within your industry.
Re-connect with your clients and customers.
A supportive community matters now more than ever. If you’re service-based, reach out to your existing client base to see if there’s anything you can do to help support their business (like sharing their content on Instagram or leaving a Yelp review). If your business is product-based, consider reaching out to your customers to offer an exclusive discount or a free resource. When you show up, people will appreciate it and remember.
Unite your team.
Working remotely is a huge adjustment for some businesses, and it’s important to maintain some structure and check in often to keep everything on track. Communicate with your team over Zoom or FaceTime to keep things personal. Make sure you have policies in place for sick leave/quarantine. And remember to set an example. In times of crisis, your team looks to you for strength and positivity. Let your team know that you’re there for them through this difficult time, and never underestimate the power of some comic relief (we’re looking at you, memes)!