The coronavirus pandemic has hit businesses hard. Economies are down. The stock market almost crashed. Sports leagues and big events have suspended their seasons. Even the entertainment industry suffered a slump. How did your business fare? Surely, it hasn’t been a walk in the park for you, too. The anguish you feel over having to let go of some employees reverberate across industries. Businesses, small or large, are cutting down costs and making do with what little profit they make.
But the best entrepreneurs know how to take a crisis and turn it into an opportunity. Think about how you handled your home loan in the midst of this crisis. You carried on with it, right? Do you default on your loans? Do you stop making payments suddenly and give up? Just like how you take care of your home and family life, your business also needs you to find a way for it to thrive.
When was the last time you’ve looked at your contact list? When was the last time you reached out to your customers? This is the best time to clean up your list. Remember that now more than ever, your customers are checking their emails and social media more often. They’re not only responding to emails and browsing online stores, but they are also on Twitter, Facebook, and Instagram.
While most businesses have stopped research and product innovation, go the other way. This is not the time to stop responding to what the market needs. Even if you aren’t going to launch the products at this time, continue innovating. Ramp up your product development. Use this time to determine what customers need today and in the future. This is great both for the short-term and long-term success of your business.
Sure, it’s a great time to offer deals. People are literally staying more at home and browsing online stores. They’ll probably take you up on your offer. But, it is also the best time to show your customers that you’re more than about the profit. You want to actually help manage their changing needs. What can your company offer now that the world is changing? Make sure to produce high-quality and relevant content from which your customers will learn.
Don’t let a good crisis get in the way of you advertising your business. Other companies are cutting down on their marketing costs, but marketing and ad agencies are also lowering their fees. You can renegotiate your existing contract or sign a new one with better terms. The point is, don’t let this crisis stop you from reaching out to your customers the best way you know how—through ads and marketing strategies.
Whether your business crashed or thrived during the pandemic, you are bound to learn something from it. Take these lessons to heart. It’s a great time to find out who among your employees are valuable to your organization, too. This crisis should help you discern the strengths and weaknesses of your business.
You made the biggest leap of your entrepreneurial life when you started this business. There is nothing scarier than that. A crisis like this pandemic should not put you off track. Instead, it should bring about your best entrepreneurial traits.