Did the economic conditions during the Coronavirus global pandemic decrease your revenues? You are like any business owners looking outside the box for the new normal. Here are five steps to success...
5 Steps To The New Normal After A Global Pandemic
There is no denying that businesses struggled during 2020. We have found that the Coronavirus global pandemic and Covid-19 lockdowns caused changes to buyers' habits due to personal financial situations. Not a year kind to businesses.
Some entrepreneurs managed to thrive under the circumstances, and have taken a different approach to the way they lived their lives and approached their business. Your company may be struggling. But there are options.
For business owners and entrepreneurs, this article discusses the key steps to setting "the new normal" -- Bringing your business out of the lockdown fog.
Diversify Your Business
One of the first things you need to think about would be to diversify your streams of revenue:
- Adjust your client base
- Re-calculate how money flows to your company
- Re-align product and service offerings to new customer needs and demands
If you have not already done this, it is time to audit this area of your operation. Start thinking about fresh ideas to bring customers and clients and expand your business.
The world has changed, and it is time to embrace the new normal.
Strategically Outsource
Once you've evaluated your workflows and client base, you may find new tasks that need to be done, and no current team member qualified or able to add them to their work load. You might also find it is not plausible to hire on a full-time staff member or develop a dedicated department.
Take the opportunity to bring on contractors to fill any skill gaps. You'll find expertise. Plus, you avoid the initial costs of hiring a full-time employee while finding a good working rapport.
Commonly outsourced:
- IT support
- Social media management
- Website development
- Bookkeeping and accounting
You need to focus on areas where you can make the most cost-effective difference. This can be the best way to focus your energy on areas where you can make a difference stabilizing and expanding your business.
Embrace A New Approach
Maybe lockdown has made you realize that you need a new approach to the way you run your business day-to-day. Perhaps this means:
- Your brand exists only online
- Working from home becomes the norm
- Operating your business in a hybrid system of in-office and online
Chances are there are ways to streamline and become more efficient. Many entrepreneurs are now operating in ways they never thought would work, but now the new methods do.
Prioritize Marketing And Social Media Presence
This is the perfect time to focus on your marketing plan and social media strategy. Now more than ever people are solidifying their online presence as a way to find new customers and collaborators.
Your marketing plan should include traditional marketing avenues to keep and attract potential customers that are not keen to online transactions. At the same time, a social media strategy will help you reach new customers in new ways, resulting in probably new and increased revenues.
Social media is a cost-effective way to share news and developments about your business, which builds trust and brand awareness.
Plan For Growth In The New Normal
Just because economic conditions are challenging does not mean your company cannot thrive. It's about finding the pain points of your customer and meeting them at any given time. Pair that with efficient business processes, and you win!
A new year could mean it is time for a new plan. Is it time for a whole new business plan for your company? Plan for growth by closely evaluating every:
- Team member
- Department
- Customer portfolio
- Vendor portfolio
- Workflow
And any area of your business you have not examined in awhile. This is the time. Most entrepreneurs are finding "the new normal" for their niche. You simply need to plan to ace it. Plan.
