Improving Business Resilience During Challenging Times
The future is uncertain… but this uncertainty is at the very heart of human creativity.
– Ilya Prigogine
Building a business is not without risk. You could make pretty bad decisions along the way or confront situations that lie outside your control. But what many entrepreneurs dread the most is uncertainty, especially in these trying times.
The corona virus pandemic is definitely a challenge many small businesses will have to confront. And it’s not because they need to stay afloat. The current situation offers opportunities for small businesses to make important changes.
Who knows what lies beyond the pandemic, but businesses can take this time to rethink their strategy and focus on long-term growth.
Here are a few things they can do during these difficult times:
1. Diversify what you offer
Never settle on a single niche or format. Experiment with other ideas along the way. Look for opportunities in both vertical markets as well as horizontal ones. For instance, if you are the owner of a web development agency, you can expand to teach first-time business owners to make the most out of using online strategies for marketing their products and services.
The trick here is to expand your menu and give your audience a diverse range of options. This allows you to widen your reach and stabilize your business.
2. Make the most of digital channels
Digital transformation allows entrepreneurs to connect with their audiences in creative and engaging ways. And given the fact that more and more consumers are relying on e-commerce, improving your online presence helps your business stay relevant.
For this, re-visit optimizing your business website. Make it user-friendly and relevant, especially to people who are actively looking for the types of products and services you are selling.
3. Engage with your audience
A business that weathers any storm has always had a strong client base supporting it. That said, the way you engage your audience helps you tap into a highly critical resource your business needs during challenging times: loyalty.
Every engagement or inquiry provides an opportunity to build a strong following. Use email, social media, and blogging to build your reputation, start conversations, and become an influencer in your market.
If there’s anything we need to learn, it’s that business growth is possible even during tough times. It’s only a matter of making the right decisions and taking a proactive approach to growing a business.
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