TellaKos
Latest Popular News From All Around The World

How to Strengthen Small Business During the COVID-19 Pandemic

185

Tellakos | Authors of motivational literature and business training like to repeat that a crisis is a time of opportunity, and problems open up prospects. Often forgetting to mention that this is true for those who have enough resources to seize opportunities and unleash prospects. We do not want to look at the corona virus pandemic through the rose glasses of motivating quotes: this is a misfortune not only for Brisbane, Sydney or Australia, but for the whole world, which has undermined the economy and claimed many lives.

But it did spawn new businesses, products and services. It identified the different strategies that entrepreneurs have used to survive, do new things, or even capitalize on their circumstances.

1. Be involved in your customers’ problems:

Clarify your sales strategy and make sure that your salespeople know it. The times are not easy: everyone is at a loss, someone can hardly function, and someone is even fighting for their lives.

Now is not the right time to act too aggressively and brazenly. Before proposing anything, make contact with a potential client. Make sure the person is in order and ready for dialogue.

Think about  temporarily changing your sales plans, rewards and commissions to avoid pressure on the sales force to act more assertively towards customers.

2. Review your marketing activities:

Make sure to avoid obvious mistakes about the current sales outlook:

-evaluate your sales funnel at this moment, including the number of active leads (update their status at the time of the pandemic). You may need to make adjustments;

-count the number of marketing leads to estimate sales opportunities in the future;

-take a look at what is in your marketing arsenal to understand which tools are applicable (or not applicable) for customer support. 

-fire ineffective salespeople. If you couldn’t put up with them before, you definitely don’t need them now.

3. Develop low-cost rates:

The goal of developing such offers is to make a profit today, despite the fact that the size of the offer will be even less than you had before. The key point is that the assigned cost must match the product variant that still needs to be valuable to the user. Ideally, you cut the price just as much as you cut the functionality of the product.

Of course, it’s easier to simply lower the price of your main offer, but creating such a precedent is fraught with danger in the long term. 

4. Show attention and love to your current customers:

Customers you already have bring you more money than new customers, so you should never deprive them of your attention. Every user that you manage to retain is a user in whose place you do not need to look for a replacement.

Instead of trying to sell them something else, ask what kind of problem they are trying to deal with, and then listen carefully to what they tell you. Find ways in which you can help them overcome these difficulties in the current situation.

5. Keep a record of all your actions:

If you haven’t practised recording every detail with your salespeople before, then you probably need to start doing it now. It will help you (as well as your salespeople) move in one direction and stay motivated.

If you are doing sales yourself, being the owner of the company, and you have no one to keep track of your indicators, ask some employee of the company to do it. He may not be a sales person, but he will be comfortable asking you tough questions.

Also, make sure to calculate your resources. You need to keep track of all your expenses, incomes, debtors. Also, it may be the perfect time to collect all your debts. Debt collection from Brisbane will help you with that. 

6. Redirect your cash flows:

One last thing to consider: The real antidote to recessions and viruses is to diversify your income streams. If one stream is depleted, you will need a networked income stream to replace it. Think about how you can diversify the ways you make money, just as you would diversify your range of products and services. 

If you decide to renew your business approach with something different and accessible to your customers and continue to build brand loyalty, you can use this challenging time as an opportunity to expand your business. A general quarantine will not break you, but even benefit, and your business will become stronger.

Conclusion:

Make sure to never give up and give your best to help your small business. What is the worst thing that can happen if you make sure to do something? Yes, your business can fail. It can be sad and very expensive. But on the other hand, it can stay alive and even grow. It’s all up to you! If you can handle this situation, you can handle anything.

Mike is an Australian business consulting specialist. He’s working with companies that outsource their IT maintenance. He often writes about technology, business and marketing and is a regular contributor on several websites.

Leave A Reply

Your email address will not be published.