Ways Small Businesses Can Recover from Economic Catastrophe:
There is something important that needs to be said.
Companies have faced difficulties in the past. And yours might be one of them.
There are things small businesses have done in the past that you can repeat today to stay afloat, no matter what challenges you face. The key here is to take offense at these challenges and not defend yourself.
The key to recovery, once the dust has settled, is moving before bed. The companies that responded during an economic disaster are those that didn’t wait for the dust but acted during the storm.
Companies survived the financial crisis of 2008 and the Great Recession that followed. They focused on offense for two years to stay in the game.
And so can you.
See what they did to make sure they could recover.
1: Focus on Building an Audience Today
You may not be able to sell many products right now. Marketing agencies see their clients reduce their monthly advertising budget. If you’re an e-commerce store, you might notice a steady decline in sales. But that doesn’t mean you should stop promoting.
You just need to change your offer.
For example, a marketing agency might set up a PR package for new customers who need help with their COVID-19 marketing message. Instead of asking for your regular contract of 6 months or more, your customers can sign for 1 to 3 months.
An e-commerce company can offer or buy and receive discounts.
It’s about doing one thing. Expand your audience.
Now may not be the time to pick the best deal of the year or have the best day for e-commerce. But it’s time to figure out how to grow your audience. First, you can be sure that the economy will come back.
And when that happens, you can either hit the milestone or hit your biggest e-commerce goals with the audience you’ve created. At Digital Marketer, we did this by accident.
No offensive conversations or games, we offer free access to our workshop for two weeks. We just wanted to do our part during the COVID crisis and we didn’t think much would happen – we just wanted marketers to stay home so they could learn while they were there. It seems that many retailers have accepted our business.
We ended up with over 30,000 new subscribers and a fantastic new audience where we can showcase our offers when the time is right. We didn’t want it to end like this, but it’s proof that people are now receptive to new offers.
2: Find strategic partnerships
Part of building a new audience is looking at your industry and figuring out whom to work with. The current world situation has changed a lot and part of the change has to do with the people you can do business with.
For example, you participated in some Instagram Live workouts while you were at home. How many of these did you see 3 months ago?
Yes, we didn’t see it either. Instagram influencers and trainers take a look at these homemade exercises to engage audiences with content. Influencers need content and trainers need new people to take their virtual classes because face-to-face sessions are canceled.
You can go even further and go beyond collaboration and acquisition. There are entrepreneurs who now feel the heat and want to get out of the kitchen. Maybe they’ve already run their businesses during the last economic turnaround, or maybe they’ve just realized that they’re not interested in the ongoing pool and the challenges that such an economy presents.
Guess who can take over? Yes, that’s right… you. If you are interested.
3: Communicate, communicate, and communicate
Do we have to say it again?
Your company should now have crystal clear communication, especially when your team is first deployed. Here’s whom you should listen to:
• go to yourself
• Your customers
• Your community (if you are a local business)
• Your mother (you can tell her for the fourth time that you are fine)
Small businesses that have recovered from the recent financial crisis have done so by keeping their workforce aligned with their current goals. Perhaps these goals have changed three times in the past two weeks, but since the goals have been transferred to the team, they have been able to achieve them.
They then passed on the necessary information to customers and informed them about new products, offers, discounts, content, or what was useful to them at the time. For local businesses, they kept in touch with the community and worked to support first aid or provide meals to those in need (if possible).
4: Stay out of your head
None of the above means anything if you get too deep into your head about what’s going on and how you’ll survive. It’s certainly a stressful situation, but that doesn’t mean it has to stay that way.
You are now playing offensively. Your job is to seize and seize opportunities and not rush in the opposite direction.
We have seen this over and over in the world of technology and small companies can innovate faster than big ones because they can change quickly.
Right now the name of the game is Pivot and you have the ball in your hand. You must reach the last zone and avoid all the challenges that come your way. The only way to do this is to get out of your head and think like a small innovative company that could change at any moment.
Staying flexible will be an important factor in surviving this crisis and bouncing back later. Because now you have to change your offers, but soon you will have to change them again to adapt to the new state of the economy.
It will be a condition that no one knows about (and it is almost impossible to predict), but we can bet that it is coming.