It is no longer news that COVID-19 and other world issues have completely changed the global economic scenario in recent times and things are no longer the way they used to be in the business world. Today’s issues don’t simply affect people; they also affect businesses, including small, medium, and large companies.
Given how quickly the economy is changing, small business owners need to develop business strategies that are sound enough to allow them to adapt and stay viable. Given that some small businesses are not resilient enough to withstand the current global economic crisis, it is crucial to learn how to navigate these situations and stay afloat.
A satisfied customer will promote your goods and services to his or her friends on behalf of your business without you spending a dime.
Here are five strategies small firms and startups can adopt to survive.
Be Innovative/Creative with Your Product and Services
You are unlikely to carve out that desired niche for yourself and your firm by doing the same thing as other businesses or by attempting to address the same issues that other business owners have delved into or resolved over time. You should try something as a business owner to set yourself apart and stand out from the competition.
It may be tempting for some people to assert that there is no industry in the world that has not already been explored by someone else, and in some ways, they may be right. However, the fact remains that as a business owner, you can be innovative with your goods and services in a way that will set you apart from competitors. It all depends on your creative ability, how far you can think and your desire to be different.
For instance, a business owner’s ability to think outside the box led to the creation of the bottled water that everyone is crazy about today, which has since become a great success.
Top-Notch Customer Service
Customer service is one crucial part of a business that every business owner should pay close attention to. It is a department of the business that does not involve the transfer of money, but if not handled properly, could cause a firm to lose a lot of money without realizing it. Therefore, it will be crucial for all business owners to respond to the following questions honestly and truthfully because doing so will enable you to correct any mistakes and prevent your company from losing money:
- How well is your customer service?
- How good is/are the personnel you have saddled with the responsibilities of your business’ customer care service?
- What are the feedbacks and reviews you are getting from your customers?
- How do you intend to handle feedback from customers that are not satisfied with your products and services, what measures are you going to put in place to regain their trust and confidence in your products and services?
The fact that a satisfied customer will promote your goods and services to his or her friends and family on behalf of your business without you spending a dime should always be kept in mind by business owners. That is unpaid advertisement.
Have a Good Marketing/Advetisement Strategy
One instrument or method for making a company’s goods or services known to the public and attracting potential clients and customers is marketing or advertising. By incorporating the Internet into their marketing strategy, business owners may take their enterprises to a new level. The world is now “a global community.” It implies that your company need not have a physical presence in a foreign country to deliver goods and services.
Let your company be visible on all social media channels because the market there is large and limitless.
However, simply hopping on social media ads because other companies do is never the right way. If you want to gain any value from social media, you, as a business owner, need to concentrate your attention and effort on the platforms where your target market is most likely to be found.
Keep an Eagle Eye on Your Business' Cash Flow
In every topic of discussion related to business and finance management, cash flow cannot be over-emphasized because a lot can go wrong with your business if your cash flow is not well managed.
Business owners should have strong control over their business cash flow if their businesses must stay afloat and survive in the changing economic situation.
There is a need to ensure that credit obligations are timely met by customers. Customers should constantly be prompted to pay for their products and services to avoid a cash crunch.
Reduce Unnecessary Expenses
Business owners should ensure they manage business expenditures carefully. There is a need to be cautious when incurring expenses such as incentives, and bonuses as they might impact business growth.
It is important to always match the cost to be incurred on an expense with the benefits derivable from that expense to enable you to determine if it is worthwhile to incur that expense and if it will bring about growth to the business in any way.
It is crucial for business owners, whether they run small, medium, or large-scale enterprises, to go above and beyond to see that their enterprises survive these trying times, remain afloat, and have meaningful impacts on the business world. This is because the global economic downturn is forcing the majority of businesses to close their doors.