Top 10 Tips How to do Business in Difficult Times?
There is enough negative news in the media and that’s what sells for them in improving their TRPs!
Be cautious, be responsible, and take precautions; but don’t get into negativity; shut your negativity door as otherwise that will shut you!
As business owners, entrepreneurs, you will need to rise above the situation as your employees and the world around are looking forward to it!
In these tough times businesses predominantly look at these 2 choices —-
- close down operations and save cost or
- press pause button and wait for things to change on its own!
Either of these 2 choices can kill your business.
- But then there is a 3rd choice, that can take your business to higher levels even during this lockdown period!
Here are 10 Powerful tips, to know what businesses can do in these tough times!
Do you recall – how businesses emerged stronger after every big problem that the world had seen? Remember the dot com bubble in early 2000, the financial crisis during 2008-09 period, and impact of it in India around 2012-13. See this as yet another business opportunity that presents itself before you – with another chance!
- Discuss with your Business Consultants / Business mentors and Build solid business strategies and execution plans; revisit to see how it can be made smarter and better, if you already have one done recently
- Do some research – understand current market, customer, competition and trends in more detail which you possibly might have done long ago
- Innovation. Usually innovation gets bracketed to Intellectual Property or Patents. But then, anything new, that adds value to your customers and to your business, doing things differently that makes better sense for business growth is innovation too!
This is the time to do……
Innovation in sales and marketing strategy, product development, branding and packaging, building customer experiences, etc.
- This is the time to analyse and understand what went well and what did not work for your business. Time to do TDR (Tear-Down-Reengineer)
- You can look at Training the customer teams wherever required for them to improve performance
- Monitoring the execution to identify gaps and areas of improvement
- Finding right Leadership material. Tough times will help identify the grains from the chaff as to who stands tall and go that extra mile for the benefit of organization and customers
- On operations front, spends that was unnecessary will now pop up in front of you; essential spends and investments will be looked from a different perspective; time to bring in lean-startup principles if not already practiced before
- Most importantly, drive your strategic marketing initiatives. Prepare your collaterals, marketing materials; practice your pitch and fine tune your sales.
Time to create that brand recall!
Digital marketing for startups and small business, is a great way to showcase products and services. You now have Google (SEO, SEM)); social media (SMM) platforms like Facebook, Instagram, LinkedIn, etc. which wasn’t the case in your previous recessions and tough times in economy! So, time to Take your brand digitally to your customers — and your business deserves that!
- Accelerated technology adoption is the key to survive. Use SMAC – Social Mobile Analytics and Cloud to enable your business better and smarter
In short, this is the time to Invest in your business!
As we all know — Tough times don’t last forever, but tough people do!
Business owners, entrepreneurs – Make the best use of these tough times.
Reach us in case you need any help or support in any of these!