Business Growth Strategies amid the Pandemic: What Key Factors to Consider
Every entrepreneur aspires to grow their business. It’s more than just boosting their profitability. But it is also about sustaining and expanding their business for the long term.
However, it can be challenging for a business to grow in a crisis like the COVID-19. In fact, some small and medium-sized enterprises (SMEs) simply want to get by and stay afloat. A few others want to take advantage of the business opportunities presented by the pandemic.
There are some crucial considerations to make for your business growth strategies. If you’re looking to grow your business during the pandemic, here are vital factors to consider:
1. Your industry
The first thing to consider is the industry your business belongs to. Know that some sectors are suffering while a few others are thriving during the pandemic. According to Forbes, the following are some of the flourishing industries:
- Cleaning services
- Delivery services
- Grocery stores
- Telehealth services
- Tutoring services
- Home health providers
- Tech companies
It’s good if your business falls under one of those in the list above. If it does, study your market and see how you can take advantage of the opportunities presented to you during this pandemic. If not, find a way to make your business relevant to the crisis. That way, you can offer something valuable for your business to grow.
2. The consumers
There’s no denying how the pandemic has impacted consumers worldwide. For this reason, expect to see a significant shift in consumer behavior. While at it, consider the inevitable change in consumer needs and wants.
As a business, you must factor in both your regular and target customers. For one, your usual customers will most likely have changes in their needs. Also, perform research to establish your buyer persona during this pandemic. You may probably need to retarget your market.
3. Products or services
As a business, you’re offering certain products or services to your consumers. But during this pandemic, you must reevaluate what you have to offer.
That said, ensure that your products or services cater to the needs and wants of your target customers. Consider creating business value for your market in times of a crisis such as the pandemic. Ultimately, doing so is the best way for your business to stay afloat and grow.
4. Business Finances
Finance is the most vital aspect of running and growing a business. As much as possible, you want to maintain the financial health of your business. Also, you must have a robust cash flow, where you earn more than you spend.
If you have a small business struggling to survive, consider applying for a Small Business Administration (SBA) loan. If you’re looking to grow your business, find ways and means to generate more income.
5. Your Workforce
For the most part, businesses won’t exist without the workforce. Keep in mind that employees are the most valuable assets of a company. They look after the day-to-day operations of a business. Without them, a business may end up crippled.
As a business owner, take good care of your workers. Amidst the pandemic, you must check their overall welfare. Make sure that you foster their health and safety. If you take care of your employees, they will take care of your business.
6. The Competitors
It’s not enough to take a look at every aspect of your business internally. You must go beyond and see what others in your industry are doing. The best course of action is to study your competitors. Check to see how you can get ahead of the competition.
In addition, you may learn some best practices from your competitors that you can implement in your own business. There’s no need to go dirty, but you must always be strategic in running your business.
As far as business growth is concerned, marketing is imperative. But during this pandemic, implementing digital marketing campaigns is your best solution. If you have an eCommerce business, considerhiring eCommerce marketing services.
Digital marketing professionals can help you with your search engine optimization (SEO), pay-per-click (PPC) advertising, email promotion, content marketing, and social media management. Ultimately, marketing will help your business grow and succeed.
At this point, you now know what it takes to grow your business during the pandemic. For your business growth strategies, be sure to consider the key factors outlined above. Know that you must not neglect each crucial aspect, as they play a vital role in your overall business success. When you take them into account, you’ll be surprised at how you can grow your business even amidst the COVID-19 crisis.