There’s no hiding the fact that times are tough for businesses both large and small. The COVID-19 pandemic has caused uncertainty, disruptions and trepidation across the board, as businesses face the devastating impacts of global lockdowns and steep economic downturns. The big question for almost every business right now is, how can you create reliable income that can sustain your business through the pandemic and into the future. Here are our five top strategies to do just that.
- Sell what you do to your current customers. In difficult times customers will be looking to streamline their spending, cutting out non-essentials and finding more affordable solutions. The easiest way to ensure the sustainability of your business is to make sure that your existing customers continue to do business with you. Think out the box in your approach, tweaking your offering to accommodate your customers and the challenges they’re facing. Remember, a customer (even if it is a less profitable one) is always better than no customers at all. Shift your priorities from profitability to nurturing your existing customer relationships as a means to cover the fixed costs of your business.
- Sell something different to your current customers. The general rule is that it’s easier to get more money from a current customer base than it is to find new customers altogether. Use this to your advantage and reflect on what new services or product offerings you could offer your existing customers that would align with your business but also add a new revenue stream. Remember that being successful in the current climate is all about being able to adapt, but it’s important to do so in a way that is sustainable for the future. Make sure that any new offerings are something that actually make sense for your business and will be relevant through the pandemic and beyond.
- Sell what you do to new customers. Now that you have your existing customers covered, it’s time to start thinking about how you can win over new customers in the current circumstances. A great way to do this is by offering an incentive, whether it’s a two for one deal, a free gift with purchase or a special discount. But make sure that in incentivising your products or services, you aren’t compromising on quality. Another good way of finding new customers is to partner with a relevant business to cross-promote your business for a small commission. This way your business will be exposed to a wider target audience in an authentic way.
- Remove waste. Now is the perfect time to re-evaluate your business expenses and cut down on anything that isn’t essential or adding real value. You’ll be amazed by how much you can save if you really scrutinise your business costs and trim down on areas that aren’t crucial. Assess where your key value streams are and focus your time and energy on developing these while cutting down in the areas that aren’t serving you. Inefficiencies in your business can cost you in time and money, so make sure your systems and processes are operating in ways that ensure the greatest returns. You may be less busy than usual, so use the ‘downtime’ to improve your business efficiencies so that you can build back stronger when things start to pick up again.
- Build your online sales funnel. If this year hasn’t been a wakeup call on the importance of online sales, then nothing ever will be. Whether you like it or not, your customers are online, and if you’re not reaching them there you are missing out on an enormous opportunity for business growth. With more and more people embracing the online world as an alternative way of buying from the comfort (and safety) of their homes, it is essential that you have the capabilities in place to service them in this space. In short, if you haven’t already got an automated sales funnel set up, then it should be one of your top priorities to do so. Plus selling online has the added benefit of allowing you to scale your business automatically, without having to increase your hours or investments.