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7 Key Strategies For Adapting To And Growth After Covid-19

7 Key Strategies For Adapting To And Growth After Covid-19

There currently is a window of opportunity to grow your business as consumers are re-establishing their habits and the businesses they frequent.

These are 7 key strategies to adapt and transform your business to THRIVE during and after the Covid-19 pandemic.

  1. Look Forward, Not Back

The only thing that is relevant is now and the future. Don’t waste time and energy yearning for the old normal. It may never come back. Instead, focus on the Next Normal! That is what you are creating to THRIVE in this new environment.

Focus on the things that you can control and will have a significant impact on your results. There are many things right now, such as Government regulations, restrictions, and the Covid-19 virus, that are out of your hands. But there are many things that you DO control – your finances, staff, operational considerations your expertise and the resources available to you.  Focus the resources on the things that will have the biggest impact on your business and your customer relationships.

  1. Do More With Less (Or Nothing!)

Remember when you started your business? That’s what’s needed now, that start up mindset.  Make do with what you have, what you can get your hands on, create or access.

Manage your cash wisely. Money can buy you time, options, resources, or solutions. The less you have, the more creative you are! Prioritize who gets it and when and take care of whoever is helping you the most.

  1. Leverage Your Customer Relationships. They Are Your Most Valuable Asset.

It’s critical that you control the relationship with your customers. If you are using 3rd party delivery services, make sure you capture those customers’ contact information. And don’t assume all your customers are following you on social media or reading all your emails – use a multi-media approach to communicate directly, both online and offline. Cross-promote different groups, products and services. Inject your personality into your marketing; it’s what differentiates what you do from your competition. Whatever you do, make your customers feel special and appreciated. That is going to make your customers loyal more inclined to choose you over your competition.

  1. Think Beyond Your Existing Challenges And Situation

It is easy to let problems in your business take over your life, and while you need to deal with these issues it’s important that they do not consume you. Compartmentalize your challenges. Allot your problems a set amount of time to think about and brainstorm ideas on how to deal with them, and then put them in a box and move on to what you can do to make your future situation better. Make sure every step, every action and every decision are in the direction to make your future better.

Stay true to your values and make sure you are creating a business that will support the lifestyle you desire and your vision for your business. Be clear on what you want and SAY NO to everything that doesn’t support your objectives. It may be difficult, but it’s one of the most important things you can do for yourself and your business. We often focus on where we are now. But, if you can focus on where you are going, that will be more helpful for you to create the future that you want.

Look for the opportunity gap in the marketplace; what crying demand in your community is not being met that you can make money from. Focus on what your customers WANT, not what you think they need. This is always changing, so it’s important to stay close to your customers and listen to their feedback.

Observe what other businesses from other sectors and your competitors are doing and apply it to your business if it makes sense to do so.  Now is the time to leverage technology and use it your advantage, along with your other assets and expertise that you already have.

Most businesses now have capacity constraints. To deal with that, you may need to raise prices and change processes to improve profits.  How can you move towards larger transactions and more elaborate experiences? Make sure you are evaluating exactly what is best for your customers and your business moving forward.

  1. (Re)Build A Solid Business Model

What business do you have already? What business are you in? You are actually in the business of marketing memorable experiences and solving specific problems people have related to your product of service. What are you doing that you think you can grow?

Do your research. Find and solve a big problem/challenge/crying unmet want or pain points in the marketplace that you know you can solve. Ask yourself the tough questions (getting the question right is the hardest part; you can figure out the answer if you get the question right!). Talk directly to your customers and find out what is going on in their life and how you can help them. Find the people that aren’t hurting, that have money, and cater to their wants. But, be careful you are listening to the right people. Some may be willing and wanting but may not have the ability to purchase what you have in mind.

Be open to alternatives. It is important to remember that you are not your ideal customer! Spend some time finding out what your ACTUAL customers want.

Surround yourself with the best team possible. Figure out what your weaknesses are and find team members to fill the gaps in your business to help you achieve your vision and make your business better. Train them and give them the tools they need to succeed so you can move forward. Empower them, make sure they feel safe and let them do their job. Pay them competitively, provide an incentive to stay and align their compensation with your objectives. Focus on performance, reliability, capabilities, and remove people from your team who are no longer a good fit.

Think about multiple income streams. What customer niches and have different characteristics that complement one another and different products or services.

Raise prices strategically where you can – bundle products together to raise the transaction size and where there is more elasticity, charge more. Consider a “good, better, best” pricing strategy so you have items for customers at each price point. Build a prepaid VIP program.  Attract better customers, or those whose chief method of making decisions is not price. Immediate upsells to customers who have just purchased from you and are likely to do so again and follow up more and better to increase frequency.

  1. Sell It First (Get The Money Before Doing The Work)

If you have an idea for a product or service, get the money FIRST and then figure out how to do it. This saves time and energy investing in something that may not sell. Often, companies spend too much time perfecting things that they never sell or by the time its ready the market has changed.

Products and services change with client WANTS not needs. Listen to what your customers tell you about what they WANT.

Make it EASY for people to give you money. If they want to be able to pay contactless, or use an alternative method of payment, make sure it is easy for people to order your products.

  1. Move Fast!

Once you have decided on the most important task, do it quickly, do it well, and get it done.

Put ideas into action quickly. Money is attracted by motion, not ideas. Getting started on something is usually the most important step, but you also have to finish. Money moves most readily to the person on the move.

Try out lots of stuff. Test, test, and then test some more, and then stop doing what does not work and increase what does.

Now is the time to get aggressive with new customer acquisition, as well as better and more frequent communication and marketing to your existing customers. Associate with others who will help you achieve your goals.

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