The pandemic has severely impacted businesses of all shapes and sizes. With widespread lockdowns happening all over the world, trade across various industries has met new and unprecedented obstacles. Entrepreneurs and corporations have had to quickly think of ways to navigate the new normal to ensure their businesses continue and survive. The same goes for small businesses that are based at home.
In this article, I will be sharing with you some best practices to reduce costs without sacrificing the performance of your home business. I am also sharing a few pointers on how you can stay on top of your business during these difficult times.
1. Find a niche market that is profitable
By focusing on a specific niche in the market, you can have the chance to scale your business rapidly because of the uniqueness of your products or services. Find these niche markets and cater to consumers whose needs are not being met by larger companies.
If your business can solve a problem, or save people time or money, then people will have a reason to buy from you. As a result, you will more likely have an edge over your competitors and succeed.
2. Make sure your business has an online presence
If your business doesn’t have a website or social media presence yet, it’s time to go online. Most people are staying at home, and they prefer shopping online rather than visiting any physical store. Keep your website simple and easy to navigate. Consider adding a shopping cart function and applying for a merchant account so you can accept credit card payments.
Don’t forget to leverage the power of social media. When potential customers are researching your brand, one of the first places they look at is social media. Having an online identity is critical to reaching your intended audience on platforms such as Facebook, Twitter, Instagram and LinkedIn.
Another key to boosting your online presence is to utilise e-mail marketing. Create an e-mail list and engage with current and potential customers by sending them emails about your products or services, promotions, discounts and new offers.
3. Adjust, pivot and adapt
Think about your business with the future in mind, and not just the current market conditions. Use this opportunity to address opportunities to improve your products or services, such as creating a better user or customer experience. Spend time thinking about the changes you need to make to stay in business, instead of sticking to current systems and failing to achieve any progress.
Also, look at what others in the industry are doing to get inspiration. Maybe they have updated an old product, or are actively engaging with customers via social media, webinars or podcasts. It is important to assess how market dynamics are changing due to the pandemic and how you should align your business to keep it competitive and profitable.
4. See what your competitors are doing
Take note of your competitors and look for ways to further differentiate your brand, so you can position your business better and achieve the outcomes you want faster.
Observe businesses that are doing well in this crisis and see what they are doing differently. Look at both your indirect and direct competition to learn which strategies can effectively produce the results you want.
If you understand what steps your competitors took during and after this crisis, then you can tailor your strategy accordingly and get a competitive advantage as your business resumes normal operations.
5. Have a smart, flexible and realistic business plan
As an entrepreneur, you need to be prepared for anything that might happen to your business, more so during challenging times where market variables can be more unpredictable.
Create a business plan that will see you through for the long-term. Be prepared to make crucial changes, when needed. Maybe you need to drop a slow-moving product, or revise your payment terms with your suppliers and customers to keep a healthy cash flow.
Examine your business closely and determine where improvements can be quickly made, so you can swiftly adapt to the challenges of the pandemic.
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