5 low-cost ways to save your business in an economic downturn
There’s a good chance COVID-19 has impacted your business. Maybe your staff is all working remotely for the first time or perhaps you’re wondering how the economy will take to the changes, and how recession-proof your business is. Or, you might have already lost sales and are wondering how you’ll get back on track.
Whatever your specific situation, know you’re not alone. Everyone is feeling the squeeze, and in these uncharted times we can take comfort knowing that we’re all in this together. Things are changing quickly, but having a sense of community shouldn’t. Knowing you have people – and incoming business – you can count on is more important than ever.
While we can’t forecast much right now, businesses can take steps to insulate themselves from another economic downturn.
Shift your business to be more online-focused
Bringing your services online can help you weather a COVID-contracting economy. For starters, internet-based businesses can more easily comply with social distancing and shelter-in-place guidance. Plus they don’t have the dead weight of unused office overhead. Look into setting up meetings with potential clients through Zoom, Google Meet, or another virtual application.
Taking your business online also means that it’s available to ever-widening audiences. So even if you’ve always prided yourself on being a local business, it could be worth looking beyond the current locational boundaries of your office.
Participate in – or host – virtual events
It’s 2020. Socializing does not need to happen in-person – it just needs to happen, because humans are hard-wired for social interaction, and it’s critical for our well being. Though that might look a little different for some time, virtual events and screen meetings can help you stay top of mind with clients. Use virtual meeting opportunities in your advertising and on social media.
Lean into your core competencies
What are your long-standing marketplace advantages? These are your core competencies (AKA: The foundation of your entire business). And during times of economic uncertainty, you should be laser-focused on them.
Is your business known for its reputation? Customer service? Commitment to the community? Whatever makes your business unique, do that and do it well. Drop the extras and be prepared to innovate at every turn.
Prioritize your established customers
Your current clients are part of your community; something we all need right now. Make sure they know how you’re looking out for them. Are you having free consultations? Donating your services? Volunteering in the community? Tell them! Established customers aren’t just your chance to keep sales coming in – these are the folks most likely to be loyal to companies with whom they have a pre-established relationship. As budgets continue to shrink, your potential profit may rest in their wallets.
But let’s be clear. This isn’t a cash grab. Even if it costs significantly more to acquire a new customer, stay focused on what really matters – maintaining a deep connection with your current customer community and supporting them however you can – now and for the future.
Maintain your marketing strategy
When times are lean, it can be tempting to slash a meaty marketing budget to the bone. Don’t! Cutting your marketing department is an impulsive reaction that can prove fatal for your business. Think about it: The less marketing and advertising you do, the smaller your sales funnel becomes. At a time when leads are your literal lifeblood, marketing and advertising are critical components of a healthy revenue stream.
Cutting your marketing department is a knee-jerk reaction that can prove fatal for your business.
Whatever happens, remember that projecting too far into the future has always been an anxiety-provoking activity. And though none of us ever know what tomorrow will look like, it’s understandable that businesses find the unknowns of this current landscape especially unsettling. But now is a time to exercise compassion in the face of chaos and kindness to cut the constriction. We can’t prepare for everything, but we can use this as an opportunity to truly be there for one another – especially while getting back on our feet.
At GreenQube we specialize in helping businesses work online safely from anywhere. If you’re interested in learning more about how we can help your business transition safely to a cloud-based network, fill out the form below.