As Israel enters yet another economic lockdown, entrepreneurs and the self-employed are being forced to quickly adapt and reassess. Business owners must make challenging decisions, brought on by COVID-19’s grasp on our free economies. Here are 5 tips on how to grow and maintain your business amidst lockdown.
1. Assess your business plan
Whether you are a well-established company, a brand new start-up, or a non-profit, it’s essential that you safeguard all that you built pre-COVID. Taking us all back to our university days, pulling out your business plan, blowing the dust off its cover, and reviewing your scope will benefit you greatly. Focus on where your cash flow originates, the distribution of income-risk, customer industries, and their current state, and how your business operates today amidst these conditions.
Don’t be afraid to shift, even big time.
2. Go networking
Locally in Israel, and worldwide, platforms like Linkedin provide you with low effort, low-cost opportunities for B2B growth. Meanwhile, other social platforms allow you to discover new networking opportunities. Online conferences are a dime a dozen as we hold on in-person meetings, and each new online event is striving to provide more real engagement and networking.
Jump on the phone, set up a Zoom call, or shoot out a few personal emails to a past contact that may be in need of your service. Don’t take your foot off the gas, there are companies and clients searching for your service or product.
3. Take control of your marketing efforts
Go digital! Nearly regardless of what your business offers, there’s an opportunity for growth during this lockdown! Platforms like Google Adwords, Facebook advertising, and display advertising helps your brand reach potential new customers. The strength of these platforms lies within their allowance for hyper-targeted advertising.
Through PPC (Pay Per Click) advertising, for example, you choose what to show, who to show it to, and what action (click/call/etc.) to lead a viewer towards. This could benefit your company during COVID lockdowns.
4. Consider diversifying your company offer
With Israel and other nations going into additional lockdowns, there’s no question that the economy has been thrown a few curveballs. It’s your company’s responsibility and opportunity to assess these adjustments and evaluate new market fit.
With COVID’s presence, there has been an entirely new list of needs and demands from your local economy. Tap into how your company can bring solutions to these pain points, and/or open new opportunities for your target audience.
5. Say “Thank you!”
Show your customers how much you appreciate their business. An enthusiastic phone call, warm email, or smile-filled video call will warm up your business relationship and show them that they are important to you and your staff.
Do your best to avoid any onset feelings of guilt, weakness, or negativity. We’re all in this together, and your customers come to you to receive confident top-quality service.
These 5 tips for growing your business during COVID may lead to further questions and thoughts. That’s great, let that process happen naturally. Take time to sit with your core management, or simply with your own thoughts, to construct a short and mid-term plan that focuses on the proper market fit for your company during these unstable times.
Be alright with seeing your business take on new forms, develop new offers, and enter new markets. A caveat would be to stay true to your brand’s core values, purpose, and expertise. If you see an opportunity in a far off-market, consider what pursuing that new market would do to your existing company.
Stay optimistic, lead your team with enthusiasm, and provide value to your customers. A business with wonderfully pleased customers will prosper during and post-COVID.