No doubt, our ordinary world will no longer be the same. Many companies have not been able to withstand harsh market conditions. We consider the main reason for the business collapse is the lack of crisis thinking of many entrepreneurs.
The majority of business people followed the old canons and hoped for luck, ignoring the obvious things all this time. We can say that COVID-19 pandemic is a natural selection. It shows us that offline business will become a relic of the past very soon, and entrepreneurs should have a clear action plan on how to live in react in the future.
Some companies have experienced an immediate decline in procurement. Others have noticed only a slight decrease and expect to return demand to normal at the end of the year. It can happen, but the probability is low. The reality is that as unemployment rises — demand decreases. It may take longer for entrepreneurs to make a deal than they want or expect. And that’s okay in crisis conditions, the market has slowed down a lot, and it will take more time to stabilize the situation. It is expected, as many venture companies and other sources of investment are at the sorting stage and need more confidence to invest. And if you are looking for investment opportunities for your startup, we advise you to pay attention to our article about sources of seed investment for a startup in which we talk about possible solutions to your request.
First of all, you should pay attention to the current market studies and its dynamics, on which you are or want to exit. Many entrepreneurs understand this only from an analytical point of view, which is not quite right. You need to understand the market mechanism and the customers’ vision in a crisis environment, which is much more difficult, but necessary.
We can assure you that your efforts will have a positive impact on business. All companies are going through difficult times. That’s why it’s essential to be a strong leader who has strong beliefs in business. Such a factor is a great benefit, as while your competitors left the market, you can make quick decisions and occupy their market shares.
Develop your action plan for the coming months, taking into account that the market will not be the same as it was before. Realistically look at things and think that more and more people will understand what they need and do not need.
Otherwise, you may be able to sell the product once, but you should not expect more. Buyers want to get more than they pay because many people give their last money for your product and support you at the same time. So you should not only understand it but also respect it.
Each phenomenon always has two sides. And now is an excellent opportunity to think about how you can change your business, how you can improve it? What can you offer the market, something that wasn’t there before, or what additional value can you create?
Pay attention to the service, freeze over the packaging, additional branded elements, come up with a mini-gift for any purchase, or write a card with warm wishes. A passionate entrepreneur can be seen with a naked eye, as he cares about his business and customers. Times change, but people distinguish the difference in approach, and they can appreciate the attention. If you meet the consumers’ needs in difficult times for them, be sure that they will back to you in good times. WOM is still a very effective tool as we better trust close and authoritative people, our friends, or parents.
Add some craftiness, freshness, a touch of modernity to business. You can join forces with other entrepreneurs, thus share the waste and create an interesting new product. Collaborations attract the attention of the audience by uniqueness, as people understand that others will not have such a product.
Also, don’t forget about the content. Keep in touch with your audience on social networks, keep an eye on them, create headlines for communication, answer frequently asked questions about your products, and encourage your audience. Give symbolic gifts or a nominal discount to people for reviewing your products in their profiles. And don’t forget to tag your profile, people will be happy to be noticed and create content for you.
Do not forget about your team. Always remember, you are on the same boat, and it is essential to maintain team spirit. Talk to your team to get feedback. You need to understand the real situation of each employee and their work part, try to support people emotionally, smile at them more often. Involve them in the creation of ideas for your business; people have a great enthusiasm for tasks when they feel self-importance.
The crisis creates many market barriers, but it also creates enormous opportunities. No grain will germinate without rain, and no matter how fertile the soil is.
Stay home and be healthy!
And if you need help with your business, we are here to let your business blossom!