As of today, over 40 million people caught Covid-19. Daily, the news reminds us of our mortality. We also have to deal with our economic woes. According to experts, we will continue to do so for the next few years.
This prospect is even daunting for entrepreneurs. They must face the possibility that their companies will not survive the economic downturn. Even with government aid, their task of turning things around is overwhelming.
Do not let the weight of your responsibilities crush your spirit. Our ancestors managed to overcome the Spanish flu, the Great Depression, and two world wars. If they were able to do it, so can you. With some ingenuity, you can keep your company afloat. Here is how.
Market Evaluation
Your first task is to map out your operation. Ask yourself if you should continue with the current course. Or would it be better if you divert your path? You can answer these questions by taking the pulse of the people. It can be as easy as looking at the data provided by the government.
You can also check social media. Most entrepreneurs think that this tool is only handy in promoting their products and services. But it can also help you identify what commodity to sell. You can use it to determine what ticks the ordinary folks.
Let us say that your loved ones rave about a particular patisserie. You should immediately inspect that entity’s social media account. You may eventually find a disgruntled customer. If you do find one, determine if you can deliver their needs. Ask yourself if there are enough unhappy clients to serve.
Evaluating the current market will create a product or service that will solve the consumer’s woes. A retails guru might tell you that you are using the SIVA marketing mix. It is a modern take on the 4Ps where there is a two-way flow of information.
Tools of the Trade
Once you have identified the path that you will take, you must invest in the right tools. They may be tangible assets that will make your operations more efficient. It can also be software that will lessen employee frustration.
Let us say that you live in a tourist spot. Most people might establish a souvenir shop. You may even own one. But after evaluating the market, you noticed that the nearest garage is in the next town. In this case, you should capitalize on this need.
Now that you have decided to establish a repair shop, you must identify the tools needed for this business. Other than the wrenches, you must purchase an air compressor and 2-post automotive car lifts. Before you buy these pieces of machinery, you should check if you qualify for an equipment financing scheme. This investment plan will give you enough cash in hand for your daily operations.
Before you invest in these pieces of equipment, you have to determine their frequency of use. For example, you operate a restaurant. In this scenario, you should purchase an industrial-grade refrigerator. But think twice about buying a delivery van because your customers can get your goodies through UberEats or GrubHub.
Promoting Your Goods
After establishing your business, let us get people inside the premises. A few years ago, Forbes published an article stating that most consumers do not trust online marketing. It also mentioned that most people rely on traditional marketing.
One of the problems with traditional marketing is that it is expensive. You have to pay several thousand to get a few minutes of coverage. It is usually effective if you are targeting the national market. What will you do now?
In this case, you should rely on Word-of-mouth marketing. Let your excellent product or services speak for themselves. We will further elaborate on the repair shop example. If you go the extra mile to help your neighbors with their car problems, they will promote your business. But if you have shoddy results, they might even point possible clients to the garage next town.
The trick to word-of-mouth marketing is making your brand synonymous with excellence. Let us say that you are one of the patisseries in town. If you offer the best-tasting cronut in the neighborhood, you will stand out. Your first-class pastry will become your competitive edge. People will share their experiences with their friends.
Purchasing a new piece of machinery will not help your company. Increasing your social media ads will not work either. Strategically map out the ways on how to keep your business afloat. These steps can help you with that.
You can follow every phase. Or you can also modify these processes to fit your needs. But they are designed to help entrepreneurs weather this Covid-19 storm. It will not only strengthen your company. But it can help your business grow.
