The first wave of shut-downs across the globe caused historic numbers of small businesses to shut their doors. From executive orders shutting down entire industries to the changing shopping habits of the consumer, businesses across the globe have had to do what makes us unique: shift & adapt. As numbers continue to climb and the second wave threatens additional shut downs and seclusion, there are a number of things small business owners can do to prepare and thrive regardless of external pressures.
Maximize Online Sales
Small businesses that are not set up to facilitate online sales are missing the big picture and risking obsolescence. Amazon increased third quarter net income by $4.2B over 2019, proving that shoppers are spending more online. Small business owners who are not taking advantage of that by providing an online shopping cart of services, products, or even online booking tools are clinging to a bygone era.
Unfortunately, maximizing online sales is rarely as simple as setting up an online shopping cart. Gone are the days of “Build it and they will come.” Now we review Google Analytics to determine behavior flows and adjust the pages that are losing visitors. It’s helpful to set up online chat options and retargeting ads as well as exit pop-ups (where appropriate).
At the very least, understand that your potential clients are using your website to compare you to competitors and your website should be your best salesman.
Build Communities
~Novel Serialisation: Heavens Fire~
In an increasingly crowded online world, understanding what draws the audience in becomes crucial to success with marketing. Shouting the loudest no longer attracts the most attention. The economic landscape has shifted to become a landscape of intimately connected groups of individuals who build communities. This could be a handful of people who have connected over a love chai tea, or can be hundreds of thousands of people who are part of a community of bikers who ride a “hog.” Regardless, the groups have a common thread of something unique drawing them together.
When that connection is created, the viral sensation of word-of-mouth marketing takes flight and lean marketing budgets thrive. Too many businesses fail to understand what draws their community together and intentionally build on that. Take time to understand the core values of the business, the mission that drives the business, and what is unique to the business’s best customers so you can cultivate community intentionally and allow the raving fans to attract new customers.
Stay Money Savvy
There are two sides to this coin. One is ensuring that profit margins are protected and unnecessary expenses are eliminated. The other is to recognize that in a recession or downturn, things “go on sale” and suddenly those businesses that are spending money are able to get much more in return than they could when the economy was thriving.
The businesses that will come out the other side of this are the ones that lean in. More millionaires & billionaires have been made in recessions than any other time. Opportunities abound for those with an eagle eye & willingness to take advantage. Incredibly talented employees will be available at “discount” rates because they are unable to get jobs elsewhere, and (if treated well) will remain loyal when the economy bounces back. Properly leveraged, those skilled employees can open doors & create level-up opportunities that wouldn’t have existed otherwise.
In Summary
To survive & thrive in the second wave of the pandemic plan ahead, remain conscious of what is currently happening in their industry, and adjust plans accordingly. How will your industry change? What strategies will you use to thrive?
By Stephanie Scheller
About the author
Stephanie Scheller is the founder of Grow Disrupt, a San Antonio-based training organization for small businesses, an accomplished speaker and has been behind the scenes with more than 2500 companies in the past five years to analyze & address their sales, marketing & systems!
She is a TEDx speaker, a Forbes 30 under 30 nominee, a 2020 Woman Business Owner of the Year Award Recipient, a two-time best-selling author, an entrepreneur, a coach and a trainer and dedicated to teaching the same skills that allowed her to build her business from scratch and walk away from her corporate job in less than five months.
