Key Business Growth Strategies during and after COVID19
The COVID-19 pandemic has affected not only the global economy but also the day-to-day business cash flow. Considering the uncertainty and unprecedented challenges that this period presents, it is important for businesses to change how they operate and serve their customers. A shift in strategy will help businesses take better care of employees, satisfy customer needs, and enhance the company’s financial health.
Here are some business growth strategies that can help you keep your business not only afloat, but moving forward:
UNDERSTAND YOUR CUSTOMERS
An intimate understanding of your customers will help you to boost your sales performance and grow your business. However, periods of slow-growth occasioned by factors such as the global pandemic can be occasioned by evolving consumer behaviour. You will need to have a clear picture of the type of customer that buys your products and what motivates their decision to buy. Don’t simply have a shotgun approach of “everyone is a customer” – establish which type of customer you most frequently deal with, and/or which brings you the most revenue, and focus on that type of customer and demographic. This information will put you in a great position to identify ways of delivering value to specific clients.
RESEARCH YOUR COMPETITORS
Many businesses will experience slow growth during and immediately after this pandemic. Any business that wants to grow should not only put the necessary measures in place but also identify standards against which they will measure their progress. Essentially, it is important to research your competitors to obtain business growth data and use it to determine how well you are performing based on your growth rate. The preliminary research can also allow you to learn the strategies other businesses in your industry are using to achieve growth.
PROPER FINANCIAL MANAGEMENT
Finance is the lifeblood of any business. You have to make sure that you manage your finances properly during this pandemic if you want to realise business growth. You may need to cut back on certain expenditures and invest more in high growth areas to make more profit. Analyse your balance sheet, profit and loss account and cash flow statements to keep business expenses under control. Whenever necessary, you can get small business help in terms of implementing your plan for financial growth.
HIRE/KEEP TOP TALENT
When looking to lead your business through uncertain times, you will need qualified and dedicated employees whose talents will help you overcome the associated challenges. As more people continue working remotely, keeping or hiring experienced professionals who can work with minimal help and supervision will benefit your business in many ways. In addition, you should consider getting business advice from experienced professionals in your industry. An expert’s insight could give you the edge you need over your competitors.
BE OPEN TO FUNDING
COVID-19 has led to major disruptions to businesses and consumers, a factor that has had adverse effects on the global and local economy. To keep businesses afloat, governments and other relevant organisations put in place measures to cushion small businesses against these changes. Currently, small businesses in Australia can access funding to boost working capital, respond to the crisis, refinance debt, and finance growth. It would be important to find out if the financial packages available can help you ensure your company’s survival and growth. Click here for some Government business grants you can consider, or read here for information on Bank and other grants.
ASSESS YOUR MARKETING
COVID-19 has affected household incomes and consumer spending, which has led to lower sales and reduced profits for businesses. During this time of crisis and in the period after the pandemic, you will have to put in place a solid marketing plan and review your marketing efforts periodically. You may want to take advantage of social media to drive customer engagement, build brand awareness, deliver customer service, and market your products. Depending on the nature of your business, consider offering greater convenience by delivering products to your customers.
ENSURE YOUR PRODUCT OR SERVICE IS STILL RELEVANT
The current crisis has significantly changed consumer needs and preferences. Even as you work on building customer relationships and investing in different sales channels, you have to ensure that your product or service is still relevant. A product that delivers value to customers is likely to generate demand and contribute to your business’s growth. Take time to understand what your customers expect from you and make adjustments to your products to survive these difficult times.
Today, technology enables small businesses to compete with the more established brands and flourish during periods of slow growth. Advanced technologies will facilitate communication with employees working remotely and provide new ways to engage with customers. Businesses that are keen on growing should understand the importance of digital transformation and move towards automation. With the necessary small business help, technology will contribute to increased efficiency and help you save time and money.
Most small business owners in Australia already had a business plan and goals that they wanted to achieve. However, the disruption that comes with this pandemic makes it necessary to be flexible and ready for future changes. Changes in consumer trends, labour market, and the economy will require that you make some adjustments. As a business owner, making sound decisions swiftly will allow you to maximise opportunities and grow.
PREPARE FOR THE RECOVERY
There is definitely hope that the pandemic will be put under control, although we do not know how long this will take. Businesses that seek growth have to focus on the future and prepare for recovery. Staying ahead of the game will involve purchasing materials, receiving new shipments, improving the work environment for your staff, and building a strong business culture. Business leaders will need to adopt effective leadership practices to encourage employees and deliver the desired business growth.
There are many more growth strategies that you can use to ensure your business survives both during and after the pandemic. However, you will need to find measures that address your specific needs and goals. Nationwide Super is committed to helping small businesses grow through exceptional products and services. Contact us today to learn more about how we can support you as you navigate these tough times.
The information contained on our website is general in nature and has not been prepared with your specific circumstances in mind. Kindly read our disclaimer before making any investment decision.