During a global crisis, you are desperate for ways to grow your business. Well, that is easier said than done. You need to learn ways to remain in the market, and if you are successful at that, then you can move further.
Are you an entrepreneur who is very worried about your business failing, during this pandemic? Perhaps, you are looking for some tips to survive in these difficult times. Well, you are not alone.
There are millions of entrepreneurs like you who are in the same dilemma. Worry not. We are here to help you out come out of your troubles. Nothing is from granted in this world of uncertainty.
But, take heed to the fact that you can find ways to grow your business with these amazing ideas.
12 Ways to grow your business during a global crisis
As an entrepreneur, you need to suspend all non-essential spending. This will help you to concentrate on stablizing your busienss. The expenses are goign to keep coming.
You cannot do anything about that or control it. But, what you can is to suspend or do away with your spending, that include personal essentials too. For example, the car you planned to purchase, the vacation, the grocery shopping too.
- Shut down
You need to shut down projects that require you to make heavy investments. You see, a crisis sucks out all the money that you have. For example, if you had planned to launch something during this phase, then shut it down now.
Their is no use because most likely, nobody is going to listen to what you have to say, during a crisis. Instead, you can wait for things to get better and then when you have sufficient resources, you can go ahead with it.
- Sell off
Thirdly, you would want to sell off the non-producing assets. That is because, most businesses cannot be rescued during this period. You need to face the reality. Look around you.
What you see? Thousands of businesses shutting down with no work, no money. The best way to come back and fight another day would be to sell of most or all your assets.
This perhaps is the best time to turn the key and walk away, during a crisis.
The fourth method of your growth during this pandemic would be to digitize everything. If you are selling a physical product, then digitize it so that your clients can purchase it.
That reduces the cost of logistics.
You need to then systemize your processes. This helps in reducing the cost of your overhead rates. This method also increases your efficiency. You can hire a remote worker.
That is because the reduction in the human resources reduces your expenses.
During this time, you cannot have events or shows live. Instead, you can host the virtual events and trade shows. If you do not know how to do it, then learn them. Entrepreneurs these days need to learn how to be smart during a crisis.
It is a new trend that is gaining prominence these days. This gives value to your business. The method also helps you to save cash.
But, seldom entrepreneurs conserve their sources. You need to be cautious about the flow of cash. As the owner of your business, it is your duty to know, where your cash is coming in and going out.
Keep your account book and your accountant close to you during these tough times. Every penny matters now. Simple reason for that is, when you run out of cash, you might have to close your business.
One of the best ways to grow your business is to collect cash from clients. When you have collected the cash you have in your hands, then you need to get the remaining amount from your clients.
Do understand that they are in the same predicament as you are. Hence, be polite and patient with them. You can negotiate with them. At the same time, make your payments to those you owe money.
In a crisis, do not owe money to anybody or do not let anybody owe you money.
You need to count the cash that you have remaining with you. Based on that you can decide on the projects that you want to work with. Apart from that, you can think or come up with strategy for your business.
These projects must not cost you much money.
Now, we come to the final 3 ideas of our post. These are very vital for your survival because we are going to talk about your customers. No matter your business niche, you need to have methods to keep your customers at bay.
Only then you have the funds coming to you. If you have no clients, then you cannot move around anywhere with your business.
You need to reenergize yourself to face your clients. As we said, they are going through the same condition. You can communicate with them gently and try to convince them about starting a new venture with them or settling your dues.
This is about contacting your old customers. Somebody with whom you did business few years ago, but not now. You never know if they need your services or not. Getting in touch with them is a good idea.
Perhaps, this is a good time to meet new clients. Talk to them and find out how you can help them during this phase.
Finally, retain all your clients. Do what it takes to have them in your grasp. You do not want to let them go at this critical juncture. You must ensure that you do not allow them to walk away to your competitor for any reason.
It takes immense courage and intense determination to be a successful entrepreneur. You need to be the leader, set the example for other to follow. More importantly, you should walk the talk.
We hope that the above 12 ideas during a crisis were useful and sufficient for you to pass through this tough period that we are all going through. You them to your best level and give it your best shot.