Business Growth vs Covid-19

Countries have all but shut down. Many businesses have closed their doors indefinitely. The future seems grim and uncertain. Yet we forget that many of the brands and businesses we know and love today were formed or exploded in popularity in times of crisis, recession and economic stagnation. These include some of today’s behemoths like Netflix, Lego, Microsoft, CNN & Amazon. So how do you achieve stability and continue to grow in the face of so many hurdles? Let’s examine three ways to get ahead and stay of your competition.

Offer Cost Efficient Alternatives

Let’s face it, when the economy is down money is tight. People have to choose carefully what to cut out of their lives and what to keep in. Create new products or services for people that offer them better deals than they may be getting somewhere else or that they may have had to cancel elsewhere.

Offer your services to those in need

Don’t be a stranger. People are going to remember which companies had their back during the crisis. Marketing budgets might be tight but social media is available to boost your existing relationships and cultivate new ones. Interact and find out what people are looking for.

Examine New Opportunities

If you customer base is dwindling regardless, now is the time to pivot. Do research about new & emerging markets and don’t be afraid to re-brand yourself implement. Diversity of income is the key to staying afloat. Problems in the short term rental market? Switch to the long term market or consider offering affordable commercial space to companies & startups. Physical sales dwindling in store? Ramp up digital and online sales by offering deals, discounts and seamless delivery service.