How You Can Push Your Business Through The Panic

Businesses suffer all the time. Many are suffering at the moment due to the coronavirus pandemic, while others have separate problems to try and fix. While this happens, business owners will often panic. For example, if you operate in the travel and tourism industry, the current pandemic has likely wiped out your revenue. Cue the panic. But there are ways businesses can push through panic and continue to succeed and even grow. Crises happen all the time, and if something goes wrong it won’t always be your fault because you won’t have control over. What you do have control over, however, is how you react as a business owner. Some react by going down the financial route, others will drive their business forward by seeking new avenues and opportunities while others scale back to save money.

The point is, you can push your business through the panic in most cases. While all industries differ in what works and what doesn’t, these tips can get you started.

Go Narrow, And Target Your Key Demographic

If you’re worrying about a significant reduction in sales, the worst thing you can do is spend an absolute fortune on advertising. Especially blanket advertising. Instead, think narrow. How are you going to get your product or services under the nose of people who are going to buy them. If you’re looking at other businesses, consider b2b marketing. If your product is mainly bought by students, you target campuses, social media groups frequented by students, etc. Narrow down and then part with cash. It’s the best to increase sales and push for business out of any danger spots. You can also end up spending less money doing it this way, with the trade off being you spending time sorting things out and researching.

Can You Leverage Overseas Markets?

Another way to get through a sticky spot is by finding more people to buy your product. If most of your sales come from one place, it stands to reason that people who live elsewhere may want it too. The caveat being that if your business offers something bespoke to one locale, this may not work. Think about countries. Imagine you could ship overseas and do business in Japan for example, one of the biggest economies in the world. Same for shipping to Europe, or the States. It’s easier if you’ve already got some contacts, and easier again if you’re selling a service rather than a product, but it’s always an option worth exploring. If people like your products where you currently sell it, there’s no reason they won’t overseas.

Use Third-Party Sales Streams

Maybe you’re worried that there aren’t enough people coming to your website. It’s a common problem and SEO is still on the menu for most businesses trying to make it online. However, if you’re trying to sell your product and can’t shift much from your website, consider using another to sell your product from. There are different options available if this is the route you’ll take, but getting set up on Amazon is a good first step to take. You won’t be making as much profit per sale but if you’re still making profit, just make sure what you’re selling isn’t gated. By selling on popular platforms, you’re also spreading brand awareness so it’s win/win, at least for the short term. Be sure the third-party sellers are reputable, and that they won’t damage your brand in any way shape or form.  Reputational damage is one thing which can take a while to get rid of.

Cut Back On Costs

It’s not just about bringing more sales and money to your site. It’s also around cutting back on expenditure. There are many ways to do this, depending on business type. Look at your suppliers. Cut back on the orders, but also speak to them about a potential reduction in rates. It might not work, but some suppliers would rather be paid less than lose a customer long term, especially if the reduction is only a short one. You can also go about asking your workforce whether they’d want to drop some hours if possible. You don’t necessarily have to force this, but it’s certainly something worth looking into. Check your business subscriptions too…do you still need them? Or, do you need the subscription at the same level? Consider your Microsoft subscription for example. Do you need Office Professional? Do you even use it and could you maybe use something else, like Google Docs, which is of course free.

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