Though 2020 has seen the economy take a huge hit, the year isn't over yet. While the lockdown forced many businesses to rely on survival strategies, the rest of the year is still ahead of us. As you get back to business in the coming months, the following strategies will help you finish the year strong:
1. Identify New Needs
Both businesses and their clients are experiencing a significant shift in their needs as a result of COVID-19. Businesses need new ways to relate to their customers while clients have to adjust to the impact of staying at home. Though reopening will allow businesses to open up their brick-and-mortar locations, it’s not going to be “business as usual”.
In a semi-post COVID society, we need to be socially distant, work from home, stay healthy, and communicate via technology. Identify your clients’ new needs and create new products or services to meet these needs as you strategize how you can finish the year on a high note.
2. Focus on E-commerce
If your business doesn't already have a strong online presence with an easy-to-use website and an online store, getting back to business means prioritizing e-Commerce. While physical locations will reopen soon, experts believe that people will continue to prefer online shopping. Make it a point to optimize your website and social media accounts to drive traffic to your online store.
As you design your online store, remember to make the shopping experience seamless. Focus on providing products and services that fit your customer's current needs as they navigate getting back to normal. As you populate your online store, remember to optimize your shipping methods to guarantee a timely and contactless delivery.
3. Strategize for Growth
While most businesses focused on streamlining their operations during the COVID crisis, the rest of 2020 will see a focus on growth. In the coming months, you should prepare to scale your business to meet an unparalleled increase in demand. Just as the lockdown resulted in a drop in revenue and sales, reopening businesses will kick start sales.
While it’s still beneficial to be frugal in your business operations and save money when possible, the future is all about scalability. Scaling requires that you adopt a growth mindset that will help you push your business forward when the time is right. For now, focus on redefining your business strategy so that it allows your brand to easily bounce back once the economy recovers.
Your new 2020 business strategy should include plans that will allow your business to operate in the event that you experience serious sales growth. As you set your sights on growing your business, now is the right time to implement new processes and tech that will let you scale your business when the time comes.
For many businesses, 2020 is just getting started. Learn from the lessons of the COVID crisis and let this guide inspire you to take the rest of the year by storm.