It’s fair to say that running a business in the current climate is tricky. The economy has been through a huge turbulence period in the past year, with some states seeing a 29.9% decrease in personal income. It can feel like you’re always struggling to stay afloat, one step behind everyone else with so much uncertainty.
We’ve created a list of three easy things you can do to reduce this stress and make sure your business is durable and ready for any challenge an uncertain world brings. Read on for the best ways to keep your business thriving despite the current events.
Prepare for a crisis
None of us wants our business to go through a serious upheaval, but the sad fact is that it happens, and the most productive thing we can do is to be prepared.
We recommend attending Crisis Management Training with your staff so that everyone in the room will have a plan if disaster does hit. This training covers both financial and safety dangers your entire company needs to be aware of. Require your team to take notes and plan for follow-up training, so your employees don’t forget what they learned.
It’s also important to keep an eye on major economic trends to predict what might come next. This allows you to spend your money wisely and forecast consumer behavior, so you can always stay one step ahead. Keeping up with news sites like Bloomberg or the Wall Street Journal will let you have a deeper understanding of the uncertain things that are happening in the wider world, which you can use to improve your business.
Although it may seem counterproductive to work with other businesses at a time of so much competition, this can actually be very helpful as it exposes you to consumers who may not have otherwise heard of your brand.
If you run the kind of business where giveaways are possible, running them in partnership with other companies helps to exhibit you to their customers. It reduces the cost of running the giveaway, and they may be willing to offer support if you go through a crisis and need help.
Even if this is not possible, having an agreement to recommend each other’s companies if you’re not direct competitors will bring in more consumers without costing you enormous advertising sums.
Utilize social media
If your business isn’t on social media, you’re missing out on a huge consumer base. For example, in July 2020, there were 689 million TikTok users worldwide.
You can create content on this platform for free, and it has significant potential to go viral, bringing you a range of new consumers. If you experience setbacks in the future, creating social media content can bring in extra income that your business would not have otherwise.
The social media platform that’s best for you depends on your target audience. For example, if you want to sell to Gen Z, TikTok is crucial, but it may be ineffective if you’re targeting over the 50s. Make sure to research how social media and age interact for maximum benefit to your business.
Watch your business flourish
Being a business owner can be a difficult task, but the fact that you’re reading this shows that you’re eager to protect your business. Now you just need to apply these three initiatives and get your entire team on-board with crisis management training, collaborations with other businesses, and additional social media income for greater security.