Kristin Pruis • March 23, 2020
With the economic and social impact of global health concerns, 2020 has gotten off to a rocky start for many businesses.
Even if you aren’t one of the thousands of businesses impacted by the government-mandated closures this past week, no one would blame you for feeling less than optimistic about actually seeing any growth this year in your business.
It’s a harsh reality that this may be a difficult season for many people in their businesses, especially for restaurants and those that provide luxury products/services, but I have every confidence and faith that we as business owners can rise to the challenge. Now more than ever, I think it will be important to double-down with laser focus on revenue-generating activities that are going to support the growth of your bottom line. What that looks like for everyone can vary depending on your business, but there are some key high-level strategies that I think are going to carry you far when it comes to your marketing and any of your core business initiatives.
More creative, but still focused.
Now’s the time to decide how to refocus your energy on your business. Continuing to do things how you’ve always done things in your business might not be the smartest choice. You will likely need to get creative to think of new ways you can serve your customers and give them value, even in this time of crisis. What you shouldn’t be doing is just sitting on the sidelines, waiting for everything to “blow over” and not adapting your business to what’s happening in the world.
More strategic and less impulsive.
It’s easy to get caught in the trap of “shiny things.” Floating from new idea to new idea in your business is tempting, but now’s not the time to get distracted or simply try something because someone else is doing it. Think about what activities, strategies, or offerings you can provide that are going to give you the most return on your time and put them into play. (Re)set your yearly goals, if needed, and put the steps in place to make it happen.
Now, if you want to talk nitty-gritty, when it comes to your finances, my numbers girl Jamie Trull, from Balance CFO, has got you covered with a solid 4-step plan of navigating your business during this trying time.
- Review your recurring expenses. Cut or pause all but the absolute necessities. For required expenses, buy from other small businesses to promote community.
- Sum up your remaining monthly fixed expenses. Determine how many months of cash you have available in the event your sales decrease or dry up.
- Revisit who your ideal customer is. What new challenges might they be facing during this time? Write them down.
- Brainstorm how you can address these new challenges. You may need to change your business model or diversify your offerings. For example, you may consider moving your business online or offering in-home services.
With all the unknowns for the year ahead, it’s easy to feel scared or even panicked, but as a savvy business owner, you know that if you come prepared, you can handle anything. If you have been seriously worried about what 2020 looks like for you though, I want to extend a very special offer to you. I’m teaming up with one of my all-time favorite copywriters, Jen Petro of Dropleaf Communications, to put together a FREE website giveaway to a deserving female business owner that has been negatively impacted by COVID-19. You can sign up here, from now until April 1, 2020 or share with a friend if you know of someone who could use the extra support this year!
What are you focusing on this year to grow your business? How can I support you? Let me know in the comments!