BUSINESS SUCCESS DURING & AFTER CORONAVIRUS
How will you have business success during & after coronavirus? Check our top tips and ideas below.
We have over 40 years of experience in growing businesses through difficult economic situations. (So far we have worked through 7 recessions).
We have loads of experience in what do to (and what not to do). We help businesses of all sizes from 1 person sole traders to companies with 300 employees.
Tips for BUSINESS SUCCESS DURING & AFTER CORONAVIRUS
- Can you run your business better? Are you making money, could you make more?
- Put your customer at the centre of your company.
- Build your brand- Make sure people know you exist.
- Develop and alter your customer base.
- Use the time – create simple reporting to track KPIs.
- Take a break.
Business Growth Services
Greenway has over 40 years of experience in delivering business growth for small, medium and large businesses.
Our SME business growth service gives you results-driven, practical business development plan can be tailored to any business model.
IS THIS YOUR BUSINESS?
- Not Making Enough Money.
- Your Business Is Totally Dependent On You?
- You Can’t Afford To Pay Yourself What You Are Worth.
- There Doesn’t Seem To Be Time To Strategise And Plan.
- Working 60+ Hours Per A Week And Never Catch Up.
1. Can you run your business better ? – Are you making money, could you make more?
Take your sales for last year and look at the profitability per customer. Apply the 80/20 rule.
Which customers did you make the most margin on for the least amount of effort? Sack the bottom 20%. Look for more customers that have the same profile as your top 20% of customers.
You might be surprised where your time and energy went. For example, in the construction industry, it’s frequently the large prestigious jobs that consume most of your time and resources yet give you the lowest profitability.
You might be better off spending less time on large project clients with more time developing small-size customers who pay better.
2. Put your customer at the centre of your company – they pay the bills, answer their needs.
Look at every sale/job/project from the customer’s point of view. Is there a better way you can solve their problems?
- Can you simplify the sales process?
- Create better communication methods.
- Delivery your product/service in a more efficient way
- Give them better value by creating or adding new products or services that will benefit them.
3. Build your brand – reach out
Connect on social media platforms with the customers that will be of benefit to you.
B2C (Business to Customer): Get selling on Facebook and Instagram. Create visual stories about your product. Tell stories and posts with valuable information that connect your customers to your product. Make sure you are seen as an expert in whatever you sell.
B2B (Business to Business): Take the time to connect with your clients and customers. Ask them how they are managing during the coronavirus situation. You’re not calling to sell them anything, just check how they are. Make the most of your LinkedIn profile by connecting with people in your industry and market.
4. Develop your customer base – build more legs to your chair.
Research your market. Is there an area/segment you have neglected? Check for opportunities that you may have missed. If your business is localised see what plans you can put in place for expanding in your area.
- Are there lead generation tools you could use?
- Would cold-calling work?
- Could current customers put you in touch with potential new customers?
When potential clients ring you how long does it take for you to get back to them? Research shows that most small businesses are very poor at following up responding and giving satisfactory answers to people who call enquiring about the service they provide.
5. Use the time – create simple reporting to track KPIs.
Now is the time to create easy to generate business reports to track your KPIs. Choose the important information to have to your fingertips and plan how you will generate it in an easy, regular format.
There is a true saying “if you don’t measure it you cannot manage it”
This will allow you to measure the growth of your business and protect profit margins.
6. Take a break – get creative.
While we all have a bit of extra time, take some for yourself. You’ll be back to work before you know it.
Reflect on where you are, whether your work has enough balance, and think about your interpersonal relationships in business and elsewhere.
Is there anything you could be doing to enjoy yourself more? Figure it out over the next couple of weeks, and if you want to make a change, you have time now to decide how to implement it.