How To Ensure Your Business is Crisis Proof
With each passing day, the world becomes more unstable than ever. If it isn’t an unprecedented pandemic, then it’s an unforeseen recession. It is easy for the happenings in our world to take a toll on your business. This does not mean you and your business should go bankrupt. Instead, this provides the perfect environment for adapting to the changes, scaling your business and coming out victorious. Executing actionable steps in times of distress can ensure your small business success. Grab a cup of coffee, sit back, and relax as you read up on how to crisis proof a business in Canada.
Five Tips For Crisis Proofing a Small Business
Here are some tips for ensuring that your small business is crisis proof.
Create multiple streams of income
Creating multiple sources of income is like distributing your eggs in multiple baskets. It does matter the nature of your business. There are ways you can create multiple streams in the same industry. You just have to get creative and brainstorm ideas.
Recession-proofed businesses aren’t those who stick to what used to work. Flexibility is a must if you must remain in business. If you own a pet supply store, that’s great! You could also create an online course teaching pet owners how to teach their pets to be obedient. You could start your own merchandise too and turn your blog posts into a giant knowledge base. This would diversify your income and keep you in business for longer. The ability to scale when the need arises is important in overcoming crises in business.
Adopt online marketing strategies
If your business isn’t online already, then you probably haven’t learnt a critical business lesson from the coronavirus pandemic. Recession-proofed businesses are online. In times of global lockdowns, a digital product might be the only product keeping your business alive. The world may be suffering from Covid but customers will still make purchases. This is why Amazon saw a 220% increase in profit during the virus.
If you are new to the online world, then you may need a digital marketing agency to set you up for success. Thousands of businesses just like yours are on the web and for you to make any sale, you must first be seen. That’s what Reveur Marketing does for you.
Invest in Technology
As you scale your business, you will need technology to make your work much more flexible. Perhaps you want to host a conference for customers at your pet store but the world is on lockdown. A video conferencing software will make it possible to do so.
Other forms of technology that are critical to business growth include team management software, online backups, data security tools, marketing and analytic tools. Technology can help you track marketing campaigns and give you valuable insights on what’s working and what needs to be changed for better results. Let tech work for you.
Adopt Package-based pricing
For avid users of online tools, there is no doubt that you have come across businesses with three pricing models. This isn’t an accident. Instead, it is one of the psychology behind pricing. Additionally, having three different packages will ensure your business is getting the most money it can. During a national or global crisis, many people would want to spend less and will opt for the cheapest package you have. On the flip side, people who just don’t care, have too much to spend, or need your expensive package will definitely click that rusty “buy” button. Create different pricing tiers to ensure people don’t find you too expensive and leave, and at the same time people don’t find you too cheap thus you losing that extra cash.
Build your mailing list
Email marketing is a gold mine. Talking to your audience on social platforms is cool but the email is where you turn them into paying customers. Emails are also your private property unlike social platforms where you can be kicked out at any point in time. You own the email and can converse with your audience as much as you want. Nevertheless, do not spam or share their emails with third parties. Building your own email list is another way to crisis proof your business. Whether you realize it or not, the fact that you could get deleted from social platforms at any time the platform desires is enough of a threat to be considered a crisis. When done properly, email marketing can also scale your business and increase revenue.
If there’s ever been a time when the world as we know is unpredictable, it is now. We cannot tell for sure the circumstances that would hit tomorrow bringing business to their feet. This is exactly why you must stay alert and constantly work towards crisis proofing your small business. You can begin right away with the steps discussed here.
