It’s no secret that the Covid-19 pandemic affected our lives in insurmountable ways. As working from home became the new normal, so did the uncertainty of whether or not your job was secure. And if you’re a business owner, the struggle to keep your doors open became a threat to your livelihood as owners found it nearly impossible to keep up with their expenses. In fact, an estimated 58,000 Canadian businesses became inactive in 2020. But even with the intermittent shutdown of storefronts and offices, all hope is not lost for the more determined entrepreneurs.
In actuality, a major part of a successful entrepreneur’s DNA is the being the embodiment of resilience and adaptability. Inflexible responses to city-wide lockdowns and the closure of brick and mortars will only be met with slow sales, or worse, no sales. While the effects of the pandemic have still been wreaking havoc across the globe, some businesses have figured out a way to make the current circumstances work, and even thrive in the process.
In this post, we’ll discuss a few tips to help with starting or scaling a business during a pandemic.
Modify Your Business Model
Due to the precarious nature of our current economy, business owners determined to come out on top must be continuously conscious of potential opportunities and untapped markets. While it might not have been something you planned on doing, modifying your business model will be an inevitable part of this process. Companies that decide to shift their business model into one that responds to pandemic-related needs will have the opportunity to leverage these unprecedented circumstances while setting themselves up for long-term growth.
A great example of this was when after a decline in advertising revenue, Spotify shifted their focus of music streaming towards signing exclusive podcast deals, leading them to offer original and much more profitable content. With the pandemic came a shift in public demand. A successful business should be open to pivoting its business model to satisfy these new demands.
Identify Your Core Customers
In an ordinary situation, the main objective in business growth is to continuously position your company in a way that attracts broader markets. While attaining more customers is a major key to business growth, successful scaling requires that you market your company to the right customers. Attempting to sell your product to customers who simply aren’t interested will only yield fewer profits and take more time away that you could be devoting to core customers. Determine who exactly your demographic is down to a T and examine how your product can appeal to them directly. Using competitive intelligence tools like Alexa can also bring your ideal customer into focus and help you expand your niche.
Use Your Data
Data-based decision-making is going to be a massive aspect of the way we do business moving forward. Data-based decision-making refers to the strategy of making organizational decisions based on actual data rather than intuition or observation alone. In addition to identifying your core customers, your business data will help you better determine your brand’s positioning, conduct user-testing to resolve potential issues, and analyze the shifts in demographic data that influence business opportunities and threats. The collection and analysis of data in business is nothing new; however, since the pandemic, it’s never been a more critical time to interpret this data into real, actionable insights. Making the shift from data collection to greater data awareness is essential.
The bottom line here is that the emergence of the Covid-19 pandemic is teaching us that in business, time is of the essence like never before. In order to grow and scale your company in the face of such adversity, it takes determination, flexibility, adaptability, and a keen eye for opportunity. Not to mention the need to act fast and make swift judgment calls.