The past few months have been difficult for businesses all over the world, with the COVID-19 pandemic slowing everything down. Entrepreneurs are facing an uncertain future, with everything being unpredictable right now. While most entrepreneurs are trying to stay afloat during the pandemic, it is crucial for them to plan for the future to come out of it successfully. According to Jay Awal, an entrepreneur’s ability to adapt to change is the difference between surviving and thriving, and closing down their business.
Awal is a seasoned entrepreneur who made his fortune in digital marketing before expanding to a niche market – helping entrepreneurs build themselves spiritually, mentally, and financially. Having seen his business thrive even during the pandemic, he has insights that entrepreneurs should follow so that their companies can flourish like his.
- Change your marketing strategy – very few businesses can afford to spare thousands of dollars for marketing; therefore, you should find ways to market your business without spending too much money. Make use of email marketing and your social media platforms to interact and engage with your clients so that you remain current and relevant.
- Market your business with COVID-19 in mind – ask yourself if the product or service you are offering can be of further use or relevance during the pandemic, and adapt your marketing strategy to reflect this.
- Adapt your business model to the pandemic – in most places in the world, the public has been advised to stay indoors unless absolutely necessary. This poses difficulties to businesses, especially those that rely on face-to-face and in-store interactions. Find ways to deliver your product or service to clients safely. For instance, restaurants can offer home-delivery services, and stores can give their clients online shopping and home-delivery options.
- Give back to the community and your employees – if your resources allow it, find a way to appreciate your employees, clients, and the community. You could participate in CSR activities, donate to the local food bank, offer the elderly/sick people free delivery, or give your staff bonuses (monetary or otherwise). This will market your business as one that cares about the community and increase your client base.
- Track your expenses against your revenue. With business slowing down, any entrepreneur must look into their spending and revenues. This will give a clear picture of where the business stands financially and enable them to do away with unnecessary spending. It will also help them plan for an uncertain future.
