The pandemic impacted nearly every small business in one way or another and unfortunately, the effects for many businesses were negative. As a small business owner, it’s likely you will continue to sort through the aftermath in the coming years.
While returning to growth is on every business owner’s mind, there are so many areas your business could be struggling and knowing where to start can be a huge roadblock.
The pandemic changed the way customers consume products and services, businesses interact with customers, and created financial issues owners have never had to deal with before. While it may sound like a shot in the dark at the moment, experiencing growth is actually in reach. With just a few adjustments to your business, you can get back to growing at the same pace (or even faster) than it was pre-pandemic.
Understand Your Customers
As a small business owner, it’s easy to focus on your business and what’s changed because of the pandemic. But to spark growth again, you need to shift your focus to your customers. A lot has changed in their world too:
- The way they shop
- The way they consume
- The services they need
It’s likely their change in habits has changed the way your business runs. Learn their new habits and implement them into your business model.
A great first step is looking at which sales channels your customers prefer. If online sales are something your business offers, it’s likely you’ve seen a spike in this channel. Play on that by making the purchasing and delivery process quick, easy, and unique.
If your storefront is lacking customers, either convert your business to an entirely virtual model or find new ways to entice customers back into your store. You could try a re-opening event or offer some sort of incentive to let them know you are open and ready for their business.
Looking at what products or services your customers are buying (and not buying) will also help you better understand their needs and wants. From there you can adjust what you offer to better serve them.
Edit Your Marketing Strategy
Knowing your customers also ties into creating a marketing strategy that keeps them interested and engaged in your business. Something that has remained consistent, even throughout the pandemic, is the need to reach your customers in the most effective way possible. What has changed is the popular methods for reaching them.
Digital spaces have taken the world by storm, especially over the last year and a half. Because of this shift, your marketing strategy may need to be adjusted to match the change in the way people are receiving information.
It’s likely social media plays a factor in your business but it may be time you start relying more heavily on it as a platform for reaching your customers. You should be creating meaningful content that will resonate with your ideal customer. It’s important they know exactly how your products and services can help them. All of your marketing, not just social media, should revolve around this concept.
Tying back in the growth of digital spaces, you should edit and optimize your website if you haven’t already. You may not think it has anything to do with your marketing strategy but if this is the primary way your clients are interacting with your business, it needs to be in tip-top shape to drive sales and appeal to customers. Shift your mindset to viewing your website as the face of your business and build it to match that.
Know Your Competitors
Knowing your competitors will put you at a huge advantage for growth. It sets a standard for comparing two things:
What business tactics are working for them (and which aren’t)
Use your competitor’s strengths and weaknesses to benefit your business. If they’ve come up with a creative way to reach customers, brainstorm ways you can reach your customers in a similar fashion. Inversely, if your competition is struggling to serve customers through something like their website, review it and see which elements you don’t like, then make sure those are not features on your website.
How their business growth data is fairing compared to yours
Each business in your industry is likely facing the same challenges as you, meaning they are searching for ways to grow their business too. Take a look at their growth data and compare it to yours. If you have similar or stronger numbers, that means you are keeping up with the average and can be confident your adjustments are working. If your data is trending below the majority of your competitors, you aren’t doing enough to grow your business and it’s time to find a fix.
Improve Your Financial Management
There’s no need to explain the financial hardship many small businesses are facing post-pandemic. Your finances have probably caused worry and stress for the last year and a half and the thought of getting them back on track is overwhelming. However, it doesn’t have to be.
The first step to getting on track is going back to the basics and ensuring your foundation is solid. Make sure you are:
- Utilizing your budget to cut back on expenses and properly allocating spending.
- Tracking growth metrics that will give you tangible answers to your financial questions.
- Using real-time data to keep a close eye on your finances and make immediate, informed decisions.
During a time when you’re relying on your finances more than ever, turning to a financial partner could be a make-or-break decision. With their help, you can focus on growing your business while they handle all of the tasks needed to get your finances back on track. Adian Professional Corporation provides accounting and bookkeeping services, business consulting, and tax planning with a results-oriented approach to help small business owners, like you, achieve their financial goals. If you are interested in growing your business post-pandemic, schedule a consultation with Adian Professional Corporation.