HOW TO UNCOVER OPPORTUNITIES IN CRISIS: TIPS FOR BUSINESSES

Right now, uncertainty characterizes the business environment, caused by the recent pandemic. As businesses have been forced to shut down in order to observe the social distancing rule, they have suffered setback and losses. However, as a business owner, you must find ways to keep your business alive by exploring possible opportunities.

Some of the ways to uncover opportunities that can help your business in times of crisis include the following;

Do Not Ignore Your Unique Culture

Every company has a unique culture – what sets it apart from the rest. This is not the time to discard that culture and focus on what you think would work best in this period. While it is good to move with the trend, you should sit back and discover the opportunity that may be hidden in the culture you have operated all along. You can still operate your company’s culture even when your employees are working remotely.

Priority Should be on the Pressing Needs of Your Customers

The need of the hour can help your business get back to shape. But first, you must learn to focus on what your customers need most right now, not what you think would be lucrative. It doesn’t matter what your business is, you can find a way to innovatively align it to meet your customers’ most pressing needs.

Take a cue from what the distilleries did. As hand sanitizers increasingly became the need of the moment, both small and big distilleries swiftly shifted from producing artisan spirits to producing hand sanitizers in mass quantities to meet the urgent need of the hour.

Of course, this would mean increased income and survival of the distillery businesses even in the midst of crisis. In similar manner, fabric businesses started making facial masks with regular fabrics and offer them at much lower price than the regular type. There must be a way to re-adapt to the changing business environment – you just have to get creative.

Engage Your Customers More than Ever Before

This is not the time to back down on advertising and promotion. Even if your business is not functioning right now, keep your customers engaged with relevant, empathic and rich contents.

The good news is that even if you are not a skillful copywriter, you can get someone to put your ideas into engaging contents. Simply outsource content creation to a freelancer. Right now, many freelance copywriters are looking for writing opportunities to earn income. Their fees are even far cheaper since competition is stiff.

From engaging videos to informative articles, social media and blog posts, you should use irresistible contents to keep your customers engaged during this period.

Finally, it’s also helpful to invest in research and development. This will help you find out how to make a difference and stay in business during and after the pandemic.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams