Asking the Right Questions to Grow Your Business –
The Covid-19 pandemic has tested companies of all sizes and forced many businesses to make serious adjustments to their standard operating practices. A number of businesses — particularly those dependent on old revenue models — have lost value due to the economic slump. Businesses that remained nimble, agile and re-designed their approach to fit the shifting customer demands have been able to withstand the economic pressure, survive and thrive.
However, as the world continues to re-open, we must question ourselves if our strategies have reaped the benefits we expected or not.
Questions that need to be asked internally (within the organisation)- for employees, teams and yourself
- Is the right message being sent to my clients and employees? Providing the right information and using appropriate messaging is crucial not only to helping your customers navigate the current challenging conditions, but also to ensuring the recovery and/or long-term success of your business.
- Am I remaining connected with my customers? Due to COVID 19 norms, in-person interaction may be limited, but remaining connected with clients virtually becomes even more imperative. Remaining connected will allow you to gauge the needs of clients. So, give your communication strategy an overhaul and focus on a few main paid advertising channels to remain visible online.
- Am I providing what the customers need? How can your brand connect with the way people are dealing with COVID-19 and help them through your services/products, should be your primary concern. With the changing surrounding, work patterns and needs, it is important to re-design and cater to the shifting needs and priorities of the clients. Determining what products, services, or information they need will ensure you provide appropriate services and remain relevant.
- Do my teams reflect good dynamics? When working together becomes less labouring, there is more trust between each individual team member, open communication becomes easier and more comfortable and any team interaction is simply more enjoyable. When your team likes working with one another, they are going to work harder, collaborate and innovate collectively
- Is my team being taken of well enough? As a leader, there’s no bigger or more important responsibility than taking care of your team. This is especially true in these difficult and unprecedented times. After all, your teammates need your support to help them not only remain productive, but to also cope with the additional anxiety and stress that Covid-19 has induced.
Questions that need to be asked externally – for customers/vendors/ government and self.
- Are there any Government initiatives which can help my business model? Being aware of procurement and marketing support available from the Government can be a blessing for entrepreneurs who wish to avail the same in order to grow. For example, Government loan schemes such as the Stand-up India scheme and the Udyogini scheme have been introduced in order to roll out loans for businesses.
- Are my customers satisfied with my marketing methods? Reviewing your marketing strategies and rolling out mixed channels marketing is very important—social media platforms, email marketing, digital advertising—to find new sources of traffic and be sure you are making any necessary adjustments to maximize your business continuity and growth.
To minimize the impact on business, I recommend addressing these questions to help keep your business running well during the COVID-19 outbreak. Alongside, keeping a strict check on expenditure patterns, financial status, assets and debts will make you more strategic about your marketing and business endeavours. Using this time to support your team, perform risk assessment and management and adjust business plans to the new normal will ensure your resilience as a business model.
Avtar Madan
Himanshu
Shree Lahiri
