Today, the business world faces chaotic high incidence of competition. In this scenario, managing change is one of the most critical factors for business. And, entrepreneurs need to be aware of this.
History has shown that businesses have not been able to withstand the winds of change. In fact, COVID-19 is a global challenge that demands businesses and governments address multiple dimensions, which go far beyond the implications of this pandemic. And, throughout we have seen businesses ride the changes and open up new opportunities.
How can small businesses ride over the challenges they face today? Here are some tips and action points to build and strengthen resilience into future recovery.
#1: Adopt agility
What 2020 has taught us is to prepare for anything. For small business owners, this means having to take the challenges that roll in. While many larger organizations adopted a WFH format, some businesses required on-site work. So, entrepreneurs should communicate their plans openly with their team. And, what’s important is – prepare for worst-case scenarios, and revisit your business plans. In short, adapt agility as part of your business culture. Meaning, adopt practices and ways – that make your business more efficient.
#2: Use targeted social media advertising
Since everything has become digital today, pay attention to social media and monitor your presence. What social platforms suit your business? Take an in-depth look for instance, at Facebook advertising; here, another plus is that Facebook ads are seamlessly converted to Instagram ads; and when done right, Instagram can be a huge platform to grow and sell.
Targeting is a major benefit of using social media. This is so, because when you are setting up your ads, you can request select criteria such as – education, financial status, ethnic affinity, location, and life events. These ads will show your products to those have visited your website, making it a clever way to remarket your business to your audience. So, running a giveaway contest can be an easy way to increase your engagement.
#3: Ask for feedback
Always search for feedback. So, do not hesitate to ask your team members, or even friends and family – on what they think the business could do better. Often employees are instinctively aware of issues (and solutions) in the business. And, those belonging to the external world, can share new ideas that can work for your business. And, of course research and surveys can go a long way to pop up insights that can bring about a new perspective in your business.
#4: Be one-up on competition
Competition is tough. And every business knows how critical it is to keep up to competition. It’s much easier to be competitive, if you can solve a customer’s problem better than the competition! Focus on the benefits you provide. After the unprecedented pandemic that struck us through 2020, we see that it is following us through 2021 too. But, the time promises to one where small businesses can adapt to rebuild. Ask yourself some pertinent questions. What factors affect your customers? How can your business help them better, in this new normal? If you can offer your clients more value than competition, your business can forge ahead.
#5: Listen
Lastly, keep your eyes and ears wide open. Listen. Be open to listening to others and accepting their advice. That will take your small business a long way!
Avtar Madan
Himanshu
Shree Lahiri
