There’s no denying how the COVID-19 crisis has shaken businesses worldwide. At the onset of the pandemic, big companies and small and medium-sized enterprises (SMEs) had to shut down.
It’s good that some businesses in thriving industries have flourished amid the crisis. But the sad reality is that not all have survived the pandemic. While some have managed to reopen, others permanently closed for good.
If your business has managed to stay afloat, now is the right time to think and set some business growth strategies. That said, here’s how to grow and sustain your business during this pandemic and for the long term:
1. Study your industry and stay relevant
The first thing to consider for your business growth is your industry. You must study your sector and see how you can make your business relevant. It’s more crucial to do so during this COVID-19 pandemic. Know that some industries have thrived as they are relevant to the pandemic. These include the cleaning, delivery, home construction, and outdoor landscaping sectors. If your business belongs to one of these industries, take advantage of the pandemic. Otherwise, recalibrate your business strategies to see how your business can stay relevant.
2. Keep up with the changing consumer behavior
Businesses won’t live without consumers. They exist to suffice consumer needs while earning profits in return — a win-win for both parties! To thrive and survive as a business, always strive to keep up with the ever-changing consumer behavior. Perform due diligence to see what your customers’ needs are. Especially during this pandemic, know what they currently want. From there, be sure to cater to these needs and suffice your target consumers.
3. Create business value
When it comes to growing and sustaining a business, it all boils down to creating business value. Once your stakeholders see your worth, your business will remain relevant. These stakeholders include your customers, employees, suppliers, and even third-party vendors. Apart from sufficing the customer needs, also satisfy the people working for your business. Plus, don’t forget to build good relationships with your suppliers and other stakeholders involved. Ultimately, creating and maintaining your business value will ensure your growth and sustainability.
4. Reassess your business offer
Businesses exist because of what they have to offer to the world. Regardless of what industry you’re in, your enterprise provides products or services that your consumers need. However, it’s not enough that some customers get to patronize and support your business. Sure, they may be buying your products or services. However, find ways and means to make them loyal to your business. One way to do so is to offer something new yet valuable. Especially during a pandemic, reinvent your products or services or launch new offers.
5. Improve your business processes
Another way to grow and sustain your business is to reevaluate and improve your business processes. As such, consider automating your business processes, investing in new equipment and machinery, and working with the best suppliers. Think of how you can boost your efficiency, increase your production, and ensure the quality of your products. You’ll be surprised at how you can cater more to customers and make them satisfied. Ultimately, all these will translate into your business growth and success.
6. Invest in digital tools and technologies
If you want to grow and sustain your business for the long term, keep up with the latest digital tools and technologies. Let’s take, for instance, the COVID-19 crisis and how many companies have resorted to digital transformation to stay afloat. They have invested in artificial intelligence, automation, extended realities, and robotics. They even promote their business through online marketing strategies, such as SEO, PPC, and content marketing. As such, consider investing in digital tools and technologies to kick your business up a notch.
7. Push for sustainability
In recent years, there has been a strong push for business sustainability. The idea is to sustain the business without harming the environment. Some sustainability measures include recycling waste products, repurposing used materials, utilizing renewable energy sources, investing in energy-efficient equipment, and partnering with green agencies. Some businesses have worked towards earning their ISO 14001 certification. That said, you should consider doing the same for your business as well.
Amid the COVID-19 crisis, it’s time to grow your business and sustain it for the long term. Consider the business growth strategies recommended above, from studying your industry to reassessing your offers to pushing for sustainability.
In addition, assess your current business status, and see how you can cope with the pandemic. Most importantly, look forward to the future and see how you can make your business crisis-proof. In the end, nothing is more fulfilling than seeing your business grow and flourish in the long run.