Through innovation, crisis, and any type of change, businesses must adapt. In most cases, macro-crises don’t just disrupt a single industry; they institute a new normal and a changing economy. With the recent pandemic, 92% of small businesses said they had suffered adverse effects from being closed. Use GROWL’s top 5 tips to adapt to any changing economy and new normal successfully.
1 New economy, new finances
During crises, businesses that proactively change can turn a downturn into an upturn. Cutting nonessential spending and focusing on areas of improvement may help drive financial assessments. Take the time to have a good hard look at your analytics as well as your finance books, making a note of positive and negative changes.
2 Listen to your team
Your employees come from varied backgrounds, and now is the time to find out what they’re secretly good at. Increasing communication through transparency allows team members to brainstorm and create contingency plans they support. Individually, or as a group, try scheduling time to discuss their thoughts on how they can help the business in a new way. By encouraging employees to engage with the direction of the company, you are building ownership and pride in their place of work.
3 When the economy changes, so do you
At GROWL, pivot is in our daily vocab. Regardless of the new normal, businesses need to remain flexible. With changes in the economy, consumers are evolving, which means your business offerings must also adapt. This is a time to assess or reassess, consumer profiles to determine if your target audience is still valid. Never forget to meet your customers where they are.
4 Use tech tools and innovate
As changes occur to the economy, tech businesses are typically the first to innovate. Platforms release new tools or upgrade offerings to better meet the needs of their customers (Hint: This is tip 3). Facebook is notorious for this strategic adaption. Consider the COVID-19 pandemic, when Facebook launched Workspace, meeting rooms, and even Shops. Shops is an incredible feature for small businesses, as it enables users to shop directly through Facebook and Instagram business profiles. By eliminating the need to update website e-commerce, speeding up the traditional sales funnel. Leverage these tech tools to adapt your offerings.
5 Find your exit buddy
Whenever crises emerge, small businesses need to share and collaborate. As an entrepreneur, you are rarely an expert in every business field, making it even more important to create a collaborative network. Build authentic relationships with other local businesses that may provide support or industry-specific advice. Consider this – you’re a marketer, not an accountant. If you have a relationship with an accountant, they’ll be much more knowledgeable about loans and taxes than Google. Plus, chances are, they’re an accountant, not a marketer, and would be thrilled to collaborate.
Remember, marketing plans, goals, and objectives can all change. If you need a hand navigating the new economy, contact GROWL today!