Council Post: Four Business-Building Tactics For Leaders Awaiting Restart

During these difficult times, your revenue and brand might be sluggish. Your supply chain, production and human resources might be making unpredictable appearances or could be actively looking elsewhere. Your finances and financing might be looking uncertain. Everyone is waiting for the economy to restart. Should you just wait? Are there other constructive things your business can do?

Cutting unnecessary costs is the most obvious measure to implement. Holding inventory, producing products that have no market and keeping staff on when the business cannot afford it have all come up for question. Do any of these build businesses? Is there something else a business can do? As a business and transformation strategist, I believe any slowdown or downturn presents building opportunities, too. Your business has to find the opportunities and do what is possible.

The following four tactics can help you build your business during an economic contraction:

1. Operate and grow online. Few organizations exist that do not have some kind of online and social media presence. However, today online business interactions have become the norm due to social distancing. Even organizations that were insistent online did not work for their operational models are now getting online.

Online has been a growth strategy for years now, but some brands have avoided it. However, there are organizations — even some you might not expect — that have found great success. For example, Southern New Hampshire University has seen phenomenal growth and is slated to become a billion-dollar educational institution, according to Forbes.

Previously, small businesses in the education, entertainment and cultural spaces were online agnostic. However, as companies work to navigate the impacts of the coronavirus, I’ve observed that many are realizing the importance of honing their online game. Online is neither easy nor always a replacement for in-person, but it does afford efficiency, reach and growth opportunities.

Consider the following to get started:

• Set up regular digital content creation with a focus on video. Publish interactive self-service or learning videos for your customers.

• Put the content out appropriately for search engines and on email and social media campaigns. Be careful to be contextual and retain a focus on community, rather than sales.

• Try some online sampling or product discussions. This will tie in well with keeping your brand visible.

• Consider deploying an artificial intelligence-based chatbot to support your customers.

2. Humanize your brand. Investing in new services is currently out of the question for many customers and potential customers, but I’ve found many are willing to listen without feeling sales pressure. Now is a great time to increase awareness and education about your brand’s values by showing how your brand supports the community.

For example, many liquor makers have temporarily started creating disinfectant, and some auto companies are working to produce ventilators to help fight the coronavirus. The character of the owners and company are potently visible, and pivoting production is just one way they are supporting others.

To do this yourself:

• Organize educational webinars and content marketing to help customers understand who you are, what your business goals for the community are and how you effectively accomplish them.

• Offer your knowledge and perhaps even services for free to those who need them.

• Connect with brand enthusiasts and foster them so they will market for you when things restart.

3. Experiment internally. A downturn also presents an excellent opportunity to turn the focus inward and iron out product, research and development or process changes that have long been on the back burner. With a view on cost, take this opportunity to:

• Do research and development that might enhance existing products and services or create new ones.

• Examine less-than-efficient operational or production processes to find and eliminate waste, cost or time. One great question that will be answered is whether it is more efficient to work from home and which departments should do it.

4. Buy, buy, buy. Unfortunately, many businesses liquidate during an economic slowdown. This means there will be many assets on the market. Look at competition and complementary spaces: Are there any raw materials, inventory, infrastructure or even personnel available? From my perspective, this is a chance to not only add to your business but also to support other businesses or customer bases that need it.

The question you will need to ask yourself during a downturn is when will the market hit bottom and start to reverse, as buying once the market is improving can be difficult. Here are a few best practices to consider:

• Resurrect your wish list of other things you want to build into your company. Assess the effort and spend you want or can put behind such directions. Prioritize top directions you want to take.

• Research the current state of competitors, assets and customers in these directions. Ask for conversations.

• If the market has already reversed too much or if the assets are unavailable, investigate lower priority directions.

With these four moves, I believe you have the potential to transform business doldrums into growth for your company.