As the COVID-19 situation continues to evolve, businesses are settling into their new “normal.” Finding and/or maintaining success in such an uncertain time can present new challenges for businesses. What better way to build success in the new “normal” than to build from your current and past successes? Here are some ways to develop current successes into continued, evolving successes.
Make customers your focal point. As a business owner, you know your customers better than anyone else. Reach out to them for feedback. What kinds of services and/or products are they seeking during these unprecedented times? How can you improve their buying journey? Utilize that feedback into a strategic plan that makes it come to fruition. Communicating with your customers and delivering the services and products they requested can help build your reputation for a long-term business relationship. It can also lend insight into opportunities to innovate and adjust your core business model to better serve your customers.
Tap into your marketing and advertising strengths. During an economic recession, businesses oftentimes choose to reduce their advertising budgets. However, despite popular belief, businesses that continue aggressive advertising receive higher interest at a more impactful price. Take a moment to re-evaluate the mediums for which you market to your intended audience and utilize your marketing and advertising strengths.
Position yourself as an industry leader. One way to position yourself as an industry leader is to promote thought leadership. This can be implemented by providing current clients and prospects relevant updates on the situation and how your business is able to assist, promoting products and services that directly relate to the situation (i.e., telemedicine, car rental discounts, staffing), or hosting free, informational webinars about related topics. For example, Human Capital created a COVID-19 Resources and Return to Work Resources pages to assist businesses looking for help.
Invest in your employees. Your employees are at the core of your day-to-day business operations. Be sure to communicate any [relevant] updates pertaining to company policies, legal changes regarding the current situation, appreciation for their dedication to the job and company, and opening yourself to feedback for improvement. Provide resources (i.e., HR and benefits specialists who can assist employees with any financial, familial, or other employee-related issues that may arise; informational webinars; reminders about available benefits), support (i.e., employee assistance programs, elder and child care flexibility, financial assistance), and training (i.e., upskilling, cross-department training, soft skills) to continue their success.
Seek opportunities to grow through strategic partnerships. Sometimes, despite a business’s best efforts, effectively sustaining a flourishing business can be difficult in a crisis. While it may be hard to bring in new faces or hand over the reins to someone new may be trivial, it can also be in the best interest of your business to continue its success. For example, a professional employer organization (PEO) like Human Capital can provide the back-office support you need to keep your day-to-day business operations functioning and giving you back the time you need to focus on revenue-generating tasks. You remain the employer, while Human Capital undertakes the responsibility of mundane administrative tasks.
If you would like to learn more about how Human Capital, your partner PEO services provider, can elevate your business’s success, please contact us today! Our teams of HR, employee benefits, payroll, workers’ compensation, and risk management specialists can provide you all the tools, resources, and support you need to reach higher successes in the new “normal.”
Source: Ivey Business Journal