During a business lunch a few months ago, we had an enlightening conversation with someone who shared an inspiring technique they employ during their daily employee meetings. At the start of each meeting, participants take turns sharing something positive happening in their lives, whether personal, professional, or even a joke. This tradition sets a positive tone, creating a ripple effect of optimism. As we brainstormed for this week’s blog topic, we thought, Why not extend this tradition and share a positive note specifically for small businesses? So, here’s our “Something Good.”
The Backbone of America
Small businesses play a crucial role in the American economy, employing more people than corporations on a statistical level. While this year has undoubtedly presented challenges with COVID-19 closures and subsequent restrictions, small businesses are now essential for reviving the nation’s economy amid the need for recovery from riots and looting. The first half of 2020 may not have unfolded as expected, but that does not mean all hope is lost for the remainder of the year. Now is the time to regroup, prepare, and make the most of the second half, regardless of what lies ahead.
Turning Challenges into Opportunities
In a recent blog, we discussed nine strategies to implement when your business faces downtime. While all of those suggestions remain relevant, we would like to delve deeper into one particular strategy: determining your next offering. There has never been a better time to reinvent yourself.
- Expand Your Target Market: No industry is entirely recession-proof, so relying on a narrow business focus can be detrimental if one target market falters. Explore other potential markets you can serve. While we do not advise venturing into entirely unfamiliar territory, consider how your current or related offerings could benefit a new group of people. This will open up a fresh audience for your services.
- Introduce a New Product Line: Alternatively, consider introducing a new product to your existing customer base. Sometimes, it is easier to expand within your current market than to target an entirely new group. Engage with your customers, identify their pain points, and develop a solution that alleviates their challenges. Research competitors, test your solution, and bring it to market. Since your customers already trust you, this is likely to be a smoother transition. However, ensure you have effective customer service and account management in place, as customers’ patience may have limits.
- Redefine Your Industry: The COVID-19 crisis forced many businesses to make substantial changes even when they believed they were operating optimally. For instance, drive-thrus, once considered a convenience for fast-food restaurants, have now become essential for their survival. With the rise of remote work, technological weaknesses emerged in communicating with employees. Look for innovative solutions to address these new challenges.
- Drive Yourself and Your Competitors Forward: Is there a tool or service you have developed that could benefit your entire industry? Consider offering it to your competitors, forging partnerships, or turning them into customers. Rather than viewing competitors as adversaries, explore ways to collaborate and elevate the entire industry.
We’re Here to Support You
Many of our clients rely on us to help them achieve their business growth goals through technology and strategic planning. Whether you need hardware, software, business advice, or a listening ear, we are here to assist you. As you determine your next steps in moving forward or reinventing yourself to adapt to the new world order, let’s work together to make this year the comeback success story of your dreams.
