Saul Mishkin

How To Have A Successful Business In The COVID Economy

When the clock struck midnight on December 31, 2019 we had no idea what this upcoming year would hold. 2020 has been one filled with twists and turns as we have navigated many unknowns and changing circumstances. The ever changing financial landscape can be challenging to navigate as a business, but there are ways to be successful in this COVID economy.

First of all, this is an excellent season to focus on customer service. When households have fewer dollars to spend they are often more likely to change where they spend their money. So this is a season to focus on building customer loyalty so they will continue to use your business. This might include reaching out to customers and rather than making sales calls, ask how you can help during this season. Be willing to support your customers in ways other businesses might not in an effort to deepen your customer relations.

Additionally, this is the time to make sure you are clearly communicating with customers and followers. Ensure that the information people find on your website regarding operating hours, availability, and pricing is as accurate and up-to-date as possible. If customers aren’t able to find accurate information, they will simply look to another business to meet their needs. Set up processes within your business to ensure departments are clearly communicating and there is a point person to ensure all outward facing communication is accurate and timely.

Another strategy for having a successful business in the COVID economy is to refine your focus. Rather than continue with business as usual, this can be a good time to reduce some services and products to focus on others. Evaluate data and communicate with customers to find out which services and products have been the most helpful during this pandemic. Rather than trying to do too much and risk not doing any of it well, narrow your focus and then do that incredibly well. 

I would also suggest that this might be the time to pivot your business. Even if you’ve been offering one area of product or service, a careful evaluation of what businesses are doing well during this time, could lead to a decision to pivot to a different industry. A successful business doesn’t only mean growing the business you have, it can mean creating a different business to fill an unmet need and then growing the new business. 

Even though 2020 looks different than most of us anticipated and there are unexpected challenges this year, that doesn’t mean your business can’t still be successful in this COVID economy.

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