It’s a difficult climate for new business start-ups, as well as established companies on the cusp of recovery following the most difficult financial year in living memory.
But whether you’re a newcomer to your industry or an existing enterprise looking to thrive in the post-lockdown world, there are plenty of opportunities out there that can offer a significant boost to your business.
It’s important to know your market –finding the best ways to connect with your target customer, as well as tapping into the best available resources, will give your business the best advantage to succeed post-lockdown.
With that in mind, these are just three ways to make the most of a difficult climate when starting a new business or striving for growth.
1. Digitise
The world may be opening up, but the era of ecommerce isn’t going away.
And as a small business owner, you need to be tuned in to the digital world.
Whether you’re a B2B or B2C enterprise, dealing in retail, wholesale or selling a service, it’s important to understand what a good online marketing campaign can do for your business.
Ensuring your business can be found online with a well-designed website, good SEO and PPC marketing and a strong social media presence, will bring an increase in footfall even if you currently have no aspirations towards online trading.
2. Connect
When looking for ways to grow your business, don’t be afraid to reach out for help.
Joining your local Chamber of Commerce can be a good way to connect with like-minded business owners with a wealth of experience and shared interests.
Alternatively, business hubs such as 3M Buckley Innovation Centre can also provide valuable resources for new start-ups, including access to training and events, meeting room spaces (which can be extremely useful in a working world which grows ever more remote), and networking opportunities to connect with experts and professionals in your own and other industries.
3. Diversify
Around 12 months ago, along with ecommerce, diversification was one of the hot topics in business because companies that had been forced to close had to find new ways to keep their operations running overnight.
A great example of this is the countless gin distilleries who started producing their own hand sanitiser at the beginning of the pandemic. Some of their products were sold to the general public at a time when sanitiser was seeing a shortage due to increased demand, while others donated theirs to local emergency services. While the latter is not directly profitable, this kind of generosity builds connections in the community and shows customers your brand’s ethics and values.
Expanding your offering is challenging, but not impossible, and the best way to decide your next step is often to seek feedback from your customers – surveys and social listening is a fantastic opportunity to respond to demand, as well as building customer loyalty.
These are just three opportunities for growth that will support your business through difficult times and take you from strength to strength.
