It is not unusual for small businesses to become stagnant. Even the most successful companies go through a growth lapse. The global pandemic has not helped businesses avoid this problem, and many small businesses had to close down permanently.
A survey conducted on 5,800 small businesses in the United States during March and April, 2020, revealed a few things in that scope. Most of these businesses were financially fragile, and those who had monthly expenses of more than $10,000, reported having no more than two weeks’ worth of cash on hand. It is not that these companies were not thriving, it is more a case of their product or service not being essential during the pandemic.
Business owners who find themselves in this situation, might have to consider changing their game plan. You may have to acquire a new skill set to bring your business back on track. We have researched this carefully and come up with three powerful ways to improve your company’s performance.
Use Social Media to Your Advantage
Online businesses often use social media to sell their services or products directly. This approach has not worked effectively for many. Selling is not the only way to improve your bottom line, and in most cases, it scares off potential customers.
The key is to learn social media marketing skills, which you can obtain by taking up a course like that will help you with online marketing– a course offered by many online academies such as Webacademyst.
Whether you run a business online or offline, these skills come in handy equally. The benefit is that you can reach so many more customers online than offline. Furthermore, you can adapt your business model for both on and offline markets.
Start an Advisory Page
An excellent tool that is free to use is a Facebook page which you can convert into an advisory board. It is a clever way to interact with customers and for the customers to interact with each other.
This way, you can obtain valuable insights into their challenges and needs and formulate ways to solve these problems for them.
Furthermore, you are not selling or marketing products to customers directly. It creates a platform to build a trusting relationship with your customer, which is more important than a quick sale. In addition, building an online presence is essential to retain and grow your clientele.
Improve Your Business Branding
It might be a hard one to consider, but rebranding your business could be the solution to your problems. In most instances, customers associate with a brand, and this is what sells.
There are a few things to do before rebranding your company. It is not as easy as changing a name and a logo. You will need to review your mission and vision for your company. Setting clear goals will help you to draw up a mission statement.
All this can be overwhelming, and instead of outsourcing it, you can invest in skills by enrolling in business branding courses. Something that Webacademyst specializes in is online courses designed to suit your busy schedule. This way, you can learn at your own pace and empower yourself and your team with valuable knowledge.