The COVID-19 pandemic has caused a massive disruption worldwide. It has posed a threat to public health and people’s lives. It has also impacted livelihoods, jobs, schools, institutions, social interaction, relationships, and recreation. On top of all these is how it has affected businesses of all sizes across different industries.
At the onset of the pandemic, big companies and small and mid-size enterprises (SMEs) had a temporary closure. Some businesses ended up with a permanent shutdown, while others have managed to survive. Surprisingly, new business applications have surged in the United States, while some industries have thrived amid the crisis.
Despite the challenges posed by the pandemic on various industries, there’s still hope for businesses. If you’ve recently launched a startup or your enterprise has been flourishing in the new normal, continue to adapt to the pandemic situation and see how you can grow your business.
That said, here are growth strategies for your business in the new normal:
1. Assess your industry’s value and relevancy
It’s crucial to study your industry. Entrepreneurs usually do this before launching a business. However, it must be an ongoing process. It’s all the more necessary to assess your market during a crisis such as the COVID-19 pandemic. In fact, the US Chambers of Commerce has listed thriving industries in the new normal. If your business belongs to one of these sectors, take advantage of the pandemic to grow your business. If not, be sure to make the necessary adjustments.
2. Cater to your consumer needs
Running a business boils down to catering to consumer needs. The products or services you offer must suffice your target customers’ wants. That’s why you have to reevaluate your business offers by reinventing or launching new products or services. Let’s take the COVID-19 crisis. If you’re running a restaurant, include a delivery service as part of your business. If you’re looking to grow your business, understand and meet your consumer needs.
3. Create business value for all your stakeholders
Business growth is tantamount to creating business value. If you continuously offer something valuable to the market, expect consumers to patronize your business. And when customers support your business, expect it to grow and flourish over time. Know, however, that value creation doesn’t only apply to customers alone. It’s also about seeing the welfare of all the stakeholders involved in your business, especially during this pandemic. So aside from meeting customers’ expectations, take care of your employees, build good relationships with your suppliers, and help build your communities.
4. Improve your business processes and offers
There’s a need to improve your business processes and reinvent your business offers. They must be a part of your business growth strategies during this pandemic. First, see how you can streamline several processes in your business production, from material acquisition to inventory and logistics up to product or service delivery. Your focus must be on efficiency, accuracy, and overall productivity. On the other hand, see how you can improve your products or services through these seamless processes. Understand that improved processes can translate into quality products or services. Hence, they both go hand in hand!
5. Transition to e-commerce or click-and-mortar business
There’s no denying the rise of e-commerce in recent years. But this industry has further boomed during this COVID-19 crisis due to the pandemic restrictions. Heavily relying on e-commerce businesses, consumers have become more confident in dealing with online sellers. They shop on e-commerce platforms, place their orders online, and get their items sent to their houses. If you have a brick-and-mortar store, consider transitioning to an e-commerce business during this pandemic. If you don’t want to give up your physical store, venture into click-and-mortar business instead.
6. Have digital transformation and technological innovation
Did you know that the COVID-19 crisis has led to digital transformation and technological innovation? Due to the pandemic restrictions, businesses have adopted digital tools and technologies to stay up and running. Think of online shopping in e-commerce, virtual reality in real estate, and 3D printing in manufacturing. Consider automation in several corporate companies, robot management systems in industrial plants, and AI-integrated Chatbots in business websites. If you want to grow your business in the pandemic, start investing in digital tools and technologies.
At this point, you now know how to adapt your business to the pandemic. Along with this is to grow it in the new normal. As such, consider the business growth strategies recommended above, from assessing your industry’s value and relevancy to having digital transformation and technological innovation.
The COVID crisis doesn’t have to stop your business from growing and flourishing. You should have found ways and means to cope with the pandemic at this juncture. But most importantly, think of how you can grow and expand your business in the new normal. Ultimately, you can ensure your overall business success amid the crisis and beyond.