Started a thriving lockdown-born business? The key to any successful business is longevity. You have to maintain your business for it to be sustainable. Here are a few ways you can do this.
Thousands of small businesses were launched in the pandemic - the world drastically changed and there was suddenly a huge demand for new types of products and services. We needed at-home workouts, essential food deliveries and innovative ways to see friends and family. As people were furloughed from their roles and left with a lot of spare time it provided the opportunity to get creative and launch new and exciting businesses.
Two years later, and many of these lockdown businesses are still hustling. As the world moves past the pandemic, lockdown-launched companies may need to adapt and change to ensure they maintain their success and cash flow. Nervous about the future of your young business? Here are a few ways to ensure its survival as we adapt to a world that the pandemic left behind.
Find a permanent business premises
If you’re serious about the growth of your business, you’ll eventually need an office to run your business from. Find a space that motivates and inspires you to create new products and services and always think about the size of your team and the amount of equipment you have. This will require a lot of planning and preparation to make sure your actions do nothing but benefit your company, especially in the long run. If your business just needs a boost to get you started, you could consider a small business loan to fund your new office and any future growth strategies – especially if they’re guaranteed to push your business towards success. Be sure to plan your business finances carefully to ensure you can afford any business finance you take out.
Focus on marketing
Now is the time to look at customer retention and acquisition. If you already have a large number of customers, you need to focus on how you can retrain them. You could send more emails to keep in touch with customers, launch a membership programme or push social media engagement. If you want to acquire more customers, you need to grow your digital channels and reach a wider audience.
Build a website
At this time, it’s crucial that you build a professional digital image. Consider hiring a web designer and coder to build your company website, equipped with all the essential information. You could also work on your Google My Business ranking, social media platforms and overall digital presence. Digital marketing can help you acquire more customers from all over the world. It’s worth investing some time and money into it!
Hire more people
You can’t do everything on your own. To avoid burnout and to keep a level head, you need some help with accounting, marketing, product design and more. Hire a few people who can multi-task and cover a range of services in your business. A small but mighty team is the key to maintained success. Nowadays you don’t have to actually employ people as employees; instead, you can find freelancers and virtual assistants to satisfy almost all the elements of your business that don’t need to be completed in-house.
Explore your industry
Research can help you find gaps in the market and learn more about customer behaviour. Stay on top of your research so you can keep up with trends and stay ahead in the industry. Attend a few networking events to meet your competitors and learn from the big fish in your sector. You can also learn a great deal from competitor analysis as you see how similar companies, big and small, approach their business when it comes to marketing techniques, innovative technology and the future of the industry. Be sure to stay connected with your competitors so you can learn from them and avoid their mistakes.
As a business owner, the time to take your business to the next level and start thinking about the future – is now!