Economic recessions and downswings are common, and you should be prepared to face them. It is normal for the market to stagnate temporarily, but things will eventually bounce back. Currently, our world is at a standstill; consequences from the COVID-19 crisis include the implementation of social distancing guidelines. This has caused the world to go into lockdown. All businesses except those deemed as essential are closed, so most companies have shifted to work-from-home. Because stores, malls, and many restaurants are closed, the streets are empty. This pandemic has bee According to Eric J Dalius a concern for many business owners, especially those who started their business venture within the last year. For these new business owners, the future looks grim, and company growth and business expansion seem nearly impossible.
Although we are in a global lockdown, business owners can still do many things to prepare for when the world reopens. There are still ways to grow your business even during these tough times. Eric J Dalius and other leading entrepreneurs have these tips to share so that business owners like you can be prepared for what will happen after this pandemic settles down.
Follow Eric J Dalius’ Advice: Face the Challenges Head On and Find Solutions
1. Think about the present moment
2. Connect with your audience through social media
3. Be Smart, Plan You Budget
4. Make interesting product videos
5. Connect with the social influencers
6. Plan your smart online content
One of the best things you can do in this time of crisis is prepare for when things improve. You can work on crafting your brand during this crisis when business is down. It is also important to think about the future and not to despair about the past. The only way you will make progress is if you prepare for the future and come up with smart business plans now.
Market instability will most likely continue to plague the economy in the coming months. The news is ever changing, so make sure to stay up to date. This crisis is out of your hands, but you can make the best of this situation by preparing for when the market eventually gets better. You can change your perspective and focus on the present moment. And when you do that, you can leverage the work from home option and use the time to plan smart brand awareness and business expansion tactics
Everyone is on social media! Other than a networking platform, it allows people the scope to stay connected with others and gather relevant social news. Do you have a business profile on Facebook or Instagram? If not, it’s a good time to create your profile and get connected to your audience and add more followers. If you already have an account, you can strengthen your follower and customer base.
Since most people are home, they want to connect to their favorite brands and know the inside story and other interesting details. For instance, you could share the way your start-up business came about. Though your website will have the crucial details, your end-users and followers will love you to share the same through an interesting story sharing format.
Usually, start-ups and small businesses have limited capital to invest. Hence, they need to make correct investment decisions allow them to make better gains and returns. If you made an investment plan last year, i.e., 2019, chances are it will not apply anymore in 2020, as the economy will remain jolted and uncertain as an obvious impact of the pandemic for a while. Hence, you can use up this time and take the necessary suggestions from an investment consultant and re-organizes your investment and budget allocation. That way, your money won’t go to waste, and you can add to your savings as well.
People have more time than ever in the current situation. This means that not only do you have time to make a lot of great content, people also have more time than ever to interact and engage with that content. For example, if your business makes handmade jewelry, you can create a video about the jewelry making process. Spotlight one of your most popular products and give customers a behind the scenes look at how it’s manufactured. You can talk about the design, the pattern, the materials used, and the price of the object.
If the product has a unique history, you can share that as well. This will pique the audience’s curiosity and will make them want to learn more. This could lead them to look at your other social media and websites, increasing potential sales. Your organic traffic will increase.
Social media influencers usually have a huge follower base that they and others can take advantage of. You can get in touch with an influencer who is willing to mention your brand and products. Before you do this, check out the influencer’s background and decide if promoting your brand in their profile would be beneficial for you or not. You can try out your options concerning guest blogging as well.
Many entrepreneurs conduct online polls and quizzes—you can do this too. It will help your audience to remain engaged with your online content. Your followers and customers judge your brand based on your content. Take time to share compelling content. You should strike a good balance between interactive posts, stories, and personal looks into your company’s history. Since people have time today, present interesting content that they will want to learn more about and also share on their social media profiles.
There will be a time when the lockdown will come to an end. Eventually, we will flatten the curve, and the virus will be less of a concern, so it’s important to be ready for your customers to come back to you. Once conditions improve, your followers would love to purchase your products. Use this time to convert interested followers into loyal customers.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Along with his work at MuzicSwipe, he also interviews groundbreaking entrepreneurs on his weekly podcast, “FULLSPEED.” Eric also founded the “Eric Dalius Foundation” to support US students with four scholarships. Follow his journey on Twitter, Facebook,YouTube, LinkedIn, Instagram, and Entrepreneur.com.