The Covid pandemic has hit the business world very hard over the past 18 months. If your company has managed to survive, you should be immensely proud. Nonetheless, there is no time for resting on your laurels. Now is the time to change your mindset from surviving to thriving.
Approximately 20% of businesses fail in the first two years even under normal circumstances. Fewer than half make it to their second decade. The pressures are now greater than ever, which is why you must respond in style. Here’s how:
Improve Your Marketing Strategy
The shift towards online interactions started long before the pandemic. However, an even greater number of consumers were forced to embrace online interactions. All companies must now look to utilize the internet to its full potential or face the prospect of losing out to brands that do.
A strong website is still the foundation of success, but it must be supported by SEO. A Google My Business page and voice search tools should be embraced too. Social media influencer marketing is another valuable asset. After all, consumers will take your ads with a pinch of salt. Hearing positive words from the content creators they trust will help formulate their opinions.
Referrals and testimonials from past customers are also very powerful tools. The power of recommendation won’t only ensure that they influence others. It will also keep your brand fresh in the mind of the existing client, leading to more conversions.
Improve Operational Efficiency
Profit is a two-way street. So, if generating increased revenue won’t be an easy task, you should focus on reducing outgoings. Nonetheless, you cannot afford to let those savings come to the detriment of your output. Savings made from changing insurance firms or energy suppliers are a great starting point.
The best results, however, are gained through optimized efficiency. Switching to a better compressor, for example, can reduce energy usage during manufacturing. You can read more here on the topic. Adopting automation to complete manufacturing, assembly, and admin tasks can promote increased speeds. Fewer defects will save you money in the long run, while customers are guaranteed better products.
Utilizing modern tech is clearly an important step. Crucially, it should be used to enhance the communication links between your teams. Team messaging apps, video conferencing, and a host of other tools can make this happen.
Building a more efficient business that also reaches a larger audience is great. Sadly, though, the direct short-term benefits are only the start. As mentioned, a lot of businesses will struggle over the next couple of years. In many cases, it’s because vulnerabilities will allow cybercriminals to attack.
Stats show that 95% of cyberattacks are due to human error. And you can read up on more relevant cybersecurity stats here. In short, though, attacks happen at every minute of the day. Without the right facilities and staff training, your business could suffer a similar outcome. Aside from actually protecting the company, it supports your mind.
The changes are even more significant if you are now letting employees work from home. Until your business has the right level of protection for physical, virtual, and intellectual assets, your work is not done.