If there’s anything we’ve learned in this uncertain economic time, it’s that businesses need to embrace change and seize opportunities if they want to stay afloat and succeed.
Building a profitable business is a tough job at the best of times, but in this challenging economic landscape, it’s becoming even more difficult. Success requires an enormous amount of time, effort, investment, and resources. For that reason, many business owners are cautious about making changes.
You may find it easier to simply continue with business-as-usual and hope for the best. The problem with this “she’ll be right” attitude is that change is going to come, whether you’re ready or not. It’s better to be prepared and receptive to change, so you don’t miss the opportunities that come with it!
As we’ve seen recently, changes that are forced upon the business community can often bring out the best in those who think outside the box. Faced with challenges, these open-minded business owners seek out innovative ways to keep the doors open and attract customers, ensuring they remain competitive.
Below, the Bartercard team offers three ways to embrace change and build your business in these challenging times.
1. Invest in new technology
To keep up with constant changes in business and technology, you need to keep track of developing trends. This may sometimes involve purchasing new equipment or software, and regularly training your staff—as well as yourself!
You may need to look at cash flow management tools such as invoice financing and supply chain finance. These will allow you to distribute the financial impacts of a setback over a longer period, empowering you to act when you need to.
If you haven’t already, now is the time to get your online touch-points like your website and social media pages up to date, so your customers can find you, connect with you, and buy from you.
It may be easier in the short-term to resist new ideas or hold off implementing them, especially when your circumstances are already challenging. However, the risk of inaction may be higher than you realise.
2. Invest in customer loyalty strategies
In times of dramatic change, you can’t afford to become complacent and wait for your customers to bail you out. Many of them will be busy trying to save their own business, jobs, or ways of life.
What’s important right now is retaining your loyal customers and letting them know you’re still there for them. Make sure you keep them informed of any changes within your business, so they’ll feel like a part of that change. This is a great way to deepen your bond with your loyal customers.
Now is also a great time to reconnect with older or inactive clients. Reintroduce them to your business and your latest innovations. Changes like a fresh website, updated product lines, new delivery options, changed operating hours, different services, or new staff members are all reasons to reach out to your client base and invent them back.
More than ever before, you’ll need to balance keeping your long-term, existing customers happy, reaching out to your past clients, and bringing in new ones. It’s important to explore new opportunities to create loyalty programs, improve your customer experience, and implement customer feedback.
With such seismic shifts in the world’s economy, your share of the market may have shifted. Your customer base may now need entirely different products or services. They may need a higher level of customer service to justify spending the money. A sound customer loyalty strategy could be the difference between keeping and losing these customers. Now is the time to set yourself for lasting business growth and get a step ahead of your competitors!
3. Invest in your team
Many small business owners have responded to recent challenges by stripping their businesses to the essentials. This has often involved re-evaluating the roles that everyone plays within the organisation. Any time is a good time to invest in the personal development of yourself and your team. The great thing about investing in people is that the return so often pays massive dividends for years to come.
Think of innovative ways you can invest in the people that make your business tick. Involve your team in the process. Remember that they hold the key to your business’s growth. Be sure to get your team involved in the process as they could hold the greatest key to your growth. Invest in training. Put incentives in place to ensure your workplace is one people love to come to every day.
Effective business growth strategies must think bigger than new technology, new customers, and positive workplace culture. They are an ongoing process that requires every aspect of your business to both evolve and remain capable of evolution. Continue to embrace change and seek out opportunities to build a better business.
With Bartercard, you can make changes that deliver
Discover innovative ways to grow your business through the Bartercard global B2B network. For nearly 30 years, Bartercard has helped business owners increase their profits, reduce cash expenses, move excess stock, and fill downtime, all while enjoying an interest-free line of credit. Contact us to learn more about our innovative, global trading platform, or get started today and create positive change for your business.