Business During COVID-19 - Useful Tips To Keep Your Business Moving Forward
by Ivan Lovos, on May 29, 2020 9:58:03 AM
Every day is a new day and every day brings about added challenges as we, as a society, continue to try to keep moving during this very difficult point in our history. Businesses need to continue moving forward and in order to do so we all need to embrace new ways to do business.
With that said there are numerous things we can do to keep the wheels turning during these turbulent times. Here’s a few things we’ve been doing over at Ausloans to keep the momentum going, so why not follow our lead.
4 practical tips to strengthen your Business Relationships
1. Get on the phone to all your referrers!
Many established businesses have long standing relationships that have been developed through face to face interactions. Your ongoing efforts don’t need to fall apart – you can still pick up the phone, advise your clients you’re still supporting them, make them realize that they are not alone. The distancing laws have not affected online communication so connect with your team of Brokers with TEAMS and start strategizing on how to contact all your referrers. If you want to continue trying to connect face to face there’s always Skype, Facetime – the options to connect a literally endless.
2. Uncover needs and trends
The world is in constant flux of change and so are your clients’ environment. Everything is being reviewed on a day by day basis. Calling every day is a bit much but getting into the habit of weekly or biweekly (if the client has multiple touch points) could help you prepare. The world will come out of hibernation so it’s best to understand what challenges your clients will be experiencing.
3. Don’t turn off the marketing just yet!
It might be harder to set a deal with lenders at the moment, but as Australia slowly reopens for business the lending market will improve. However, while you're waiting, this is a prime opportunity to build relationships and it will allow you to warm your customer for when things do change.
You’ve already spent the money creating the lead, you might as well keep the customer engaged. Building relationships during tough times are the ones that become the strongest once the dust settles. Build that customer base and it could lead to some deals being set – keep up the good work and don’t let yourself get down.
4. Start preparing for upside
Yes, sure things are tough right now and we’re all feeling the pinch, but with the plethora of businesses and individuals struggling to manage their finances there is going to be an upside for finance professionals as we come out the back end of this virus. The bottom line is, as businesses and individuals head back to work there’s inevitably going to be a rush on finance for everything from business restocking, cash flow lending through to vehicle finance and personal loans.
If you’re not a broker, but are a business that offers high ticket products now would be the perfect time to explore offering finance options for your customers.
3 practical ways to promote your business
It’s a strange time for all Businesses – many have been forced to hibernate, close or worse. Many have lost significant market share, revenue, customers and unfortunately staff. These equate to a very expensive time in our history for all and sundry.
So, what can you, as a business owner do in order to promote your business now?
1. Invest into Marketing if you can…
Many of your competitors are reducing their marketing spend which mean you will be able to gather some momentum up the “google” totem pole. The competition is taking a break, but you could be like the tortoise that wins the big race. It’s not all about spending either – now is a perfect time to start developing a marketing plan, review the messaging and how it will attract more customers to your services.
2. Focus on customers – gather their insights for testimonials
Everyone is hurting in one way or another, there is a lot of uncertainty in the market and now is the time to reach out. Now is the time to reduce all expenses but the cheapest customer you can acquire is one that has already used your service. Give them a call, send them some information or just remind them you are still able to help were possible. While you’re at it – get a testimonial from you’re the excellent service they received from you. By reaching out you just never know what opportunities you can uncover.
3. Show support to other businesses
Regardless of the industry you work in, several businesses are getting hit equally as hard — if not harder — as yours during this pandemic. Use social media to reach out and advise how you can support other businesses. Reach out to others directly and look at ways to connect, understand and develop your knowledge of the market whilst promoting your business.
This is a great opportunity to extend your business relationships and these are worth their weight in gold during trying times.