Businesses can be grouped into three categories when a global crisis occurs:
- Those who shut down
- Those who survive
- Those who get stronger.
Today, we’ll go over what you can do on how to grow a business and make it stronger when a catastrophe (like a pandemic) takes place.
Hire strong talent
As many businesses close during the pandemic, know that there are many high performers in your industry who are currently unemployed. Perhaps it’s a top salesperson in your niche, or one of your competitors’ best managers.
The good news is that you can now recruit them. Today is a great time to find great talent.
Acquire or get acquired
If you’ve put aside some money for your war chest, you now have plenty of opportunities to acquire other businesses.
The flip side is an option as well: your business can be picked up by other companies.
Focus and minimise
Some businesses try to be everything for everyone. A restaurant may offer sushi and burgers; or a real estate firm may also take on tax and auto insurance clients.
To strengthen and grow a business during a global crisis, you need to specialise on what you’re really good at.
Go in on tech
It’s also a great time to invest in technology. Here’s why:
- Software developers and engineers need work right now.
- Software developers and engineers can code from anywhere.
Even if you’re based in one corner of the globe, you can get technology professionals from other countries like the Philippines, Nicaragua, or India.
Create strategic partnerships
Instead of an acquisition, you can also establish an alliance with your competitors. It’s entirely up to you what you want this agreement to be. Some examples include:
- Outsourcing agreements
- Cooperative research
- Joint ventures
You can also team up with other businesses that don’t directly compete with yours to form:
- Marketing agreements
- Supply chain partnerships
- Technology collaborations
Overcommunicate with clients
This isn’t about telling clients what you had for lunch. Overcommunication is deliberately contacting clients more frequently than you normally do and telling them what you’re doing for them.
Strategic overcommunication shows clients that your company is reliable, capable, responsive, and committed. When your clients realise this, they’re more likely to come to you when a problem occurs.
More importantly, they’ll see the value of your services – and this will strengthen your relationships, which is important during a global crisis.
Get involved with social issues
Businesses today need to find a way to be relevant. Yours can achieve this by addressing social issues that are important to you. According to a Gallup analysis, when consumers are aligned with a brand, they devote twice as much of their wallet as those who aren’t.
So what can you do? Some ideas include:
- Donating to specific causes.
- Taking a stand on certain social issues.
- Volunteering in your community.
Bear in mind that your efforts may backfire, and the backlash could hurt your brand. You need to:
- Be genuine in your pursuit.
- Ensure that the changes you’re demanding is completely in effect within your organisation.
- Do your research and understand your audience from both sides of your chosen issue.
- Communicate with your audience clearly.
If you tackle a social issue from a place of sincerity and do it correctly, your audience will remember and be loyal to you. This will strengthen your business.
Partner with us
Another effective way to grow a business during the pandemic is by forming a high-performing virtual team, which will:
- Reduce your employment costs by up to 70%.
- Boost your company’s productivity.
- Win back your free time.
- Supercharge your bottom line.
Putting together a remote team of top talent isn’t easy, however. That’s where we come in.
Unlike freelancing marketplaces where you do everything yourself, Remote Workmate handles all the heavy lifting for you, including key processes like screening, recruitment and payroll.
You can actually choose from our pool of top candidates right away. Just click the button below to browse a wide range of profiles on our Hotlist page.
