Survive and thrive through difficult times

It seems that in these last few years we have constantly found ourselves in difficult times. Pandemic, wars, energy crises, the world on fire: it’s been one thing after another and it all has an impact on our business. Yet some businesses thrive, while others go under. So what’s the difference between the two?

Whether a business survives and even thrives is not based on single actions; it is a culmination of the decisions you make and the actions you take to grow your business before any sort of crisis rears its ugly head. Businesses that struggle during recessions or other sorts of economic difficulties are usually in that situation because they haven’t been doing the right things for a while.

So, here are a number of activities you can complete over the coming months to ensure your business survives and thrives in the months ahead.

1. Check your costs & prices

This is always a great activity to start with, especially if you haven’t looked at your figures in a while. Go through all of the things you’re paying for (from magazine subscriptions to energy costs and even your wage bill) and ask yourself the following:

• What are you paying for?
• Are you getting value from it?
• Is it helping you grow or maintain your business?
• Are your prices up to date?
• Do you really need it?
• Could you pay less for it?
• Could you get something else instead?
• Can you outsource it?

Once you’ve done that and have minimised your costs, it’s time to look at the prices you charge for your products and services. You might need to increase them, but don’t just increase them for the sake of it. If you can be one of the few businesses who DON’T increase their prices, you will really stand out and you can even use it in all your marketing. But if you’re not making a profit, it won’t be long before you’re out of business, so get the numbers right and make sure you are still making money.

The reality is that costs are going up. Don’t bury your head in the sand about this. Look at how big the monster is and then find ways of dealing with it.

2. Optimise your database

If the first thing you’re thinking is ‘I haven’t got a database,’ then now is the best time to start one. Your database is one of your biggest assets and it will see you through any crisis as it will contain details of all your clients and prospective clients.

If you have a database, when was the last time you had a good look at it? Check everyone on the list is still relevant and ensure it’s as up-to-date as possible.

Once you have done that, and added everyone you need to, the next step is to segment it properly whether that is by products, birthday, region etc. Don’t forget, your database will also contain details of all your supporters and suppliers so treat it with the respect it deserves!

For more details on how to optimise your database you could read my blog post on Customer Database Marketing.

3. Give your customers what they want and need

Maybe you have been guilty of just ticking along by promoting the range of products or services you’ve always had. However, the world has changed and so have your clients’ wants and needs.

Don’t assume you know what they want; complete a survey or pick up the phone and ask them what they need. They might want something you don’t yet provide, but easily could. And because you’re already a trusted contact, it’s highly likely they will use this new product or service without overthinking it.

4. Embrace new technologies

Don’t be a dinosaur because the comet is coming! The social media platform TikTok is a great example of this. Did you know that at one point it was the most visited site in the world and ranked even higher than Google and YouTube?

Just let that sink in for a minute, before saying it’s not for you. Then start thinking about the other technologies (especially around AI) in your business that you may have been hesitant about, but that could work for you?

Learn about new things and be open to them. If you can be an early adopter of something that is going to be big (I appreciate we don’t always know) then it can really help elevate your business in times of crisis. Don’t do something just because everyone else is doing it though. Make sure it is going to have a positive effect and impact on your business.

5. Invest in your network

When I refer to your network, I mean your physical, personal, and business networks; people you can ask for help. Now, more than ever, you should be doing more networking. You should be keeping your network up to speed with what you are doing in your business and how you can help them, as well as the people they know.

You don’t always have to see these people in person. Posting regularly on social media is just as effective, as is sending out your nurture emails.

6. Make a plan

Where is your business growth going to come from if you’re going to thrive and not just survive? Do you know who your ideal clients are, and do you know how to market to them specifically?

For more on business planning read my blog on that topic.

7. Stand out

Now more than ever, it’s important to stand out. Be the one who’s different. You could do a quirky marketing campaign or a lumpy mail campaign. Make people remember you and what you do. Make them smile.

People are being bombarded with negativity so if you can make them smile or even laugh, then you will be remembered. As Maya Angelou said:

“..People will forget what you said, people will forget what you did, but they will never forget how you made them feel.”

We are heading for some tough times but if you can make someone feel good, then do so. It will make you feel happy too.

If you do all the above, then you should, at the very least, survive. However, if you do all the above well, then you should thrive.

See you on the other side and stay positive where you can!