These are certainly difficult times for businesses, especially small business. A lot of “non-essential” companies have been completely closed across the nation and no one is sure how long it will last.
While you definitely want to comply with the rules of your state, it can be hard to see your business close down. After all, it’s certainly essential to you, your employees, and your customers!
What can you do now?
The good news is that you don’t have to give in to panic or accept failure. In fact, you can leverage this time to GROW. You may find that this situation has been a huge blessing in the end.
Here’s how to grow in the middle of this chaos.
Keep Your Mind Right
The first thing you have to do is work on your mindset. Fear is just as contagious as any virus, and it’s extremely debilitating. Fear and panic can keep you from seeing the opportunities that are right in front of you.
What does protecting your mindset look like in a practical way? First, you want to limit your exposure to media and social media that is focused on doom and gloom scenarios. You should follow all the guidelines in place to protect yourself and others, but don’t let “what if” situations dominate your mind.
Second, focus on exposing your mind to things that build you up and reinforce you. Read up about historical business success stories during recessions and past crisis, focus on your faith, meditate, and find feel-good stories to make you smile.
Finally, you need to prime yourself to look for opportunity. Investing classes often teach that the best time to put money in the market is during a downturn, because everyone is selling and you can get investments for less than their value. When everything recovers, you’ll get a handsome profit.
In the same way, investing in your business now can yield a great return in the near future.
It’s Time to Get Your E-Commerce On
Once you’re in a space to recognize opportunity, it’s time to review your options. If you had a physical storefront, it’s probably closed. You know what’s not closed? The internet!
In fact, with everyone home and quarantined, online shopping is at an all-time high. In South Korea, an area that was badly hit before the U.S., distributors saw online revenue increase 34% in February. Shopanova has seen 30% revenue gains across our U.S. clients since the pandemic.
Think about what you can do to maximize your digital storefront. If you don’t have one, now is the perfect time to create one. All those excuses about “I will when I have the time?” You have the time – let’s get it done!
If you do have one, it’s time to maximize traffic and get more views. That’s where our next tip comes in.
Optimize Your Online Advertising
One interesting trend is that a lot of cost-per-click statistics are currently dropping. That has to do with the fact that big advertisers are pulling back in the midst of uncertainty.
Now is the time for you to buck the trend and invest in your business while others flee. Review your online ads and platforms to see how you can increase investment and boost your visitors and sales.
Is it counter intuitive to invest in ads when things are hard? Yes, but so is investing in stocks when the market is down. It’s still a killer successful strategy, and advertising is cheaper than ever.
You can gain new customers for your online store while ad costs are low and everyone is at home shopping online. It’s an incredible win-win that can benefit your business for years to come.
Take Advantage of Stretching Your Comfort Zone
Nothing about this pandemic is comfortable for anyone, no matter where they are in the world. That’s tough, but it can also be a blessing in disguise.
If you’ve never taken the time to build out a digital presence for your business, now you’re being forced to. It’s hard. It’s uncomfortable. It’s not what you’ve done before.
But once you take that step, you’ll find that it’s incredibly worth it. You’ll have a revenue stream you never had before. You’ll have better resilience. Your business will be more diversified and more secure.
You might also find that the new avenues allow your business to grow in ways you didn’t know were possible. In fact, in an odd way, being forced outside your comfort zone may be the best thing that ever happened to your company.
Step Forward Into Opportunity
If you have a small business, this is not the end for you. Yes, times are difficult, but sometimes that’s what it takes for us to move forward to the next level.
With the right mindset, you can choose opportunity over fear and panic. It’s time to focus on your digital storefront and diversifying your business. When this is over, you’ll be amazed at what’s possible thanks to these changes!