How do you make sure your business survives in this time of great uncertainty?
To say that the past few months have been hard on everyone is an understatement. Everywhere, people are losing their lives, suffering from depression and anxiety due to lockdown restrictions, and losing their livelihoods. Many businesses have also immensely suffered and had to result in laying off employees in an attempt to stay afloat.
I recently got to talk to seasoned business coach, Jamie Joslin King of The Slay Coach and asked her about the things that businesses can do to weather the Covid-19 pandemic. Jamie recently started offering a new business course named The Pandemic Paycheck where she tells people how they can ensure revenues despite everything that’s happening with the world. Here are some of her tips:
1. Evolve quickly
She points out that the past six months have probably been the greatest shift that the world has seen in decades and thus, businesses need to be able to move quickly in order to keep up. She says, “The way people look at businesses and products have immensely changed. Any report for the past few months will tell you that people are now more conscious about what they put in their bodies and what they consider as necessity. More and more people are also becoming smarter in terms of spending, but this does not mean that they are not spending. What businesses need to do is be able to identify how differently consumers are seeing them now. From there, they need to assess how they can change their branding, the way they operate, and other things they can to be more in demand.”
2. Be constantly present where your customers are
The battle for sales has obviously become so much tougher since the pandemic. If you want to be noticed, you need to be where your customers are consistently. “Everyone’s online all the time. Seriously. The internet never sleeps and what that presents entrepreneurs is the potential to make money any time of the day. Before the pandemic hit, it was estimated that the global e-learning industry was going to reach an annual revenue of $325 billion by 2025. These numbers will only grow as people stay at home. You can take this opportunity to grow. But you have to be open to it. You need to always remind people that you are there and that you are offering your products or services.”
3. Create more revenue streams
Jamie says that the pandemic actually opens opportunities for individuals and businesses to diversify their offerings. “If you’ve always been known to do just one thing, keep doing that. If that’s bringing in money, then keep doing it, honey. But you shouldn’t stop there. Whether we like it or not, we really have more time in our hands right now and we all can use that to find new ways to make money. Use the resources you have. Look for opportunities within your network. Don’t be afraid to ask questions and to ask for help.”
Jamie adds that while there is nothing wrong with wanting to thrive during the pandemic, everyone should learn to manage their expectations based on what is happening around them. She underscores the importance of putting safety and mental health as everyone’s first priority and to always stay hopeful and kind. “Do what you want. But safety always comes first. And be kind,” she ends.