With the recent struggles brought on by COVID-19, businesses are trying to come up with innovative solutions that will help them thrive amid unprecedented times.
We asked 6 thought leaders what innovative things they are doing to maintain business.
Read on for creative tactics to add to your business plan during the new normal.
Create a Payment Plan
Creating a payment plan for clients is a realistic way to keep business and income flowing in. As businesses begin to re-open, it is imperative that companies adjust. More likely than not, your clients want to return to doing business with you but finances can be a holdup. By being flexible and offering a payment plan for your services, you are keeping clients and showing that you value them.
Megan Chiamos, 365 Cannabis
Find a Bigger Purpose to Serve
Embracing the situation is going to be hard, but I can think of a few ways in which you can utilize the current situation and your transparency as an honest business-owner to the benefit of your company.
I’m talking about finding ways to serve the greater good and share them loud and proud. This new form of advertising is going to hit home with Millennials and Gen Zers as they are distrustful of traditional advertising and big on authenticity these days.
Find a cause that you feel strongly with and work with this within your company ethos.
Andrew Taylor, Net Lawman
Offer No-Contact Payment Options
One way to help your small business adapt to the “new normal” is to offer your clients payment options that minimize physical contact. It’s no secret that cash and credit cards are dirty from being passed around so much. By offering contactless payment solutions, the interactions between people and common surfaces will be minimized, and this will help to combat the spread of the virus.
Eric Brown, Aliant Payments
Test New Methods to Run Your Business
Some innovative ways to survive the new normal is just that: innovate. Pivot. Test. How can you make your product easier to access from home? We are a video company and we started to offer a way to produce zoom style interviews for companies – and it took off! Your old way of doing business won’t work anymore – innovate! My tip: Test out one new product a week.
Trevor Rappleye, CorporateFilming
Be Prepared for an Economic Downturn Beforehand
Preparation for anything does not help you avoid facing a dangerous situation but gives you the courage to face it and cope up with it. Make sure to execute some financial models with recession assumptions, it will help you keep prepared for any unexpected economic fluctuations and might help the business to stay afloat.
Rameez Ghayas Usmani, PureVPN
Don’t Rush Back to the Office
Though restrictions are beginning to lift in certain states, it might not be such a good idea to return to the office. As a business owner, the cost of running an office is huge. If working remotely went well for your business, you might want to consider continuing that for the remainder of the year. As a business operating in the midst of a pandemic, it is crucial to cut costs where you can, and eliminating rent will be one way to keep finances in the positive.
Brett Farmiloe, Digital PR Agency