The current business climate is a pretty unique one. COVID-19 has ravaged the world of enterprise and has caused a host of issues for businesses due to the economic downturn that the market has taken. Although a few companies have seen their customer numbers increase over the last few weeks, many more have seen their trade decline considerably. However, that doesn’t mean that there aren’t ways to cope with this situation. Here are my top tips for dealing with an economic downturn when you’re running an online business.
Collaboration Is Key
Start teaming up with other businesses behind the scenes rather than isolating your company from others in the same industry. Finding extra ways of making money in a tough economic climate is imperative, and it can be especially difficult to do this yourself. So reach out to businesses like yours. Find ways of cross-promoting or making affiliate deals. Share email lists. Share tips and tricks for selling success.
Drop Your Pet Projects If They Aren’t Making Revenue
There may be a pet project that you’ve been nurturing as part of your business, but when times are tough, the tough gets ruthless. Cut them from your schedule if they aren’t making you revenue and focus on the other projects that are.
Use Empathy Marketing Tactics
During any economic downturn, people suffer. So, step into the shoes of your customers, think about the way they’re feeling, and then work out how you can leverage that to your advantage. What can you offer customers to show you care about them in these troubled times?
Take Care Of Your Mental Well-Being
Whenever the economy goes into freefall, which happens every few years, business owners often suffer from anxiety and depression. If you’re to get yourself and your business through the downturn successfully you need to safeguard your mental well-being. Try taking some time out of the office every day to get some fresh air. Practice meditation. Reduce your exposure to social media. Protecting your own mental health will help you to protect your business.
Slash Your Costs
When times are tight, you have to cut costs wherever you can. Find ways to reduce your expenditure without reducing the quality of service you provide your customers.
Seize The Opportunity
Although it’s never going to be easy to deal with an economic downturn when you’re running an online business, the best way through is to look at the situation as an opportunity rather than a setback. Yes, you’ll need to have courage and determination to fight it, but you can win through. Eventually, the economy will recover, and your business will too if you follow my advice. By cutting your costs, showing empathy with your customers, managing your own mental health, and collaborating with other businesses in your niche, you’ll eventually find the silver lining in the clouds. Embrace the challenge and rise to it. Keep going and you’ll make it through the darkness and into the light!