Muddling through in times like these can be a massive challenge. But we’ve been in similar situations before – and worse – and we’ve emerged out the other side, often stronger.
Just look at what happened after the financial crisis. Banks had to fundamentally rethink how they lent to consumers, and now the system is in much better shape. Balance sheets are, for the most part, healthy.
The global political system radically reformed after WWII – an event to which people are comparing the current pandemic. Nations got together to build the post-war consensus, and now we have a far more stable world, relatively speaking.
Throughout all these events, entrepreneurs have found a way. They’ve been resourceful. And they’ve fundamentally changed their approach to how they do business.
Here’s how to thrive as an entrepreneur during the current crisis.
Switch To Deliveries
Nine out of ten people support the current lockdown. Most would prefer not to leave their homes. For that reason, there’s a massive demand for delivery services – services that deliver food and other parcels to homes.
Many entrepreneurs, therefore, are making the switch, buying vehicles from outfits like Trader Van, and just getting on with the job. There are massive opportunities for those who can transition fast and grab market share.
Perfect Your Copywriting
People are going to be spending much of their time online over the coming weeks and months. For that reason, entrepreneurs need to perfect their copywriting. The better they can reach out to their customers in this time of crisis, the more business they will be able to win.
Being able to write well is a massive competitive advantage right now. Companies that can communicate with their audiences naturally will find themselves ahead of the rest of the pack.
Find Ways To Offer Your Customers Values
Goldman Sachs thinks that the economy will contract 24 per cent in the second quarter this year. Mainstream economists believe it’ll shrink 15 percent. Either way, your customers and clients are going to be hurting – as will you. Your task, therefore, is to find ways to offer your customers additional value so that when the economy restarts, they’re in a much better position to move forward.
A lot of entrepreneurs are already slashing prices on their core products. It will likely continue for some time yet. In fact, we’re likely to see deflationary tendencies across the entire economy as people look for opportunities to sell more in a stagnant economy. Try offering your clients temporary “price relief” to drum up business to support your cash position.
Try To Productize Your Services
When things are tough, you don’t always have as much time to provide each individual customer with a bespoke service. Sometimes, therefore, you need to make the tough decision to “productize” – standardizing your core offerings and scaling them up.
We see a lot of companies doing this already. Firms that once made dozens of different garments are now focusing entirely on making one-size-fits-all medical gowns. Look for the major sources of demand in your industry and capitalize on them.