Article | March 5, 2020
Running a business is all about staying on top of the most crucial matters while simultaneously giving every aspect the focus and attention it deserves. It means learning how to take advantage of your company’s strengths while ensuring your business gets the exposure it needs to weather the storm. Things can get even trickier when you are running a startup company or a small business, as the slightest mistake could have far-reaching consequences. Fortunately, even inexperienced business owners have a chance to manage a small business without necessarily having to resort to trial and error. There are plenty of successful companies out there to imitate, and there are many ways to achieve success. Here are just a few tips for running a small business successfully!
Article | March 5, 2020
No matter what your business is, you are likely to have been impacted by the coronavirus outbreak Covid-19. As a result, your business activities have probably reduced or even been suspended for the time being until the crisis is over. At this difficult time, you should consider it an opportunity to reassess the aspects of your organisation such as the operations and the financial outgoings. By taking these considerations, you will effectively put your business in a better footing coming out of a crisis. If you are a business owner, here are 5 questions to ask yourself regarding your business during a downturn;
Article | March 5, 2020
Coming up with great business ideas is one of the most important things you will need to do as an entrepreneur. You can have all the confidence and training in the world, but if you don’t have an idea your customers can get behind, your organization isn’t going to go anywhere. So, what do you do when you’re struggling to find your Eureka moment? It takes many business leaders a lot of time and effort to find the idea that’s going to make them the next Bill Gates or Elon Musk. While there’s no guaranteed way to ensure lightning strikes, there are a few tips you can follow to improve your chances of getting the right inspiration.
Build Your Education
Going to college and earning your degree is not just a way to improve your resume, it also trains you how to think in different ways and look for unique solutions to problems. Going to college to earn a business degree can help you to develop your confidence, your understanding of your industry, and your ability to brainstorm. All you need to do is find a private lender who can finance your way through school, and you can use this period of your life as a crucial time for personal and professional growth.
Record Every Idea
Sometimes, we are too harsh with ourselves about what we identify as a good idea. Sometimes, a concept can come to you in the middle of the night, and by the time you’ve reached the next morning, you might have already convinced yourself it’s no good. Rather than ignoring moments of inspiration, take a note of all ideas, whenever they come to you – no matter how silly they might seem. Getting used to this process of considering every idea will help you to avoid ignoring any concepts that could be a lot more impressive than you think.
Start with the Problem
One of the best ways to guarantee that your business will be a success, is to work backwards from a problem your customers already have. The chances are you already have an industry and target market in mind for your business, so start exploring the market and finding out what competitors have to offer. Are there any gaps that aren’t being addressed? What kind of problems do you notice customers in your marketplace talking about all the time? Is there anything you can do to solve these issues for your customers? How are you going to offer a result where no-one else could?
Be Better than the Competition
Sometimes, you do not need a brand-new idea, all you need is a way to be better than the solutions already on the market. For instance, rather than designing a completely fuel-efficient car that does not use any fossil fuels, a lot of automobile companies started working on hybrid cars that could offer a combination of performance and eco-friendly functionality. Find your most significant sources of competition in the market and ask yourself what you could do to make the solution even better for your audience. Ideally, you shouldn’t get too focused on being the cheapest option when you’re just getting started. Most of the time, larger companies have more supplier options, so they can fight you on price quite easily.
Leverage Your Passions
The best business owners and aspiring entrepreneurs are often the people who started with a hobby or an idea and turned that into a career. Ultimately, you’ll always accomplish more in your business if you’re doing something you genuinely care about. With that in mind, you should always choose an industry that appeals to you when you’re building your new company. Think about what kind of products and solutions you’re usually excited about. Ask yourself what you’re good at, or what you can do that no-one else can. If you launch a business, you are passionate about, you will be much more likely to keep pushing forwards, even when your company faces a difficult stage.
Do Not Restrict Yourself
You do not have to choose a specific business idea and stick to that no matter what from day one. Spend some time brainstorming concepts, and do your research to find out which idea has the highest earning potential, or which is the most exciting from an innovation perspective. Once you’ve built your business, you can also begin to think about how it can grow in the future. For instance, just because you start your career creating gluten-free bread for people with intolerance doesn’t mean you have to stick to just bread forever. As your company evolves, you can move into new markets like pasta and pastries, or even spread around the world.
Keep Exploring New Ideas
Even once you have chosen an idea you want to pursue as a business owner, that does not mean you should stop coming up with ideas. Constant innovation and creativity are how most businesses stay ahead of the competition. Encourage your entire team to share their thoughts on how the business can improve, and have regular meetings where you can discuss new opportunities and avenues. Just like people, companies can evolve and change over time, give yourself the freedom to grow at the pace that suits you.
Article | March 5, 2020
December 2019 was just the start of something sudden and drastic change a world was about to witness and changed the pattern and working of business completely. Covid 19 has been a major economic shock for both large businesses as well as small businesses. Marketing their business became difficult and was even more difficult and challenging for small business owners. The impact of COVID-19 was enormous on small businesses. Pandemic was a time to come up with new marketing strategies for small businesses. Here are few promising marketing strategies for small businesses during COVID-19.
Effects of the pandemic on small business
Small business was the hardest hit due to the onset of the pandemic and effects of the pandemic on small business has been severe. The unprecedented nature of COVID-19 brought up widespread closing of businesses, factories, and stores around the world. Temporary closure of businesses due to pandemic reflected income losses to business owners due to inactive months.
As per a recent study, 34% of U.S. small businesses are still closed. COVID-19 continues to be challenging for small businesses forcing them to shut down their business permanently. As per the recent survey, about 22% of U.S. small businesses have closed in February. Effects of the pandemic on a small business stay the longest.
Customers being reluctant to rush to stores for their purchases considering their safety has reduced the business for small business owners. As per the survey conducted by McKinsey, almost 47% of small business owners are concerned about their sustainability in the market, and about 57% of the owners are concerned about the lack of customers.
What are the challenges faced by small business during the pandemic?
COVID-19 magnified the pre-existing challenges of small businesses along with the addition of more challenges. The new challenges faced by small businesses during the pandemic are money management, work-life balance and fatigue, government regulations, client dependency, and going for an online platform. However, the Small Business Administration (SBA) of the federal government came forward to help businesses. The federal government enforced the Paycheck Protection Program Act (PPP), by the CARES Act, aided the small business loans with the fund. Switching to digital is a new need of an hour to ameliorate the involvement of new and existing customers and having social media presence.
Sharing the best marketing strategies for small businesses to overcome the challenges during the COVID-19 pandemic.
Best Marketing Strategies for Small Business
Get Website for Online Presence
Do you need a website for small businesses? The answer is yes. Websites are like a business card to reach out to the customers; with the absence of a website, you will be missing out on the major chunk of the market. Simply by making your online presence you will create the most important asset for your small business. It is a channel where you will exhibit the information about your brand, who you are, where are you, what can you offer, and how potential customers can reach out to you. You can grab traffic information from your website through a search engine. The data and analytics provided such as how many people visited your website, time duration spent by people on your webpage, demographic details of your visitors, and many more enables the success of your website.
Google My Business Listing
Google My Business is an effective part of digital marketing strategies for small businesses. It is cost-effective for small businesses and gives your business visibility on Google and beneficial for targeting local customers. Google My Business provides you with a free set of tools increasing your reach with higher online visibility. Google My Business is affordable for both small and large businesses. With good reviews from the customers or if you rank in the top 3 of Google My Business listings you can pull many leads, and gain credibility and trust for your business.
Email marketing strategy is an important and critical part of marketing strategies for small businesses and works best during the COVID-19 pandemic. Email is the highest converting channel that helps in nurturing leads. Email marketing for small businesses is cost-effective and involves showcasing new products, important business updates, special offers, prompting your recipients to click through your website. Other benefits that email marketing for small businesses offers are easy to automate, immediate communication, easy to track and optimize, and easy to set up and run.
Content marketing during COVID-19 for small businesses has been at the center of business marketing strategy. Content marketing is creating and publishing high-quality content including, articles, emails, online courses, podcasts, and videos to reach out to the target audience. Content marketing is a must for small businesses because it is highly result-oriented. Content marketing helps small businesses to create trust and long-term relationships with customers and potential prospects and gives better exposure to your products or services.
Blogging has proved to be one of the successful marketing strategies for small businesses during the COVID-19 pandemic. Starting up a blog will help you generate organic traffic and increase awareness for your brand, in return will improve your website’s rankings on the search engines. Blogging is a part of content marketing offering information about relevant topics to customers, in your case, it will be about your business. Starting a blog is important for small businesses because it helps you think in new ways, it is great for marketing, it allows you to share your expertise, and it creates a 2-way conversation.
More than 40,000 search inquiries are made on Google every second, so you can imagine the reach of audience your business can gain. Advertising on Google is of great worth for small businesses. Google AdWords is considered a more expensive and competitive form of marketing tactics; they are paid ads but are also one of the most powerful marketing strategies. In Google AdWords, Google assigns a quality score to your Ad depending on your Click Through Rate (CTR), relevance, and landing page your ad sends traffic to. Google AdWords gives you immediate results and ranges up as per your budget.
Using Social Media Platform
Using social media marketing is relevant and non-negotiable for small businesses because it helps to build wide awareness for their brand. Today’s world is social media savvy. Social media platforms have no more remained just a fun platform to socialize or connect with but have turned into a powerful tool for business reach by engaging with potential customers. Presence on social media can help small businesses to build up a rapport with customers, gain an opportunity to promote their products or services to larger audiences. Facebook, Instagram, Twitter, Pinterest, and LinkedIn are a few of the social media platforms that are highly active, hence proves to be one of the easy marketing strategies for small businesses.
Use the Power of SEO
Business slowed down in the pandemic and businesses are reluctant to commit. Once an impressive website is developed, search engine optimization (SEO) is one of the impactful marketing strategies for small businesses. SEO is a time taking strategy to show the results but in the long run, SEO marketing strategy surely brings you the desired success. SEO is to optimize your website and content for google search engines so that your business ranks higher on searches. Higher the rank on google search higher the chances of traffic drive to your website and higher the chance of your website being clicked.
With the practice of the above-mentioned strategies for small businesses during COVID-19, you will bring a boost to your business.
What are the marketing strategies in COVID-19?
The world has heavily relied on technology as in the age of COVID-19. New marketing strategies have been brought fore-front to leverage the business growth and reach. Email marketing, content marketing, blogging, SEO, are marketing strategies to name which are emerging as powerful promotional tools.
Is Email Marketing effective for small business?
Email marketing has been the biggest benefit for small businesses during the pandemic due to its cost-effectiveness and use of time. Email marketing is the most impactful marketing channel during this time because it allows business owners to build relationships with new customers, past customers, and leads.
How Content Marketing helps small business?
Content marketing is a key strategy to introduce your business to a new audience and increase brand awareness, reach, and domain authority. Content marketing during COVID-19 for small business is becoming important for small businesses majorly for generating leads and sales.
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