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Dec 29, 2020, 07:20am EST | 7,334 views

Five Ways To Maintain And Grow

Your Business During The
Pandemic
Jack Mason Forbes Councils Member
Forbes Business Council
COUNCIL POST | Membership (fee-based)
Small Business

Entrepreneur, Group CEO of Inc & Co, Investor, and

Digital Disruptor.

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The Covid-19 pandemic has tested companies of all

sizes and forced many businesses to make serious
adjustments to their standard operating practices. But
while a number of businesses — particularly those
dependent on old revenue models — have lost value
and even gone under as a result of the economic
shutdown and shifting customer demands, businesses
that remain more nimble and adapt their approach to
fit the times have been able to withstand the
economic pressure and even grow.

Forbes Small Business

Funding Fridays No. 1

Below are five tips on how to best focus your

company’s time and resources in order to maintain a
bottom line and even grow during the pandemic.

1. Build your customer relationships.

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A business always relies on its customers in order to

grow, but the pandemic has made it even more
essential to maintain and those core customers. Your
customers are spending more time than ever online
during the pandemic, working remotely, taking
virtual classes and even hosting family events over
Google Meets and Zoom.

Companies have always needed to be savvy with

respect to social media and email marketing, but it’s
increasingly important now when customers are
logging so many hours each day on laptops and
smartphones. If ever there was a time to think about
whether your company is easy to find online, your
website is easy to navigate or your social media is
generating likes and retweets, this is it. Let your
customers know that you are there and you value
them, and give them incentives to spread the word
about how much they love your products and services.

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2. Support your employees and their work.

Use this time to support and invest in your team.

Every company’s success is owed in no small part to
the team of people who contribute their skills, ideas
and energy. I always preach that a smart, diverse
team is a company’s greatest asset and one that
deserves protection during downturns.

That may mean, at the highest levels, reducing or

forgoing CEO or board bonuses or salaries in order to
reduce the need for layoffs. It may mean adapting
employee work duties to better support the
company’s shifting focus post-pandemic. And it may
mean providing the resources employees need to do
their work successfully remotely, from the adoption of
project management tools like Slack and Asana to
providing flexible work schedules so that working
parents and others with increased home stresses can
better manage their new work-life balance.

3. Be strategic about your marketing efforts.

In an economic downturn, every pound matters. Now,

more than ever, marketing decisions need to be
targeted and data-driven to return the best results.
Use marketing technology and platforms — otherwise
known as a “martech stack” — that integrates with all
your channels so that you can track which posts are
performing and how your customers are responding
and use that information to drive your decision-
making. And consider hiring agencies or consultants
who have marketing expertise in your industry to
immediately boost your profile and drive up customer
interaction across your social media platforms.

4. Host virtual events that interest and

educate.

The pandemic may have brought an abrupt end to in-

person events, including networking functions and
conferences, but it has also opened the door to virtual
events. These can draw larger, more diverse
audiences and also produce terrific content that can
be repurposed for social media and websites to
engage additional customers.

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Webinars on topics relevant to your industry can

draw interest, particularly if they involve high-profile
speakers who are engaged in an interactive
discussion. (Participants can submit questions they
would like to see addressed when they register.) Not
only is it easier for customers to participate virtually,
but it’s also easier to secure in-demand speakers, so
take this opportunity to reach out to experts you may
not have considered in the past. Add giveaways and
other incentives to draw interest, and promote across
social media channels.

5. Prioritize authentic, transparent

communication.

The pandemic has made transparent communication

more essential than ever. Customers want to engage
with brands online on the platforms they are using.
Customers want to know how things have changed as
a result of the pandemic and what they can expect
moving forward. This is the time for businesses to
send clear, direct messaging that guides customers on
engagement, reassure them that the business is open
and provides easy ways to interact and purchase.

Point customers to simplified ways to engage and

purchase online. Make friendly appeals through social
media that address the pandemic directly and the
ways in which your company is adjusting and moving
forward. Importantly, use this time to remind your
customers just how much you value them, provide
incentives for their commitment and make it clear
that you will get through these difficult times
together.

With a vaccine being rolled out in some countries, the

road to a post-pandemic world is hopefully being
carved out, and now is the time to make the changes
to ride out the rest of the storm.

Forbes Business Council is the foremost growth and

networking organization for business owners and
leaders. Do I qualify?

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Follow me on Twitter or LinkedIn. Check

out my website.

Jack Mason

Entrepreneur, Group CEO of Inc & Co, Investor, and

Digital Disruptor. Read Jack Mason's full executive
profile here. Read Less

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