For entrepreneurs and established corporate leaders, it’s okay to think big, even in the aftermath of a historic pandemic. In fact, big thinking might be what’s needed to get the global economy back on its feet. According to Wall Street Journal reporting, business is booming for big thinkers.
To be sure, throughout 2020, many founders and executives were hesitant to push forward with plans to scale. However, they quickly learned that although Covid-19 had changed life, it hadn’t stopped life from happening. Consumers and organizations were still buying; they were just buying differently. Now, those need-based behaviors have become habits.
Does this mean you should plunge headfirst into the first growth strategy or new venture you imagine? Not without some strategic planning. Starting, revamping, expanding, or modifying a business right now takes consideration. Begin by thinking more about these three tips.
1. Explore the edges of your wheelhouse.
Every company or entrepreneur has a wheelhouse. Your wheelhouse is best defined by what you do better than anyone else. By pushing the boundaries of your wheelhouse, you may be able to expand your current operations or launch an innovative startup.
For Florida-based law firm Anidjar & Levine, their wheelhouse has always been the law. Yet they realized their team’s skill sets and training could help them explore other avenues. Namely, they moved their advertising in-house, began working directly with media market managers, and are tentatively helping non-competing firms with their marketing, too. What wheelhouse ability made them confident they could achieve success by tackling legal marketing? Negotiation.
As Marc Anidjar explains, negotiating is a backbone of law practice. He notes that the same recipe that goes into settling claims and cases works when making ad buys, too: “The relationship must be a win-win. Both parties must understand that their success is tied to the others. As one party grows, so does the other.”
Take time to examine your company’s wheelhouse carefully. Are there opportunities for you to do more in those areas without… well… reinventing the wheel?
2. Refocus customer touchpoints before unveiling brand changes.
Consumers have become hyper-alert to how they’re treated by companies. They’ve also become more open to switching loyalties if they’re not getting personalized attention and service. For that reason, you have to go beyond just dusting off your dated target prospect personas. You have to map out every possible communication touchpoint you may have with a customer.
This will take some time, but it’s an important step if you want to avoid missing the mark when it comes to wowing prospects and clients. Don’t be daunted by the task, though. Look for places where you may be able to leverage technology to do some of the work.
For instance, can you automate some of your sales funnel processes by relying on AI-enhanced software? This could enable you to stay in touch with warm leads without exhausting your limited human or fiscal resources. Many tech solutions are on the market that will assist you in keeping your brand front and center in a natural-feeling way.
The head of Amazing Beauty Hair, CEO Jack Wang, recommends taking advantage of online sites to keep communication and engagement high. “Use every platform you can take advantage of,” he said in an interview with the U.S. Chamber of Commerce. But he warns about overdoing it: “Remind your clients about your existence, but make sure not to be too intrusive.” In other words, find your touchpoint sweet spot and work your magic there.
3. Make a grab for low-interest cash and related recession opportunities.
One of the lesser talked about aspects of the post-pandemic economy is the availability of loans for businesses. Currently, interest rates on various short-term loans are being held low. This is a move to spur spending and promote growth.
If you’ve been held back financially from opening up verticals or founding a brand, you may want to consider smart financing vehicles. However, you’ll need to have decent credit to take out a business loan, or personal loan for a startup. Or, you may want to forge a partnership with someone else—or merge with another company—that can get a “yes” on a loan application.
Certainly, you should remain frugal and lean even after receiving money from lenders or alternative sources. Nevertheless, the time to spend wisely may be now. Depending upon your partners and supply chain necessities, you may be able to snag bargains.
Plus, if you’re looking for a brick and mortar physical location, leasing deals aren’t exactly hard to find. Writes real estate broker Galit Ventura-Rozen in an article on commercial real estate trends, “Vacancies in high-traffic areas make this the perfect time for commercial owners who are looking to expand.”
For many people, now might seem like a time to hunker down. But if you have an entrepreneurial, disruptive spirit, you may find it the perfect moment to rise up. Your dream could help get the world back on track and into the next normal.