Going through the ups and downs is the nature of businesses, but the COVID-19 pandemic has drastically impacted entrepreneurs and small business owners. The lockdown has given the new turn to some industries to perform better in terms of generating revenue. In comparison, around 80% of global business owners are still trying hard to survive.
The grocery, medical, and service sectors are booming by providing online support to customers. At the same time, other industries like manufacturer, finance, legal advisory, event organizer, entertainment, real estate, transportation, education, and countless more need at least a year to recover the loss.
If you are also a small business owner, that has been affected highly during the lockdown, here are the 11 ways to do for increasing profits.
1] Create A Monthly Plan To Achieve The Goals
Aimless execution perhaps won’t give you a good result. So, before taking any steps, create a goal based on the calculation of your resources, financial backup, potentials, and other factors. You can mention the way and a number of targeted customers to approach, with the desired revenue in big numbers.
2] Retarget Existing Customers
Prepare the documents of your existing customers from excel, computer folders, hard copies, drives, emails, and other sources. And then retarget them with lucrative offers through SMS, newsletters, or paid campaigns. As you already have built trust with them, the clients may consider your profile again for assigning new projects.
3] Ask For References
Marketing works well to generate new leads with references. Through the call, email, or social media chat, you can approach the existing customers to share at least 2-3 references from their contacts. In return, you can favour the existing clients with some giveaways or free work.
4] Offer Bulk Work At An Affordable Cost
As per the capacity of your team and resources, you can design a custom plan to offer a combo. Customers are always seeking cost-effective deals. Offering quantity work at a competitively less amount can help you get more customers to increase your overall profits.
5] Find Out Freelance Projects
The lockdown has changed the way of working and getting work done. It is helping the business owners to get quality work at the lowest price from remote professionals. To cash the opportunity, you can join the freelance projects matching your industry and bid at a competitive rate to win the projects.
6] Rent Out Office Space
For startup businesses, it is tough to bear the cost of office rent. They find the solution to get a smaller corner in existing office premises to run their startup. If you have a huge office space but some rooms are vacant during the lockdown, you can collaborate with the entrepreneurs to give it on rent.
7] Deduct Cost By Hiring Remote Workers
The most challenging situation in a pandemic is to pay the salary of employees. It is a responsibility to release a timely salary to the workers regardless of the company’s revenue. As a small business owner, you can replace some of your full-time employees with freelancers. This decision will give you a kind of piece from salary part and pay to the remote workers only for completing given projects.
8] Contact Influencers To Promote Your Business
During the lockdown, it is hard to promote your business through the traditional marketing team to get some new projects. The new influencers available on social media, blogging, and YouTube channels can promote your products and services at an affordable cost.
You can shortlist profiles with around 100,000 followers and negotiate them to close the deals. As a small business owner, it is a smart idea to start with small influencers rather than contacting the popular ones at a higher rate.
9] Run Paid Advertisement To Cut Marketing Cost
Everyone is spending hours on the internet to make a purchase and get information for something. You can chase them through PPC advertising (Pay Per click) like YouTube Ads, Search Ads, Display Ads, Facebook & LinkedIn Ads, etc.
PPC advertising is 10x inexpensive comparing traditional marketing. And another benefit is, your cost will be deducted only for clicks, impressions, or filling the form by the customer. The flexible budget, customer targeting, and goals in paid advertising help small business owners to increase their profits with a smart investment.
10] Invest In Digital Marketing
Digital marketing/ online marketing/ internet marketing is the new trend to reach out the potential customers for maximum conversion. If you haven’t taken the benefits of internet marketing so far, then make a plan to invest some percentage of your revenue during the lockdown.
Services like SEO (Search Engine Marketing), automated mail, regular blogging, forum posting, and paid advertising are the most profitable technique to generate new leads for entrepreneurs.
11] Upgrade Skills To Target Other Niches
Keeping learning is the only consistent thing that improves our interpersonal skills and boosts businesses as well. By analyzing past mistakes, understanding users’ demands, learning new technology, and spending time in research can open new doors to spreading your business.
For instance, a manufacturer can recycle the waste materials to launch new products. Graphic designers can learn web designing and illustration. The English teacher can work on article writing, podcast creation, voice-over, etc.
Likewise, you must identify the new ideas followed by your core business to start working in other niches/ segments. This method can help you increase profits in a short time, and if your innovation is getting popular, it may give you consistent returns.
Closing Thoughts – Analyze The Performance to Make A Better Strategy
It is challenging for small business owners to survive in lockdown, but the above-given ideas will definitely help you to make a nice profit if applied smartly. Once you see some increment in revenue, you can recreate the plan for next month by analyzing all the factors, working style, and performance. Identify what activity gave you good profit and what is helpful for sustainable progress. Based on your self-created business report, put your resources and investment towards the best-performing marketing strategy.
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