As a business owner, you can adapt and thrive during times of uncertainty.
One of the things I’ve noticed companies doing is that they’re taking their eye off the ball in terms of generating revenue. This is because they are so focused on cost-cutting and borrowing.
The Time to Generate Revenue is Now
Both of these things are necessary at this time. Companies have to contract and reduce costs and, where necessary, borrow in order to remain cash flow positive. But that should not be in lieu of generating revenue. Revenue generation should be just as important now as it was prior to the pandemic.
This is an issue that companies are failing to recognize. Just because times are tough and we are stuck in our home doesn’t mean we can’t still generate revenue. You just have to figure out how and pivot and look for those opportunities within your specific business.
- One way to continue generating revenue is by taking care of your existing customers. Make sure sure you’re continuing to provide them with value.
- Another way is to reallocate your short-term marketing budgets you had set aside for tradeshows and conferences and apply that to digital marketing.
Although demand for services has declined, it’s not like it’s nonexistent. People are still buying; where they were once buying in person, they’re now buying online. You have to be present when they are searching for your product or service offering.
Ramping Up Virtual Consultations
One of the things we’re having a lot of success with and seeing our clients have a lot of success with is consultations. Instead of doing in-person consultations onsite, they are doing virtual consultations using Zoom, UberConference, or GoToMeeting. We are also seeing seminars being conducted virtually. Where a seminar may have been conducted in-person, now they are being done virtually and with great success.
The opportunities are there. You just have to take a step back, assess your current situation, and think about the needs of your customers and how you can meet those needs even though you may not be able to physically be in front of them when you do.