A small business is not meant to be small for too long. Being small does not only limit your opportunities — it makes your business vulnerable, as well. When a crisis strikes, you will be more vulnerable to losses and damage. As such, you should learn how to grow a business fast, even when facing an economic crisis.
There are plenty of strategies out there that claim to help with business growth. However, not all of them are surefire ways for rapid growth, and even fewer of those can teach you how to do it during times of crisis. Fortunately, we have the following suggestions on how to quickly grow your business despite an economic crisis:
To successfully develop products and services that do great in the market, you should have a thorough understanding of your customers. You need to know the wants, needs and behaviors of your customers and prospects. One way to do this is by conducting market research and surveys.
Encourage your customers and prospects to provide honest feedback through reviews and surveys. This allows you to know how you can improve your products and services to match the demands of the market. It can even help you understand which aspects of your business need improvement.
Take note that the needs of consumers will change in an economic crisis. The money they would be willing to spend is reduced, as well. So, you really need to gauge the market, and adjust your products and services accordingly.
Quality customer service is necessary in satisfying consumers. Even if your products and services are great, poor customer service can ruin your brand. This becomes more crucial in a difficult economy, as customer retention may become harder.
Every customer inquiry should be properly addressed and answered, and that they can easily raise concerns with you, as well. It promotes brand loyalty among your customers. If they are very happy with your customer service, they might even recommend your brand to others.
Great customer service paves the way for customer satisfaction, but you need to go beyond that to ensure customer loyalty. In a challenging economy, encouraging repeat business is better than looking for new business.
The best way to encourage customer loyalty is by providing rewards. Establish a loyalty program if you do not have one yet. If you are offering discounts and promos, let your loyal customers be the first ones to know. This way, they would be less likely to turn to your competition, and keep on doing business with you.
Downsizing may be unavoidable when the economy gets tough. However, you need to retain some of your staff, and you have to make sure that they are the strongest ones.
Keep versatile people in your team. These are employees who can take on multiple tasks simultaneously, without compromising the quality of their work. If the workload is too much, you may also consider hiring third-party multitaskers, such as virtual assistants.
The core activities and operations of your business matters even more during a crisis. Aside from protecting it, you also need to keep your core going. While you may need to cut back on other aspects of your business, the core should remain strong during these times.
The most helpful way to focus on your core is to have all hands on deck for it. Allow your staff to dedicate more time and attention in performing and improving core activities. If you must, reduce or shift their workload to make this possible.
Adopting a more flexible business model is a must during an economic crisis. This means providing flexible arrangements inside and outside your organization.
Internally, being more flexible can mean allowing remote work or work-from-home arrangements for your employees. This is especially necessary during a pandemic. Even when things go back to relative normalcy, you should still be ready to provide such arrangements.
Externally, this can translate into alternative ways of providing products and services to your customers. You may also need to provide flexible payment plans or methods, as your customers are also affected by the economic crisis.
Outsourcing helps a lot in propelling the growth of any business, even in a challenging economy. The business process outsourcing (BPO) industry has been growing strong around the world. You can outsource almost every business aspect to a service provider. In fact, outsourcing can help with all of the business growth strategies listed above.
You can outsource market research and survey to understand your customers. You can be represented by customer service experts by tapping into call center service providers. Outsourcing companies can even support loyalty programs and provide virtual assistants.
When you outsource, you are entrusting your business process to a third-party service provider. This reduces the workload for your in-house staff, and allows you to focus on the core of your business.
Magellan Solutions is a BPO company that has been in the industry for over 15 years. We offer a wide range of call center services and BPO solutions to clients around the globe. Our rates are flexible, such that even small businesses can secure our high quality services.
Our team is made up of experts who undergo sufficient training and evaluation. We are also HIPAA and ISO certified, so we can guarantee safe, secure, and high quality services.
Want to learn more about us? Contact us today, and our team will be with you right away!
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