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Home | Blog | How To Grow A Business Fast Despite An Economic Crisis

How To Grow A Business Fast Despite An Economic Crisis

By Magellan Solutions

Updated on June 3, 2024

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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. You will be more vulnerable to losses and damage when a crisis strikes. As such, you should learn how to grow a business fast, even when facing an economic crisis.

6 ways to boost business growth during the economic crisis

Plenty of strategies out there 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 grow your business despite an economic crisis quickly:

  1. Get to know your customers
  2. Strengthen your customer service
  3. Encourage customer loyalty
  4. Have the right people on your team
  5. Focus on your core
  6. Be more flexible

  1. Get to know your customers.

You should thoroughly understand your customers to successfully develop products and services that do great in the market. You need to know your customers’ and prospects’ wants, needs, and behaviors. 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 lets you know how to improve your products and services to match the market’s demands. 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 need to gauge the market and adjust your products and services accordingly.

  1. Strengthen your customer service.

Quality customer service is necessary for satisfying consumers. Poor customer service can ruin your brand even if your products and services are excellent. This becomes more crucial in a challenging economy, as customer retention may become more complex.

Every customer inquiry should be adequately addressed and answered, and they can quickly raise concerns with you. It promotes brand loyalty among your customers. If they are pleased with your customer service, they might even recommend your brand to others.

  1. Encourage customer loyalty

Excellent customer service paves the way for customer satisfaction, but you must go beyond that to ensure customer loyalty. Encouraging repeat business is better than looking for new business in a challenging economy.

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 doing business with you.

  1. Have the right people in your team.

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 employees can take on multiple tasks simultaneously without compromising the quality of their work. You may also consider hiring third-party multitaskers, such as virtual assistants, if the workload is too much.

  1. Focus on your core.

Your business’s core activities and operations matter even more during a crisis. Aside from protecting it, it would help if you also kept 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. Allow your staff to dedicate more time and attention to performing and improving core activities. If you must, reduce or shift their workload to make this possible.

  1. Be more flexible

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 your employees remote work or work-from-home arrangements. This is especially necessary during a pandemic. Even when things return 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.

Does outsourcing boost your business growth?

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 worldwide. You can outsource almost every business aspect to a service provider. Outsourcing can help with all of the business growth strategies listed above.

You can outsource market research and surveys to understand your customers. Customer service experts can represent you by tapping into call center service providers. Outsourcing companies can even support loyalty programs and provide virtual assistants.

When you outsource, you entrust 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.

Speed up business growth with Magellan Solutions.

Magellan Solutions has been a BPO company 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, so 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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