“ How To Grow Your Business Even if The Economy Shrinks Tenfold ”

Small Business Coaching - Small Business Growth in a Shrinking Economy

Small businesses panic in a crisis. And the coronavirus crisis is no ordinary crisis. It has paralyzed continents. People are stuck indoors. Life has come to a standstill.

As you may also know that during this pandemic, you would be better off serving your employees rather than focus on other parts of the business. So, if there is any way you could repurpose your business, you could get ahead.

Fortunately, business coaching can give you those ideas that you so desperately want for your small business growth––right now.

how to grow your business with business coaching in a shrinking economy

Here are a few ideas that might help you grow your business quicker.

1) Empower employees

Employees have worked hard for you in good times. Now, it’s time for you to empower them. One way is to allow them to work from home. Give them tasks to work on the business. 

This is a better choice than focusing on shaving off labor. 

Many brick and mortar businesses had to shift online. Not because they preferred it, but because that is the new norm. If you want to know more on how to focus on employee strengths, check it out on Entrepreneur.

2) Promote customer loyalty

What does that mean? Well, it means keep customers coming back. That could mean deeper discounts. Promote online sales. Use more e-mail. Since customers could be glued to their e-mail inbox, this has a greater chance to catch their attention. And draw them away from the current fear and uncertainty that clouds the world. 

Customers will thank you for sending high-value articles––especially ones related to staying safe in this coronavirus crisis. Even if you write on a topic, which is not your primary business, it shows you care. 

That empathy sticks. The more it sticks, the more your customers will remember you in good times. 

If you want to learn about the new rules of customer loyalty, check it out on Inc magazine.

3) Invest in the business

You know how our instincts treat us in uncertainty. We all want to cut costs so we save for a rainy day ahead. Even if it sounds prudent in the short run, it might short-circuit your business growth. Think long-term. 

Ask: What’s going to happen when the economy forges back to normal? 

Sow the seeds so you can reap the harvest. The more you have pent up demand the more the opportunity to make up for loss. Create new service offers. Package them differently. Work with your business coach. Find new customer streams. As you do, you will discover new revenue streams.

All of these steps will help you ride out the storm. Isn’t that what every business owner wants now? 

Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.

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