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Summer is in full swing, and in some areas of the country, mask mandates have lifted and event production companies now have packed schedules. It seems like we are starting to finally overcome and move beyond the COVID-19 crisis. If you’re a business owner, you may be wondering what steps to take to ensure the long-term prosperity of your enterprise post-pandemic. Now is the perfect time to regroup and see how you can grow your business in the new normal.
In order to thrive, you need to take calculated steps that will guarantee the greatest return on investment.
Here are just a few of the many ways to grow your business in the post-pandemic era:
Invest more in marketing, not less
Did your business barely stay afloat during the pandemic? Are you still struggling to meet sales goals and other important KPIs? If so, you may be thinking of lowering your marketing budget and funneling more capital into other aspects of your business. However, now is definitely not the time to stop investing in marketing!
Oftentimes, business owners cut back their marketing budgets when their company isn’t performing well instead of looking at operational expenses first. This isn’t always the smartest move because it’s always important for business owners to amplify their products and messages. Whether you own a B2B business or a B2C brand, you need to continually reach your clients or customers to convince them to choose your company’s offerings over the competition.
Tip: Zero in on your top marketing channels
Now that society is starting to return to normal, both consumers and businesses are ready to spend their money, and they just may be in the market for your company’s offerings. So, now is the time to promote your products or services to them even more.
Review your existing marketing channels to identify which ones bring in 80% of sales, and double down on those channels rather than keeping up with the other 20% and/or expanding into new channels. By adding more resources to what’s already working well for your company in terms of marketing, business growth will be more likely to accelerate.
Implement a fully virtual business model
The pandemic proved so many companies can operate perfectly well with all of their employees working from home. Many who had to transition from in-office to remote work also enjoyed the newfound flexibility (and the lack of a commute) offered with a remote work lifestyle. If your company had a great experience with the fully virtual operational setup you implemented at the start of the pandemic, do you really want to go back to in-office work or start following a hybrid work model?
Tip: Do a cost/benefit analysis
Run a cost/benefit analysis of bringing your team back to the office versus going permanently remote. You need to think about all of the overhead expenses that would be eliminated with a fully virtual operational setup for your company. For one, you won’t need to spend capital on renting an office space each month. You also won’t need to buy supplies and snacks for the office. Virtual companies have less overhead, thus higher margins.
The money you save by implementing a fully virtual business model can be used in various ways to grow your company. Doing so will allow you to invest more in your successful marketing channels, as covered in the last point. Or, you can use the funds you save to pay a developer to create an app for your business or to purchase a company vehicle for deliveries. There are endless ways to use these funds that will boost your company’s bottom line!
Manage your cash flow
You need to place a greater focus on your company’s cash flow. If you don’t, you may end up having a completely false idea of how much your company is truly profiting each month. This can lead to you accidentally making executive decisions that can hurt your business’s bottom line. For example, you may think your business has the capital to hire an additional assistant or customer service agent, but that really isn’t the case.
In order to prevent this, you must know exactly how much money your business spends monthly on overhead costs like subscriptions for your CMS platform and other software applications, cloud storage, shipping costs for products, advertising expenses, etc. You also must calculate exactly how much you spend on payroll.
Tip: Use a cash flow system
Using a cash flow system such as the method outlined in “Profit First” will help you manage your resources wisely and allow for company expansion fully supported by cash flow generated by the business. The bottom line is you will be able to scale your enterprise without having to worry about going over your monthly budget.
Key takeaways on growing your business in the post-pandemic era
As we begin to move beyond the COVID-19 crisis, you need to take necessary steps to ensure your business’ growth. Don’t take funds away from your marketing initiatives. On the other hand, invest even more in the marketing channels that have worked the best for your company thus far. Also, consider implementing a fully virtual business model, as you will save a lot of money on overhead expenses. This money can be used to help expand your enterprise. Finally, do what you can to better manage your company’s cash flow in this post-pandemic era.
All of these steps will help your business flourish now and post-pandemic. We wish you luck on your business journey!
Originally published August 13, 2021.