Unequivocally, we are towards, if not already in a major global economic downturn. The Coronavirus pandemic and many other issues and incidents this 2020 have made a massive worldwide impact in the looming recession as we know it. Aside from the health sector, business also took a monumental hit when most countries needed to implement large-scale quarantines which shutdown enterprise operations for either a certain period of time or forever.
This year is a nightmare for business owners and even employees. It’s absolutely a challenge to run an enterprise on any industry these days if you are still surviving. And we cannot even imagine the results of these economic problems will bring about in the coming years. However, this is all the more a good reason to push forward on striving to grow your business in spite of what is happening today. Below are just some potential action plans to advance towards business growth despite the current global economic situation.
1. Explore Fresh, Relevant Products and Added Services for Target Market
There are still possible opportunities to expand your enterprise even this time of pandemic. You just need to ‘rediscover’ your market and find out what you can contribute to fill the changing need of the population.
For example, if you are selling bottled mineral water, you can delve into adding Zinc to your water to help boost body immunity. In terms of services, you can setup a user-friendly app for easy ordering process.
2. Grab the Opportunity of Potential Global Expansion Online
Because majority of the globe turns to the World Wide Web nowadays for mostly everything, you can also make the most out of it now and start prospecting clients and gathering orders internationally.
However, just make sure you have the means to deliver your products at a great distance, plus enough knowledge and budget for overseas taxes and papers for processing.
3. Take a Risk on Credit Investing
Well, you might say it is not a great time to even think about entering a loan agreement through a letter of guarantee. Actually, it is not a bad idea either.
You just need to find the best deals you can possibly get with a promising marketability. Then complete all necessary documents and secure a bank guarantee. It can be a good time for a credit investment while most market prices are at their possible lowest.
4. Continue Your Marketing and Advertising Efforts
Most marketing and advertising practitioners would agree that during an economic crisis, one of the very first cost-cutting go-to for most companies is the marketing and advertising budget, especially for SMEs. However, this is a common mistake. You simply need to redirect your budget to the right medium to ensure maximum audience reach. This can even help to boost your business growth even during a time of economic pressures.
Expanding your enterprise is not impossible during a looming global crisis. But it will require double the work, research and patience. But it will be worth the additional calculated risk once growth is achieved.
SUBSCRIBE FOR MORE! HERE'S WHY:
1. You get 7 free books
2. You get the best money & productivity articles
3. You get the latest updates - all in one email per week