5 ways to plan for uncertain times in your business

business planning advice

We never know what is going to happen tomorrow. Be it a global pandemic, a boat that gets stuck in the Suez canal, changes happen quickly and more often without warning.

The same is true with your online business and business in general. Let me ask you a question!

If you lost a third of your client base tomorrow will you
survive? What about a quarter?

You might be reading this and thinking to yourself that right now business is good. Work is coming in and you have more work than you can handle right now; But would this be the same in 6 months time?

By planning for the worst times now, you will have the ability to put together an action plan. If / when you reach a difficult period, you will be prepared and you can use the action plan.

  1. Build and nurture your audience – Email marketing is essential to every business. Once someone has signed up to your email list they are giving you permission to connect with them about your business.

    It is not always about selling and marketing, but giving good ideas, tips, tricks, hacks…in fact anything that makes your reader’s life easy as possible are always great ideas for emails. Remember to be the go-to person in your industry and people will eventually start to look at buying from you. After all, nobody wants to learn from the student, they all want to learn from the Professor

  2. Maintain good relationships – Every customer is important. It’s crucial that a customer feels valued. It costs a lot more to find a new customer than it does to encourage an existing customer to spend again. Loyal customers will be there for a business during difficult times.

    Remember, your existing customers already use you because they trust you. It is easier to sell to your existing client base with new products and solutions than it is to get a new customer through the door.

  3. Create a special offer – At the most difficult times, one of the easiest ways to encourage customers to spend money is to offer a discount on your products or services.

    Rather than think about giving 10% off (yes we all like a bargain) also consider discounts such as:
    – Discount off bulk purchasing
    – Discount on a second product (buy one, get another half price)
    – Offer a FREE training or webinar
    – Give away a free ebook
    – To have their name put into a prize draw
    – Offer a discount on giving your a Google review

  4. Don’t lose focus on the small things – A lot of businesses will focus on high ticket sales and forget about the smaller regular sales that they make on repeat.

    Remember that small sales items are equally as important and that the more you sell the more you make. More often smaller sales are easier to make and helps build that trust element, especially with new clients.

  5. Think about the spending you can reduce – At a time of crisis, one of the first things a business will do is look at what spending they can cut.

    The biggest mistake ANY business can do at this point is to cut back on their marketing and advertising. You may as well hang up a CLOSED sign and walk away if you do this. In fact, businesses that have increased their marketing budgets during times of change and crisis (take the global pandemic as an example) have survived and even thrived. Those that cut back have closed down!

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