Mind before matter
Business should learn to communicate with their customers
COVID-19
Business should learn to communicate with their customers
Imagining a survival story about the business can help it recover the downturn. Jaime Schmidt is founder of Schmidt Naturals, a personal care brand. She started it just before recession in 2008.
She wrote,”After founding my company, Schmidt’s Naturals, on the heels of a recession, I’ve learned from experience the key considerations important for maintaining momentum in an economic downturn.”
6 key things to survive the downturn and flourish:
Know the numbers about the business such as expenses and runway. Businesses should learn to prioritise the expenses to defer or renegotiate.
Rework on the supply chains. Businesses should arrange for backups. They should also aim for the better prices.
Diversify the products as per the response of the customers. It’s good time to offer products at different prices. Direct to customer approach helps in retaining them.
Tell your story. Showcase what your business stands for along with the core values. Learn to write better ‘About Us’ pages.
Build partnerships and collaborations with customers and businesses. Talk to your customers to know their needs. Use social media, emails and surveys.
Sales is not everything. Demonstrate the pivot, cost cutting, customer relationship and team. Investors’ eyes will be on those metrics.
Worth your time: