fbpx

Empowering the Next Generation Entrepreneurs with Profitable Ideas

5 Ways To Keep Your Business Alive When Others Are Dead

This article shows you how to keep your business alive when the other businesses and your competitors are going out of business.
Reading Time: 6 minutes

There are many reasons why you need to learn how to keep your business alive when others are dead. For example, it is appointed unto humans to live once and die once. It is also appointed to every business to live for a while and die off like a withered plant.

There are times and seasons to everything. In as much as many people will try to dissuade this, it is true.

May businesses have failed and many others will fail. The difference here is that some failed and never rose while others failed and resurrected.

Can A Business Ever Die?

Let’s face the facts – a business can die. Yes, it can. You see, you need to start looking at businesses as humans or some living thing. The moment you stop doing the relevant things that will keep your business alive, it starts dying in the real sense of the word.

How to Make Your Business Survive

Now, you are looking at how to keep your business alive. Ideally, some businesses have “died” at this time. If they were not forced to shut down indefinitely because of the ravaging Coronavirus, they will be in debt.

Related: How To Get Out Of Debt When You Are Broke

Currently, many business owners are running from pillar to post to find out the needs that are required for preparing a business for recession. Indeed, a recession is coming and it will bite hard.

On your part, you want to learn the strategies you can put to work so your business can still survive.

We understand how hard it can be to run a business at this trying time. That notwithstanding, we are sure that the tips we shared below will go the extra mile to keeping your business alive now and in the future.

1.      Make Your Business Survive By Asking for Feedback

Have you ever heard that the “customers are the lifeblood of every business?” Without them, we don’t see a reason why you should keep running a business.

Except, of course, you are running the business for fun, you may find it hard to cope.

It is now time to ask for valuable feedback. The truth is that some businesses are already “dying” (packing up). At the same time, others are getting set to take the spot left by the others.

If you keep subscribing to the opinion that the era of the Coronavirus is not the best time to do business, you may be doing yourself a great disservice. This is because you will be giving your competitors the time to take over your customers.

So, what do you do?

Ask your customers what they will like your business to offer. The essence of asking for feedback is that it helps you to find out the customers’ needs. It will bring to the fore those unspoken murmurs that your customers may have borne in their minds and never spoke up about it.

What Do You With the Feedback?

It is one thing to ask for feedback. It is another thing to work on feedback.

We advise that immediately your customers speak their minds via the feedback you asked for; the next thing is to work on the feedback.

You can do that in many ways, such as:

  • Incorporating the needed services one at a time.
  • Rebranding your business in a way that it can beat the marketing strategies of the competitors

2.      Look at the Big Picture

The truth many lying and untruthful business owners have refused to admit is that they will not win every time. There are times when you will win. There are also times when you will lose everything you laboured for.

It all depends on the timing and how you went about it. Smart businessmen are already looking at the Big Picture. The Big Picture here means the possible events that will occur in the future.

At this time of the Coronavirus, it is no secret that many businesses are going through severe panic. If the staff is not bothered about the security of their jobs, they will be wondering if they will get their pay without working.

Likewise, many business owners will be looking to use different models to keep their businesses afloat.

Relatable Ideas

To give you a clue, the Coronavirus has created different Big Pictures for businesses. It is left for the owners of such businesses and companies to leverage the same.

For example, who could have believed that there will be a time when companies will ask the workers to go on “Compulsory Leave?” How much more discarding the conventional 9-5 job routine and adopting virtual and remote work?

So, such events (as the Coronavirus pandemic) present the best time for you to keep your business alive. All you need to do here is to consider the possible trends in your business niche and be the first to start using it. This will place you many miles ahead of your competitors by the time they start thinking towards that direction.

3.      Being Purposeful Helps You Thrive in Business

Gone are the days when owning a business was all about money, money, money! No, the tables have turned and the potential buyers are now wiser.

The same way you are looking to make a profit, that is the same way customers are looking to profit too. It should be a win-win affair for everyone and not a one-sided transaction.

If you are looking for what to do to keep your business alive, we advise that you become purposeful.

How do you become purposeful? Find the tips below:

·         Create Value

As mentioned above, the way of doing business has since changed. You can’t be looking to make money off your customers without giving back to them.

Find Out: How To Get Rich In A Poor Country

It should not always be about what you stand to gain. When you position your customers to gain too, they will be happy.

The ideal thing to do here is to create value. You can do that in many ways, such as giving out free tutorials on some important matters. You can also give a template that will be used to troubleshoot a problem.

·         Engage in Corporate Social Responsibility (CSR)

Now, this is where many business owners fail in business. They ignore the concept of Corporate Social Responsibility (CSR).

Corporate Social Responsibility (CSR) entails the various projects that a company or business undertakes for the overall wellbeing of the customers and the community where it operates.

Because people are mostly emotional when it comes to buying, they want to be sure that you aren’t self-centred. They want to see you give out to the less-privileged and the needy ones in society.

You will be killing multiple birds with a stone when you engage in Corporate Social Responsibility (CSR) as a way of keeping your business alive. On the one hand, you will be helping many people. On the other hand, you will be appealing to the emotional side of potential leads, which will later convert them to steady buyers and customers.

4.      Maintaining Quality Will Keep Your Business Alive

Of course, in situations where there are challenges (such as the Coronavirus pandemic), many businesses will be thrown off-balance. This is not abnormal.

The only abnormal thing is for such businesses to give up and stop showing up. It can be tough. There is no denying that. Yet, you have to keep doing what you know how best to do.

Because finances will be limited and you may have to lay-off some staff because of that, there may be limited resources.

The grave mistake you will make here is to reduce quality. If there is anything you must do to keep your business alive when others are dying, it is to increase the quality of your products and services.

That ensures that you will be offering better features and delivering more value than your competitors do.

In the long run, you will be able to attract more customers to your business because you have shown your resilience even in the face of adversity.

Note: People love quality and not quantity. If you can be consistent with the qualitative offers you keep making, you will have more customers than you can handle.

5.      Ensure Your Business Has Access to Continuous Cash Flow

One of the challenges that every business will have is limited cash flow. Of course, we know that money or finance is the primary driving force of most businesses.

You need funds to pay your staff and maintain the operations of your company. You also need finance to run adverts and attract more customers and clients.

When you have limited or no funds, all these will not be possible.

To that end, start saving up and maintaining cash reserves, which will come in handy when you want to keep your business when others are dying.

Do You Plan to Keep Your Business Alive?

Have you made plans on how you can run a business even amid challenges? If you haven’t thought in that direction, now is the best time to start working on it.

If you have already factored how to thrive in business against all circumstances, we say congrats because you are one step away. You now need to start implementing the ideas we just shared above to learn how to keep your business alive when others are dead.

What are some of the ways you can keep your business active?

Related articles

Do you want to know how to get out of debt when you are broke? Here are the tips you need to do that!

How To Get Out Of Debt When You Are Broke

Reading Time: 4 minutes Many debtors are asking about how do I get out of debt with no money. Indeed, it can be worrisome when you owe and you don’t have the means to pay up. That is the dilemma debtors find themselves in and sadly, many of them don’t have the funds to pay off what they owe. […]

You can pay off the debt you own in one year. Follow the helpful tips here to discover how to become debt-free in less than one year.

How To Become Debt-Free In Less Than One Year

Reading Time: 4 minutes Some people have accumulated debts and are now looking for how to become debt-free. Indeed, being a debtor is not one of the best things anybody can wish for. For one, you will be ashamed and feel less of yourself when your creditor comes around. It can be embarrassing when you are forced to pay […]

Leave a Reply

Your email address will not be published. Required fields are marked *