Many entrepreneurs and SMEs have pivoted online, offering new digital services in order to keep their companies afloat. However, many are undoubtedly wondering if this is truly a sustainable method.
With proper planning and strategy, yes, a digital company can thrive in today’s economic climate and beyond. SMEs will need to think long-term to do so however. Transforming a company from an offline one to a digital one just to secure a short-term boost to income will not get you very far.
Rather than looking for short-term solutions to keep the revenue flowing, SMEs and entrepreneurs should be focusing on developing new ideas, lean heavily into them, and build an infrastructure that can sustain them going forward. Companies should focus on what their business does well, where areas of growth are, and what consumers might want long after this crisis is over. Don’t think that of your solutions as short-term. Think of them as opportunities that you are developing for the future.
Additionally, when a business makes the transition from an offline to an online one, most owners and entrepreneurs will still be stuck in the offline mentality. Now that you are offering online services, take the opportunity to reach customers globally. Do not be shackled by the ‘local business’ mindset. To reach these new customers, however, a business will need to think its online strategy.
Every entrepreneur, even a local one, should start investing in improving findability. Fully make use of search engine optimisation so that your business shoots up to the top of the list. Take advantage of social media and online platforms to spread the word about the new digital services that your company is now offering.
Companies will also want to change the conversation with their customers. In business, language matters. The right words need to be carefully chosen for the right times.
For example, amid the COVID-19 pandemic, people might be running on a tight budget while still requiring a service that a business has to offer. So how can the business ask for payment without being insensitive to people’s needs and situations.
Try to utilise softer words with higher emotional intelligence to make people feel good. It can be the beginning of a new kind of relationship, one that evolves once the world opens back up.