The world seemed to come to a standstill in 2020 as local, national, and international restrictions were put in place for the better part of the year. It seems that business owners, both small and large, were the most heavily affected by these restrictions. However, in an interesting turn, this year has proven to be an opportunity for many to put backup and contingency plans in place to keep their business afloat during these distressing times.
The truth is, every has the ability and power to pivot powerfully. Entrepreneur, investor, advisor, and world-renowned coach Randy Garn gives 3 ways to ensure that your business continues to thrives in this “new normal.”
1. Focus on learning – The business and the market
With years of experience in the business industry, Randy Garn is convinced that this is the most vital, yet overlooked, trick to ensure your business stays afloat, regardless of external circumstances. Studying the market allows leaders and CEOs to seize all opportunities, even during trying times by getting an insight into their consumer needs and loopholes within the market. Garn says, “Learn how to create and replace products and services that are in-line with the demands and trends. Form a long-term plan according to your income-expense ratio, and stay above the red line.”
2. Embrace the new traditions of marketing online
The power of social media has been proven time and again, and, as a New York Times bestselling author, Garn couldn’t agree more. “With digital traffic skyrocketing, consistent clicks allow businesses to rapidly create worldwide recognition,” he comments. More than a billion people use one or the other form of social media daily, and such a large audience base is hard to ignore. Garn suggests maintaining engaging online profiles on more than one platform can help buoy and extend your business’ reach no matter what the economic environment.
3. The show must go on – virtually
The lockdown happened, and business pivoted: luxury watch and jewellery brands have initiated web-trials of their products, banks have moved a majority of their services online and offices are running via video calling apps. Many people are hesitant about visiting stores and resort to limiting their shopping sprees from within their homes. Randy is a firm advocate for virtual hospitality in the new normal. Garn explains, “Entrepreneurs today must take active steps toward making online procedures seamless for their consumers. If the website looks sleek, invites people to click on the products or services, and engages in regular conversation – it will all cumulatively drive online sales.”