By Michael Cruz
As we re-open our local economy, we can’t quickly go back to normal. It is important to re-examine all aspects of your business. What you were doing before COVID is not necessarily what you should do next. Examine your business plan. I often say that a plan is like a road map.
The only time you don’t need a map is when you are going where you have already been. Or, when you don’t care where you are going.
Things are not going to be the same for quite a while. You need to figure out how to rekindle sales. You need to make sure your product pipeline is solid.
Your customers are having the same challenges you are. Everyone will be a little more cautious as to where they spend their money. Each of us needs to reassess our priorities. We need to figure out which expenditures are required. And, which purchases we can delay until we are sure of the recovery.
When given the all clear, quickly notify customers that you are back. Use social media. Use ads. Most importantly, call them. Make sure your sales teams are armed with your adjusted plan and reach out to as many customers as possible. It is critical that you re-establish relationships.
If you want to be on their priority purchase list, the secret is in value creation. Value creation is having your product or service provide more value to your customer’s business than its actual cost purchased elsewhere. Understanding your value will force you to have customer empathy. You need to know what keeps your customer awake at night. To the extent that you help solve that problem, you will have more success.
If you have a solid purpose that helps them, you can offer solutions that make sense to get their business up and running faster. And, with better results. Don’t allow yourself to have “head trash.” That is that nagging doubt you hear in your mind telling you why they won’t buy from you. Be sure that your proposition is focused to help them succeed.
Some customers will genuinely be cash poor. All of them will tell you that they don’t have any money. Be assured that they have cash to help themselves if the value is right. If they really don’t have any cash, help them find third-party financing. You need to preserve your own cash. Resist financing them through terms. You are not, and should not, be a bank.
Most businesses have opportunities to secure financial assistance through programs provided by federal, state, and local institutions. Don’t offer unreasonable terms as a means to justify sales.
Focus and be ready to grow.