One of our partners has a tradition. At the beginning of their meetings, all attendees take turns saying something good that is happening. It can be personal, professional, a joke, anything that shines a positive light. They started this tradition long before the woes of 2020, but it has become even more important recently. We don’t need to tell you that this year hasn’t been the best yet, but we don’t want to focus on that. As we brainstormed the blog topic for this week, we thought, why not expand the tradition and share a positive note for small businesses.
Backbone of America
Statistically more people work for small businesses than corporations in America. We are truly the lifeblood of the economy. While it may feel like we’re taking a beating between being closed/restricted for COVID-19 purposes and now, in many places, to protect against riots and looting; small businesses will be the ones to bring the nation’s economy back. The first half of 2020 likely didn’t live up to your optimistic strategic plan, but that doesn’t mean that all hope is lost for the year. Now is the time to begin digging in and preparing to make something of the second half of the year, whatever continues to come down the pike.
Treat this as an Opportunity
Recently, we blogged about the 9 things you should do while your business is down. Those are all still relevant, but we want to dive in a bit more on one of these: determine your next offering. There has never been a better time to reinvent yourself.
- Expand Your Target Market: No industry is truly recession-proof, so narrowing your business focus to one or two markets can be devastating if one of those targets tanks. Research who else you can serve. While we don’t recommend creating a wildly different product line in an area that you don’t have experience (this is a recipe for an expensive disaster), see where your current or a related offering may be beneficial to a new group of people. This will open up a whole new audience for your services.
- Introduce a New Product Line: Alternatively, you could bring a new product to your existing customers. Sometimes this is easier than getting to know a whole new group of people. Interview your customers, determine what their major pain points are, and design something that alleviates that pain. Learn about competitors, test the solution, and go to market. Your customers already trust you, so this is likely an easier sell. That being said, make sure you have effective customer service and account management lined up. While a customer may give you a little grace with a new product hiccup, that grace isn’t unlimited for anyone.
- Redefine Your Industry: For many years, IT Services Providers relied on break/fix services before realizing that this wasn’t in the best interest of their customers and redefined the industry with flat-rate managed services offerings. How can you drive your industry forward?
- Drive Yourself and Competitors Forward: Is there is a tool you’ve created that everyone in your industry could utilize? Another way a lot of IT Service Providers expanded over the years was by offering a product to their competitors that helped make their business better i.e. dashboarding, training, processes. Rather than look at your competitors as enemies, how can you make them your customers/partners?
We’re Here to Help
Many of our clients rely on us to help drive forward their business growth goal through technology and strategic planning. As you’re determining your next move in driving forward or re-inventing yourself to fit the new world order, we are ready to assist, whether you’re looking for hardware, software, business advice, or a listening ear. Together let’s make this the best comeback year anyone dreamed possible.