What Matters to Entrepreneurs in Uncertain Times?

What Matters to Entrepreneurs in Uncertain Times?

Uncertainty is tightly entangled with all aspects of life. Whether it’s your social life, personal, or professional, risk resides in every corner, making every decision, a challenge! During the current COVID-19 pandemic, uncertainty is at an all-time high, for businesses, entrepreneurs, and marketers.

Furthermore, the competition is tight as businesses struggle to survive. Nations around the globe are experiencing complete lockdown, which puts a strain on the economy and livelihood of all small-to-midsize companies, as well as large-scale enterprises. Therefore, entrepreneurs must strategize on how to take their business through uncertain times.

The blog highlights some ways for you to survive any uncertainty, and stand with your community in difficult times:

Have a Unique Business Idea - Your Brand is the Gateway to Success!

To weather any uncertainty, a strong and unique brand is what you need. Plus, a different and useful idea will have you stand out from the competition and help your audience. In uncertain times, you must have a business idea that your consumers need.

Additionally, if you want your consumers to continue transactions with you, then you need to portray an image they can trust. For that, you build your brand health!

Brand health is defined by how well your target market recognizes your brand. For example, companies like Coca Cola, Google, and Apple have their brands deeply ingrained within the minds of their target market. Even relatively new brands, like Tesla, have secured their position in the market.

Evaluate and Hire the Right Tech Partner

The right technology partner is the difference between your success and failure during uncertain times. It’s like going from galloping on horseback to soaring down the highway in a Ferrari.

An ideal tech partner can help your business by optimizing your technical systems and designing strategies for product development. Additionally, they can also help take your business to new heights.

To choose your tech partner, take the time to do your research, refer to client references, their proficiency, portfolios, ability to meet deadlines, and more.

Consider Seed Funding - Re-Evaluate Your Investments

When the economy is uncertain, most businesses reconsider their investments and priorities. They cut back on expenses, rethink their marketing and advertising budget, rebranding plans, and more.

However, if you want to provide value to your community, there is an additional step you can take. You can manage your expenses by prioritizing your marketing budget to platforms that yield the most revenues but help other small-scale businesses via ‘Seed Funding.’ Seed Funding is the second stage of investors that includes angel investors, early-stage venture capitalists, and startup incubators. As an investor, you can help startups and small-scale businesses survive stressful times by aiding their research, surveys, operational hiring, and initial development.

Create and Avail Opportunities to Prove Your Worth

For businesses to survive uncertainties, your audience must understand your worth. You need to prove your worth and how you can provide value in distressing times. Being helpful, offering products and services that solve your audiences’ problems is one way of taking your brand to new heights.

Here are some steps to establish your value for your community:

  • Expertise

Content is a significant aspect of any online business. In distressing moments like the COVID-19 pandemic, publish content that is genuinely helpful and insightful for your readers. Use blog posts, social media, and other channels to inform your readers on how to protect themselves against the pandemic, for example.

The goal is to show your value by providing worthy content to your users that makes life convenient for them.

  • Offer an Unforgettable Customer Experience

Customer experience should always be a priority. But during uncertain times, it is of utmost importance that your brand provides convenience and satisfaction to your users’ life. Additionally, if you ensure exceptional customer experience, your target market will spread the word and boost your engagement.

  • Put Your Skills to Good Use

In uncertain times, the best way to give back to the community is to put your skills to use. As an industry leader, you have the skillset and expertise to provide value to your target market. So, consider offering a webinar or virtual event that your consumers can use in their life during or after uncertainties.

  • Reward Your Customers’ Loyalty

Another way to establish your value is to reward your users’ for their commitment. By leveraging uncertain times, businesses can start personalized loyalty programs. Unlike traditional points-based loyalty rewards, you can offer a ‘thank you’ gift to your users for their unwavering support. For example, you can send emails addressing each customer by name with a special discount coupon.

Imprint Your Name in the Minds of Your Customers

Your customers are the source of your company’s success. If your consumers don’t remember your brand, then no matter how unique your idea, it won’t survive times of uncertainty. To survive challenging times and the competitive market, provide value to your customers that weave deeply into their lives so that you become indispensable. Helping your consumers in any shape or form will leave an imprint in their hearts and mind identical to your brand logo.

Give Back to Your Community

Uncertainty in the economic and business sector is terrifying. But it is at these times when you should remember your people that may not have the means to survive the coming challenges. Regardless of whether you are a mid-to-large scale company or a Fortune 500 corporation, all businesses can collaborate to do their part for their community:

  • Product/Services for Most Affected Groups

With entire countries on lockdown, most people have lost their source of livelihood. Meaning, they find it challenging to pay their bills or purchase daily necessities. So, you can identify which product or service you can offer to help them survive during such difficulties. For example, PG&E deferred service disconnections for all unpaid bills on their list.

  • Time

    If not your products, then perhaps you can delegate your time in service to the community. Your company can volunteer to ship supplies, support local food banks, or help authorities with ensuring lockdown.

  • Advocacy

    In our present-day, millennial-dominated era, most people listen and follow influencers than they do the Government and official authorities. So as a renowned brand, you can speak up about social causes close to your community’s heart. Identify the social problems that you and your audience are passionate about and hold conferences on the matter, donate funds, or support new legislation.

Be Helpful & Sensitive, but Don’t Exploit the Situation!

I hope the blog helped you understand how you can give back to the community and survive during times of uncertainty. You can volunteer or donate funds, invest in small-scale businesses, or offer products and services that help the people survive the challenges. However, it is also essential to show restraint and compassion in such trying times. During the current COVID-19 pandemic, for example, be helpful by offering informative content to your stakeholders and customers. Encourage people to stay indoors during the lockdown rather than boasting about discounts and sales.

Cubix, too, has taken its stand during the current pandemic and helped businesses find comfort in working from home using tools for remote workers. If you want to know how you can take your business remotely, consult our experts for the best strategies, remote hires, and more!

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