Many companies are struggling to survive. Others have hit their stride presently because their product line or range of services is suddenly in high demand. Either way, company leaders need to take the bull by the horns and do what’s necessary to push forward positively despite difficult trading conditions and lowered morale. Here are some suggestions for what companies can do to succeed despite the obstacles.
Provide What Staff Need to Support Growth
What often holds companies back is a lack of support for the staff. They feel the growing pains that are commonplace with businesses experiencing some degree of growth and aren’t always provided with the resources to manage that.
Provide what’s needed to assist employees to make the strides necessary to keep up. If this is extra software or training, then supply it. When they need more people to get through the workload, accept this reality and hire in more people or use short-term work assignments to relieve the pressure they’re feeling. This avoids staff burning out.
Protect Employees More
What do staff need to stay safe and feel safe when attending the office? Are there things that businesses can do to reassure them? We’d suggest that handwashing stations at all entrances are a necessity now, as is staff attending to ensure every visitor uses them.
A better-than-average face mask isn’t a bad idea either. People are using N95 face masks, bandanas, and ad-hoc solutions to cover their faces, but these may be insufficient to filter out any airborne bacteria. While not all companies will feel the need to supply face masks, it might be advisable as an investment in employee wellness and safety. Thankfully, solutions like the HEPA filtered mask from Lancs Industries, as well as clear screens to separate work areas better, are readily available now.
Drill Down to Get Marketing Efficiency
Avoid wasting marketing dollars on a broad marketing campaign that lacks specificity. Marketing needs to be tailored to certain demographics. The faster the company can readily identify the most likely buyers of the product or service, and how to locate them on different platforms, the easier it will be the direct marketing campaigns their way.
By doing so, it amps up the ROI on the campaign, so the marketing dollars can be replenished from profits into the next campaign.
Pivot Quickly When Something Isn’t Going to Work
Companies must recognize sooner and respond quickly when something isn’t working with a product or service offering.
Does this mean it needs tweaking, a complete overhaul, or being taken off the market altogether? When the signs are there, avoid having blinkers on and remaining blind to the truth. Making strides won’t happen when hampering growth on the projects intended to supply that growth.
Know when to pivot to something else because the initial idea, product, or service was flawed. Don’t be prideful in this regard. Listen to what customers are saying, rather than ignoring them.
In difficult business conditions, it’s even more important to be present and alert to the possibilities. While great results are wonderful, handling the negative or disappointing outcomes adroitly is often what matters the most. Avoid getting dragged down by holding a bad hand too long and not getting new cards dealt instead.