This article was published on November 8th, 2022 – midterm election day in the United States. There is much uncertainty as people across the globe wait to see which party is going to control Congress, win governorships, and other highly contentious ballot measures.
On top of the political unease, there are concerns about the economy, especially high inflation, and a handful of other polarizing issues facing our nation.
In a season like this, what is a small business owner to do?
Focus on Your Customer
A business exists to solve problems for people in a profitable manner. Regardless of the current economic situation, people have problems that need to be solved.
The problems will likely be different in a down economy than in a good economy.
Prioritize staying in regular contact with your customers to understand how your business can best serve them.
Maintain a Great Culture
Make sure the people on your team have a great place to work. A team who values their contributions and fairly rewards them for their hard work.
Members of a team who love the team and the people they work with are more likely to go the extra mile and do what is necessary to help the team win, especially during challenging times.
Create a business where people want to work and are lining up to be part of the team.
Engaged, loyal employees work hard to make customers happy.
Provide Spectacular Service
When your team serves your customers well, customers will continue to be your customers because of the relationship they have with your team and brand. In many cases, people will gladly pay more, sometimes a lot more, for dependable service.
Work with your team to streamline processes and trim costs as much as possible while continuing to provide excellent service to your customers.
Be sure to pay employees, contractors, and vendors fairly. They are likely trying to work through challenging circumstances as well.
Many businesses do not survive challenging economic conditions.
If your business…
- focuses on your customer
- continues to solve problems for them
- maintains a great culture
- provides great service in an efficient, profitable manner
…the odds of staying in business are increased dramatically.
While some of your competitors may be struggling to remain open, stay visible in the market.
You will likely pick up new customers and expand as your competitors struggle.
Here are five practical ways to stay visible:
- Communicate with your customers and prospects regularly
- Provide valuable content on relevant social media channels
- Leverage cost-effective advertising opportunities where lead attribution is possible
- Attend events where your target audience will be
- Support causes that align with your brand’s core values
Remember, there will always be problems to solve.
Those who are able to identify those problems, solve them with excellence, and profitably will likely succeed in any market condition.