Question of the Day: What’s the best way to grow your business during the pandemic?
Bill Reicherter, former owner of one of the largest sign companies in America (estimated at $100 million) and now the CEO of Lunasphere, has some thoughts.
Social media has become an increasingly useful tool. It not only helps with normal marketing but getting your clients or customers to create user-generated content. Also, it is essential to make sure you use the proper hashtags to help reach new audiences.
Thinking outside the box and hitting the reset button. Taking a deeper look at your business and accessing what worked in the past, what hasn’t worked, and staying resilient by continually innovating your business. Ask yourself, Is your business one you can bring online, set up virtual meetings and conferences? Look for ways to reach a broader market without adding to your current overhead or if need be, cutting your overhead down.
Negotiating pricing with your current vendors and if possible extending payment terms so you can stay cash positive to help in the marketing of your business. Every dollar you can save and reinvest into marketing or equipment is a dollar that should bring back positive results.
Lastly, I would partner with nonprofits or organizations that help small businesses like Score. They have a wealth of knowledge provided by successful entrepreneurs that want to give back by donating their time. Having a successful mentor is extremely important to help provide balance to your decision making. In most cases, the mentors have a lot of experience and can provide a wealth of information to help navigate your into more stable and profitable waters.