At times of uncertainty, it's hard to stay afloat and to carry on business as usual. But then, 2020, in its first three months, has already proven to be one heck of a ride on the uncertainty train. That said, it's always good to be prepared and to be optimistic. If you're wondering how to boost your business in these uncertain times, here are ten practical ways:
Relook your customer's journey.
Getting your buyer's journey right isn't a one-time solution. Your customer's journey needs attention at every phase of your business, and that means reviewing this journey to adapt to what's happening in the world, the events, scenarios, and trends. You should constantly monitor your customer's journey to ensure growth and to ensure the entire process is smooth.
Personalize your customer's experience.
Personalizing your customer service, both online and offline, will help you increase conversion rates as customers will view you as a trustworthy and reliable brand, thus increasing brand loyalty. By personalizing buying experience, messaging, emails, and product suggestions through automation and customer data, you can build a personalized shopping experience to retain existing customers and attract new ones.
Keep business and personal expenses separate.
As a business owner, your company is like your baby. You created it, built it, and watch it grow. But then, while it can feel like the same entity, you should never mix your personal and business accounting records. It isn't only complicated, but it's also messy. What's more, filing your tax information and calculating your company's valuation can prove to be tricky. You should have a separate business checking account and a separate credit card for business purposes, which is different from the ones you use for household and personal expenses. You must also be diligent in categorizing these expenses. Otherwise, it will wreck your personal liability, as well as hurt your business credit score.
Also, don't forget to pay yourself. Business owner you may be, but you also need a salary. It's by paying yourself consistently. It's a way of setting aside money, which then becomes an excellent way to test your business' profitability.
Hire the right people.
This not only makes practical sense, but financial sense as well. You shouldn't be managing every aspect of your business. It can be overwhelming, not to mention ineffective. One of the things that make prudent financial sense is to hire a knowledgeable tax advisor that can help you navigate the various tax laws, manage your accounts, ensure that your business stays on top of any regulation changes, and also leverage any tax advantages.
You want to employ a good mix of experienced individuals and fresh graduates to ensure that you have a mix of both the new and the experienced to produce ideas, solutions, and strategies that work best for your company.
The practical ways described above doesn't require you to dig deep into your pockets. The methods above just need a little tweaking and adjustments to ensure your business will stay afloat during times of crisis and charges ahead when things are going well.