Wow, I have done business in recessions, worked with clients on awesome business growth as Brexit put a strain on the UK but facing a lock-down and covid-19 has been a totally new experience to my clients and also to myself. Unprecedented in living memory this situation has been tough there is no other way to view it. All my clients and friends in business who provide a service to the public which involves them attending something such as a gym or a tattoo studio have really suffered. There is no marketing advice or strategies that can be discussed to keep market share or tactics to keep retention good. The stark truth is if you offer the public a service and you are unable to provide that service then you will lose customers and business. It also means that advertising activities have to go on pause and talk of growth turns into talks of survival. This is very much contrary to how I deal with recessions with my clients, where we look to retain and work hard for the business that is out there.
The UK Government has provided help with schemes like furlough for employees and bounce back loans with a relatively easy way to get funds to kick start your business again, which is really good for micro and small businesses. The economy has suffered and Country goes further into debt but it has too, we still have Brexit looming and of course the effects of covid-19 across the world which will affect global trade and commerce, including currency values. It is an under statement to say business is turbulent and with no end in sight yet. How long until we get back to normal across the world? 1 year, maybe 2? We just do not know because we are in uncharted territory.
So all doom and gloom? Not everywhere, some businesses have done well from the situation, other businesses have found other ways to stay afloat and to keep business going. I worked with one of my clients during lock-down and they are negotiating a possible NHS contract from having a great product that has become more in demand because of the covid-19. I have also worked with other clients as they have suddenly found the mental space to actually evaluate their business direction, their personal situation in relation to their business direction and what is it is they want to achieve and aim for. It has almost been like a forced time of evaluating, procrastinating and planning, ensuring all plans are fluid and dynamic to cope with the uncertain turbulent times.
Personally I have really enjoyed working with close clients and friends in their respective businesses using my experience of 20 years+ in business helping clients growth in a slightly different way. I have reduced my own overheads and evaluated my own direction which is more of the consultancy with businesses who are the right fit for me, have the appetite and entrepreneurial instincts to grow their business and who thinks of these times as a challenge in business and are prepared to make decisions.
With so many bounce back loans issued, and these loans having to be paid back the time for businesses to embrace the power of online is important more now than ever. The connection between your customers and social media being more important as people stay in more and surf the web a lot. No wonder Amazon is the biggest winner in all of this :)
I am open to working to new clients get in touch.