There are many stories of people making more profit (in business) during the depression, recessions, and economic downturns. These stories speak of entrepreneurs who pivoted, adapted, and ultimately understood what people wanted or needed to buy.
I have seen great examples of that in the last nine months as well. I’d love for you to be able to make even more profit than last year, despite (or better yet, BECAUSE OF) the pandemic.
How can you do this?
1. Take Score
How is your company doing over the last year? How have you adapted or pivoted to serve the changing consumers? Make no mistake, they ARE changing. We need to be aware and adapt. Here is a great article on what is going on with consumers because of the pandemic.
2. Research
Ask your customers and potential customers what they need, and what they want. What will make them feel better? For example, right now people are literally dying for human connection. Is there a way you can connect people? Zoom is sure making a fortune doing that! Make sure to survey as many people as possible for the most accurate data in your research. Here’s a video of me talking about how critical it is to keep up with how consumers are changing.
3. Pivot
Provide new products or services that people really want and need. In a lot of cases, it is much easier than you think to begin offering a new product or service. In some cases, it’s FREE and requires no start-up costs. In some cases, it’s very affordable and will provide a return on investment immediately.
So, do your research, and let me know what you decide to do to make even MORE profit this year than last!
If you need more help on how to make more profit during the pandemic, contact TMH Business Coaching and Consulting today for a confidential, free, no-obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!
