Guest post by Derek Goodman
The coronavirus pandemic is a tough time for most small business owners and independent contractors. Due to the current state of the economy, people don’t want to spend a lot of money on nonessential services, so finding and landing new clients can be especially challenging right now. Thankfully, there are several steps you can take to stay ahead, maintain your regular cash flow, reach potential clients, and convert prospective leads into sales. Here are some great resources to help you out!
Manage Your Cash Flow
Maintaining your business cash flow might be challenging during the coronavirus. Take steps to find funding and control your business expenses so you can reduce the impact on your financial health.
You may be able to receive financial assistance and business funding through both government programs and non-government grants.
Try to renew contracts and retainers with existing clients to access quick cash.
Cut out unnecessary expenses to increase your bottom line. For example, consider cancelling any business-related subscription services you don’t need right now.
If your lease is up for renewal, contact your landlord and try to renegotiate for a lower rate.
Concentrate on Marketing
If business is slow right now, this is prime time to focus on marketing. Use the downtime to get the word out about your services!
Keep up with your competitors by using digital marketing to increase your networking opportunities and attract new customers.
Work with a freelance marketing expert to adapt your marketing strategy to capitalize on low cost-per-conversation rates on social media. This is a great time to promote your business on Instagram and Facebook!
You can also use the downtime to build your personal brand. A recognizable personal brand will open up all kinds of business opportunities!
Earn an online business degree to increase your marketing knowledge.
Offer More Value
Giving your clients more value for their money is a great way to build long-lasting business relationships. You might even get some great referrals out of it!
Offer service add-ons and promotional discounts to encourage new clients to sign a contract during the coronavirus.
Go above and beyond when working for your new clients, offering just a little more than what is expected of you.
You could even volunteer a small amount of your time to give people a sample of your work. If they like what you do, they might become a new client!
If you have the funds for it, consider making a charitable donation to show clients that you care about your community.
Don’t let the coronavirus pandemic hurt your business. Double down on your marketing efforts, create more value for your clients, and take advantage of the funding options available to you. Use this break in work to build your business up even better than it was before!