As you continue to build, scale, and grow in the pandemic economy, let’s look at some ways to keep moving forward.
Re-Build your financial model:
1. Evaluate spend in terms of investments, not only costs.
2. Ask employees for ways to improve. Reward their results.
3. Negotiate with vendors on ongoing costs and renewals.
Revisit your Pricing Strategy:
1. Determine your margins, focus resources on those deals, and dismiss outlying customers.
2. Set your prices based on market demand and customers' needs (not anchored to internal costs).
3. Offer discounts only after deciding what you get in return (e.g. multi-year deals or payment up front).
Scale your Business:
1. Scrutinize marketing ROI and remove poor campaigns.
2. Bolster client services to improve quality, retention, and potential upsells.
3. Consider an opportunistic hire who will make an impressive impact.
Find ways to Grow:
1. As other companies evolve, test new partnerships if they're complementary and require minimal investment and risk.
2. Talk with customers and prospects to learn their needs.
3. Brainstorm new ideas which generate exponential growth. Test one.
As we continue to adapt, remember there is more than one path to success. Utilize these times to explore new paths.