From the fashion industry to the energy industry, the COVID-19 pandemic has changed the business world. Several companies have already gone under, with a lot more facing an uncertain future and at risk of closing down. The business environment is more challenging than ever, with many companies looking for new ways to stay afloat or weather the storm. But the great news is that there are ethical ways to keep growing your business during this pandemic. So, are you a business owner tempted to use unethical methods to survive this pandemic? Read on to find ways to grow your business without compromising your values.
-
Take a step further to support your team
Many companies are under scrutiny concerning how they respond to the pandemic. While some are taking measures to support their workers, other companies put their workers on unpaid leave, sparking outrage in the process. Consumers would remember how companies treated their own during this period. Companies that positively affect consumers are sure to grow their customer base, while companies that treat their workers’ unfairly’ will suffer significant brand damage and lose their client base.
-
Focus on value
This pandemic offers the right time to emphasize the value your business provides to your customers. The chances are that your sales are taking a hit, as many consumers are now more hesitant to spend money. If you can offer your customers better value now, they will remember you when they are comfortable paying again. Take advantage of the period to focus on the message you want your business to send out; consider new ways of improving the content of your newsletters. Contents like tips and tricks, sales and discounts, job openings in your industry, news, and views, and discussion starters are all valuable content this time.
-
Create an online presence
Although online businesses come with so many benefits, moving some or all your business online may be easier for some companies than others. But if your business was primarily operating face-to-face, then perhaps it is time to start thinking of ways to go online. Retailers, for example, can take advantage of e-commerce platforms to reach a broader market. Gym owners and instructors can consider online sessions, while restaurants and food vendors can also try adding online cooking lessons to their operations. The point here is to get as creative as possible to use online platforms to promote your business.
-
Do not capitalize on the disaster
The term “disaster capitalism” has been coined by some experts to refer to the unethical ways that some businesses take advantage of the pandemic to promote their products. For example, several hand sanitizer companies doubled their products’ price as demand increased, while other companies stockpiled on essential products. Price gouging and stockpiling of highly demanded products may rake in some money for now, but they are only short-term. However, the negative implications will catch up with your business – and those are long-term.
Contrary to what you may have believed, this period would not rob you and your business of any benefits. Instead of dwelling on the pandemic woes, use it as an opportunity to create new and unique ways of attracting new customers and making business for your existing clients better.
0 Responses to “4 Ways To Ethically Grow Your Business During The Global Pandemic”