How can I make more money from my business during COVID-19?
We have met many great businesses run by amazing people promoting fantastic products and services, but unfortunately not making enough money. This is usually because of these common problems:
- Lengthy onboarding of new clients
- Lack of management innovation
- No advertising
- Low Google visibility
- No dedicated salespeople
Some business owners and managers falsely believe it’s their way or the highway. This can spiral into mediocrity leaving the business lost amongst the competition. A few ways to prevent this are:
- Speed up internal processes
- Get ahead of the competition
- Advertise as effectively as possible
- Turn quotes into projects
- Get more enquiries and sales
Sounds easier said than done right? How can a small business turn this into reality? The most helpful piece of advice in this situation is DON’T BUILD YOUR OWN WEBSITE!
Why? It takes around 300 – 500 hours for the average person to master how to make a SEO optimised website that utilises sales funnels and minimises cart abandonment. If that time was spent on sales, the business would make back more than what a professionally built website would cost. Utilise this time to start door knocking, calling, emailing and direct mailing other businesses you want to target!
Now that we’ve covered sales, you might be wondering, what about all the other aspects like speeding up internal processes, quoting, onboarding new clients, adding new products, etc.? There are plenty of existing programs available to do these things for you! You are most certainly not the only person facing the issues you are experiencing. If you are, this is another opportunity for you to make money! Hire someone to fix your issue then sell your solution to others who might be struggling with the same thing. Software and apps add tremendous value to your business, so if you can create a solution that will save people time and money, get it built!
With all this being said, what exactly are the best ways for your business to make money during COVID-19?
- Innovate your internal processes with new technologies
- Go door knocking!
- Create new revenue streams by developing new technologies
- Create solutions to existing problems and monetise them
- Find ways to utilise your skills in new areas
If you implement these strategies efficiently, you are on the right path even in these unprecedented times. As always, our amazing team at The Innovation Agency is here to help should you have any questions or need something developed. Reach out to us at any time!
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The Innovation Agency
17/18 128 Bowen St,
Spring Hill, QLD 4000
1300 451 196