The COVID-19 pandemic has affected the world heavily. Some markets are pushed down more than others. Economic business growth has been set to the test for many businesses around the world. While some have been forced to cease operations, we’ve spoken with an entrepreneur who went a different route. Instead of working strategically to ensure his business stays afloat, he opened another.
Truls Aandal, co-owner of entertainment organization eRa Eternity and CEO of Your Marketing Partner shares the keys to staying profitable while investment interests are down.
Spend Your Time Wisely
– When you’re experiencing downs in your business growth, spend your time to strengthen your business and prepare for the growth to resume. Work on your sales pitches, and research your future clients, investors, and competitors. Businesses that sit back and do nothing while income is on the low are more likely to be overworked when business resumes.
Strategize Your Marketing Budget
– Halting all operations, marketing included, can seem like the best resort when business is on the low. What some businesses forget, is that while people are quarantined, they spend more time on social media. Twitter reported record-setting growth of active users during the pandemic, meaning social media marketing should be an avenue to focus on. Showing potential consumers and followers that you’re still in business albeit the current situation the world is in, will drive engagement and focus on your offerings. Instead of decreasing your marketing budget, now is the time to increase it.
Put Your Employees First
– To some, I’m sure this sounds like a no-brainer. A lot of companies are laying off employees, and don’t have emergency protocols when it comes to handling a pandemic. Many of your employees have families and kids. With recent school-closings, parents are feeling the pressure more than ever. Treating your employees with respect despite the situation will result in more loyal and committed employees, ultimately increasing productivity and level of service.
A Plea To Entertainment Agencies
Originating from the industry, Truls has experienced the ups and downs affecting the entertainment industry. Representing the best of both worlds in marketing and content creation for companies such as Hiptoro, eRa Eternity, VivaceHub, and YMP, he urges entertainment agencies to go virtual.
– If you represent an entertainment agency that’s struggling right now, start thinking outside the box. Entertainment agencies have never been at risk in this pandemic. Matter of fact, it’s one of the industries booming right now. Keep focusing on crafting content, and, take your talents virtual.
While these tips may not scream profit and growth, staying productive is going to be one of the key factors that will keep businesses afloat until the business is back to normal.
Truls adds that it’s important to keep an open mind and stay positive.
– Our society is a scary one at the moment. Sooner or later, things will get better and things will return to normal. Though normalization will return in portions, it’s important to adapt to the changes as quickly as possible. Entrepreneurship is full of challenges, ups, and downs, and this is no different. The fact that you’re reading this article, and finding ways to stay afloat means you’re already ahead of those who aren’t trying. You’ve got this.