Why pulling the plug on new business is a bad idea right now

So you’ve worked hard to build a decent business and have a good marketing engine generating solid opportunities for your sales team. Enter COVID-19. All your sales forecasting immediately goes out the window and you look to where you can pull back to keep your business afloat. New business sales and marketing initiatives are usually first up on the chopping block.

Here is why pulling the plug on a new business is a bad idea during a financial crisis.

You’ll miss a potential opportunity to increase market share

There are hundreds of thousands of businesses struggling right now - both new players and those who are more established. The sad truth is that some businesses won’t make it through this crisis. So, hang in there - there could potentially be opportunities for you to increase market share on the other side.

You’ll destroy all the hard work put into establishing your sales pipeline

Use this time to build and nurture your sales pipeline to ensure that all of your hard work pays off when the recovery does happen. If you put the breaks on all activity now - when we come out the other side you’ll be starting from scratch - and building a pipeline takes time. A soft approach via content marketing is a good way to keep-in-touch with your database during this time - and providing relevant content could even help you grow it. This way you will be top of mind when the market bounces back.

You’ll miss opportunities to identify new markets to help keep your business afloat

Is there a new product or service you can offer that will attract a new market? Pay attention to the current needs and wants of the market during this changing time, identify new opportunities and innovate to keep your business afloat. There are so many examples of this - restaurants offering takeaway, Cafes selling pantry staples and even a gin company making hand sanitiser.

Your brand will get left behind or worse - forgotten

If you down tools on all marketing activity you are essentially throwing all your hard work away. During these uncertain times, ongoing marketing is crucial. Even if you have been forced to close the doors of your business temporarily due to government restrictions, it doesn’t mean that you have to stop your entire operation. Producing new and relevant content will help you maintain your brand presence and support other important factors like maintaining search rankings. Something is better than nothing at all - even if on a reduced budget - innovate and think differently.

You won’t be ready for the ‘boom’

After every recession comes a ‘boom.’ Our economy will recover from this and your business could come out the other side in a stronger position if you innovate now. By using this time to become a more efficient, leaner operation, you will be setting your business up for success in the future. While there are potentially new opportunities for your business during this challenging time, there will be even more once the economy recovers, so hang in there.

Market your way to success

Now more than ever is it crucial for you to revisit your marketing strategy to adapt to the current business environment. To ensure you are creating tactics that will work for your business during this uncertain time, read this blog.