Running a business can be tough at the best of times – let alone having to weather a storm like a global pandemic. However, there is always positivity to be found in negativity, and entrepreneurs really are the best-placed when it comes to battling these challenging times. They are resilient, agile, optimistic, and sniff out opportunities like a bloodhound. If you run a marketing agency, here are three practical tips on how to best adapt during COVID-19 advised by Bloom marketing agency founder Stephanie Melodia.
Mitigate your risk
It might sound obvious, but this is a case of putting the oxygen mask on you first, before trying to save others. There are no prizes for being a martyr here, and if you want to re-surface after Covid, your first port of call is to play it safe.
Go through your outgoings with a fine-tooth comb. Expenses like subscriptions or memberships are easy to resolve. Reducing the size of your team is a harder decision to take, but this is where the leadership in you can rise to the challenge. Options, like furloughing your staff or taking out a government grant, is available, before jumping the gun and laying off people entirely. Visit gov.uk for official guidance on the matter.
Shift your mindset, before anything else
It’s important to practice the “abundance mindset,” now, more than ever. Before looking at new opportunities and re-strategising your business, you need your head in the right place first.
Sure, there may not be the same type or amount of work as before, but that’s why we need to pivot. Let’s look developing a new course for clients during this time, or hosting a series of webinars. Perhaps there’s more one-to-one, consultative work that you and your team can start looking at, where people still need help but can’t afford the higher agency fees you were once charging. But start with you; you’re your number one asset in business.
From a creative perspective, every challenge means there’s an opportunity to shine. Rise to the occasion and showcase some meaningful creativity, or display your responsibility in aligning with a great cause. For example, the UN recently had an open brief on a creative campaign to raise awareness and educate people on the importance of washing their hands.
Another great example of a powerful ad campaign is by the award-winning agency, Uncommon, who delivered phenomenal work for ITV in partnership with Mind Charity on getting people connecting with each other, despite the lockdown.
The other opportunity to consider is the fact that the propulsion of virtual has seen geographic borders become even less important than before. Now, what really matters is a good internet connection, the spoken language, and timezone. Somebody in Lisbon needs help with their strategy? Fine. A business in Iceland needs a rebrand? Do-able. New opportunities may lie in unexpected places, and we have this opportunity now in our world of hyperconnectivity.
Each business is as unique as the people they are made up of. We know everyone is going through their own set of challenges and unique problems, but there is a lot of help out there and free resources to get you through. We would love to see you use this time in your favour. This is a rare opportunity to sharpen up and assess other areas of our businesses we may not usually be able to, so use this time wisely.