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How to Grow Your Business in a Post-Pandemic World

Businesses across the world have faced a number of difficult business challenges during the pandemic. Apart from the health crisis, many have had to struggle with dwindling customer demand, supply chain interruptions, cash flow issues, and increased uncertainty. It was hard to get by then, and now is proving just as challenging as the pandemic draws to a close.

Of course, this doesn’t mean that growth is impossible. Marcus Lansky previously discussed all the ways businesses can stay afloat during the pandemic, but now that things are looking up, the next goal should be further growth. Here’s how you can get started:

Boost your marketing efforts
Businesses were blindsided by the pandemic. Many had to act fast and rely on ad hoc responses, and while that helped them remain afloat, the strategy wasn’t meant for the long term. In order to get back on track businesses need to get creative.

Given how almost everything has shifted to be online, your company needs to optimize its digital channels. Today’s consumers, now more than ever, expect brands to be accessible online. For instance, Google has updated Google My Business to help brands better advertise their services on search engines and Google Maps. Customers who see this will know that the brand is adapting as much as possible to the changing landscape. They also expect businesses to offer a good customer experience online now that physical shopping has been reduced. Channel your funds into new online marketing techniques, such as creating virtual events to generate and nurture leads, as well as spawn engagement. The key is to be aware of the latest consumer demands, and rework your marketing strategy accordingly to accommodate their new digital needs.

Rethink the business’ structure
Small businesses that were a sole proprietorship were likely more affected during the worst times of the pandemic than other industries. This is because they were much more vulnerable if their business faced any legal issues or collapsed due to their owners being personally liable. If you are a sole proprietorship, or are starting from scratch and still deciding, choosing a different legal structure may be a more beneficial route. Switching to a structure like a Limited Liability Company (LLC) or corporation may be more ideal as they offer legal protection for the owners as well as tax advantages that are not available to sole proprietorships. To give you an idea, LLCs in Maryland are only taxed on profits they make from the company, which is simpler than corporate taxes, where both the business and the individuals are taxed. LLCs are seen as the natural step up from sole proprietorships. However, if you are ready for a significant growth, and are willing to relinquish some control to shareholders in return for extra funding, then a corporation may be your best option. Both structures will provide an extra level of security as you move into the post-pandemic world.

Embrace cultural and behavioral shifts
The global pandemic has exposed a litany of pain points and rendered many traditional strengths irrelevant. The World Economic Forum underscores that during this time, technology has been the common denominator for most organizations’ resilience amid all the uncertainty. It has also resulted in massive cultural shifts with more people working from home and operations switching to become fully digital platforms, as well as behavioral shifts with more consumers turning to online retail.

Organizations must capitalize on these changes to prosper in the post-COVID world. For instance, you can develop omnichannel business models that combine digital and face-to-face offerings or incorporate greater virtualization into various aspects of the business.

The pandemic has initiated change, and so to grow, you must be willing to accommodate and adapt to these shifts in consumer behavior and demands it has brought about. Only those who do will thrive in the post-pandemic world.