Starting your own business has its advantages and disadvantages. On one side, you can be the boss of yourself, helping people around you who haven't have a job, and earn big profits if your business is going well. However, when some unpredictable problem happens and affects your business, you have to take it all at your own risk.
There is no guarantee that your business will always run smoothly. Today, you might get many orders, people might get crazy about your products, and all of your products are always sold out. However, as much as how profitable your business is, there is always a chance that it can sink suddenly. For example, the COVID-19 pandemic which causing chaos in some industry fields since 2020.
Problems can come at any time without any prior sign. Therefore, you need careful planning to deal with situations like this. In simple terms, you need to prepare good risk management. To better understand this topic, here's a guide you might need to create a plan for uncertain times in your business.
Build and Nurture Your Customer
One of the most important things you need to put in your business plan is to build and nurture your customer. You can do it by collecting the e-mail list of your customer. How does it work? You can send them an e-mail once a week to promote your products and promos.
Don't forget to make it sound personal so they feel like you put some concern in it. This way can also help you build a connection with your customer. In essence, something personal will always be preferred because it makes people feel important.
Maintain Good Relationship
Having a loyal customer is what every business owner dreams. That's why you need to maintain a good relationship with your customer. Make them feel important and valued. Listen to their every praise and complaint. Create communication that makes them feel their opinion matters. In short, as an owner of a business, you should always be open to any feedback your customer gives.
When they feel you listen to their opinion, it will create a mutualism between you and your customer. In this case, on the one hand, you can continue to develop your business services, and on the other hand, customers will feel satisfied and cared for.
Create a Special Offer
Everyone loves promos and discounts. At the worst stage of your business, offering some discounts to your customer or doing the event of a sale might help to encourage them to buy your products. You can give them an announcement through e-mail like a month or several days before the due date. So, your customer will have enough time to prepare their money.
Give special prices for high-demand goods in some periods. For items that are not too favorite, you can sell them with a bundle. With careful calculation, this kind of sale can benefit you.
Don't Lose Focus on The Small Things
People usually want to spend their money on big days, such as Christmas, New Year, or other important days. It is why usually store will hold a big sales event on those days. However, don't forget the importance of creating regular sales. Although the number is not huge, it can attract your customers to shop.
Create a plan to make the small sales happen regularly so your customer will remember the date. Also, you can give a special discount for your registered member's birthday. Birthday discounts always indirectly make customers feel that you consider them special.
Make a List of Your Budget Priority
You also have to plan which cost you need to cut when your business comes to a crisis. Arrange the list in order of priority from least important to most fundamental. That way, when a crisis occurs, you can determine which funds you should cut easily.
However, you should put your marketing budget on the lowest line of your list. It is because marketing is the core of every business. That's why among all of your needs, make sure that the marketing budget is the last thing you will cut.
Those are some best ways to plan for uncertain times in your business. As we've discussed before, it is necessary to create good risk management. So that, if unpredictable things happen, you know what to do. In short, the key is always to prepare for the worst.
It is mostly like preparing two plans at the same time. When starting our business, we should always prepare an optimist plan and a pessimist plan. You also should always be aware of the condition and situation. So, you know when to pull the trigger and change your plan. In short, as long as you have good risk management, there are not many things to worry about.