Get Busy Saving or Get Busy Selling?

Saphyte Team

2 min read

Updated: July 15th, 2020

The coronavirus pandemic has made the world and the economy turn upside down. Not only has it disrupted our “normal activities”, but it has also disrupted the way we deal with our finances. 

One of the most affected factors in this situation is the financial status of businesses. They have to deal with all the necessary decisions just to stay afloat. Perhaps the most common question raised these days: should businesses be saving or selling during the pandemic? 

Now, both ideas are good, and necessary, if you want to stay afloat. However, some people might feel like you’re a bit sensitive. Is it vital to introduce lay offs in order to save a few bucks? Should you sell or prospect more to increase your business revenue.

In this article, we will be discussing the advantages of both saving and selling during the pandemic. So, read on to know more.

Should Businesses Save During the Pandemic?

Yes. For the most obvious reasons like keeping your business afloat during the pandemic and to be prepared for whatever the post-pandemic world has to offer. The smartest move you can make is to save during the pandemic. 

So how do you save during the pandemic? Here are some tips. 

1. Analyze any ongoing financial burn-rate of your company. In both normal and ‘bear-bones’ scenarios. By doing this, you can repatriate expenses to more important and pressing matters. 

Think about adapting to current market trends. The current market trend is difficult to predict, but you can use it to your own advantage. By understanding the current landscape of the market, you can reoptimize your business’s positioning. Hence, creating a new revenue stream to leverage your whole new business pathway. 

Look at your competition. Most businesses, if not some, are suffering more than others now. But, you can also learn from them. By looking at your indirect and direct competition, you can learn from their strategies and adapt them to your own needs.

Consider the value of your time. Not everything you do can be of value to your time. So when you implement the tips shown above, you also need to think whether it is worth the value of your time. So, before anything else, introspect. 

Should Businesses Sell During the Pandemic?

Yes. This idea might sound a bit too harsh and insensitive. However, in order to keep afloat during and post-pandemic, you have to do what you have to do. Prospect for customers. 

Prospecting for customers during the pandemic is laying groundwork for the future. At the same time, you’re selling your services and business to your customers. Doing so is both wise and smart. 

It may sound insensitive to act on the notion of “business as usual”, however prospecting your product or company during the pandemic is laying down groundwork. One which businesses should do. So how do you prospect to an ever challenging and unpredictable market? 

Social media. You can start with LinkedIn. Yes, the network you’ve muted for several years now can be a great start for prospecting. 

But, why? The logic is quite simple. By activating your LinkedIn account, you build a network of first-level connections. In return, your business will be on their radar through your posts and content that should appear in the feed of their home page.

Unconventional? But, a good avenue to strengthen relationships, and laying the groundwork for future business and referrals. 

Another way is through email marketing. Another way to prospect is through email marketing. Again, you may either sell and lay groundwork for the future – email marketing is the best way to go. Well-crafted emails not only keep your customers and prospects informed, but they also keep your business on the top of your customers mind during the pandemic. 

Takeaway

So should you be saving or selling during the pandemic? The answer is to analyze your business’ current position. Either way, both actions call for adaptability and flexibility. To be able to maximize your current situation, why not explore the idea of having a CRM to help you save AND sell during this pandemic?

Are you curious how a CRM system can adapt to your current dilemma in business? Contact Saphyte now for a free consultation and demo.