August Leadership Connect Call
‘8 Ways to Market & Sell During the 4th Wave of COVID-19’
While the pandemic took many by surprise, we now have a much better idea of what to expect. During our August 27th Leadership Connect call, the group of business owners in attendance looked at how we can prepare for a potential fourth wave.
TWO KEY CHALLENGES
1.) ECONOMIC UNCERTAINTY AHEAD
It is expected that interest rates will start going up in 2022.
The retail world will shrink as interest rates take hold.
There will be economic volatility both offshore and onshore.
We’re in an age of incredible uncertainty. And we’ve seen it before … in 2008.
Despite interruptions and uncertainty, the market is still going up in some sectors. A lot of clients are trying to take advantage of what’s occurring/available now, foreseeing market shifts next year.
2.) SUPPLY CHAIN INTERRUPTIONS
Constricted finances during COVID have interrupted businesses that were once doing well, but now the back end of their business can’t keep up due to lack of access.
Manufacturing and building materials are in short supply.
Labour problems – People are not coming to work, because they’re worried about social distancing or are getting government benefits. Industries like food, beverage and hotel are finding it challenging to find quality staff, who have found other avenues of income.
This lack of access creates hesitancy to move forward.
MEETING THE CHALLENGES
We want to not only keep moving forward, but to keep growing. Here are eight key points that were covered in our call:
1. UPDATE AND REFINE WHAT ALREADY EXISTS
Reframe your process, if necessary, to better adapt to the changing times.
Update your website material, social content, sales material – to reflect where/what you are now, not pre-COVID
2. HOST ONLINE NETWORKING EVENTS
Host online networking events in your region to attract referrals. It can help you sell more easily when restrictions are lifted and we can hold in-person meetings.
Become comfortable with doing video calls with clients. It’s now a common and accepted practice, and will continue to be a powerful business tool in the future.
Make use of LI and Twitter to increase your online presence, share advice, give back to the community.
3. CONTINUE WITH IN-PERSON NETWORKING
In-person networking, while limited, is still possible.
Before the weather gets too cold, invite business partners and clients out for walks. Or grab a coffee or lunch.
Meeting business owners individually and hearing their story lays the groundwork for future collaboration.
Opportunity to give referrals or ask for referrals if you’re comfortable doing so
4. TAP INTO YOUR EXISTING NETWORK
Connecting with your existing network to generate referrals or grow their account organically can be big for your business. Approach this with the following in-mind:
Deal with individuals on a personal level.
Explore what you can bring to them.
Ask if they know anyone who can benefit from engaging with you.
Create a win-win scenario.
5. AUDIT ONGOING RETAINERS
Going back to your existing network and doing scope checks about what you’re delivering vs. what you’re billing can help grow your portfolio.
Re-engaging with your old market is a bit easier than finding new markets these days, because the old market has already bought into the services you provide, and they already see the benefits.
You’re reminding your clients that you really are in business and that you’re their strategic partner.
Policy reviews can result in clients changing policies that will enlarge your scope.
6. AUDIT INTERNAL EXPENSES
Auditing all your expenses, quarterly or twice a year, can significantly reduce overhead costs. This will vary greatly depending on your industry, but the following were highlighted:
Audit Credit card bills line-by-line
Assess streaming TV and radio memberships
Reduce data on your smartphone plan
Assess your actual Wi-Fi needs vs current usage
Audit software you license, especially those with scalable user agreements.
Marc-Antoine Regional Manager, LGBTQ2+ Business Development at TD Bank Group at TD attended our call. His team built a checklist for business owners to look at their business and personal finances. It allows you to identify the top three things you want to focus on within your financial environment.
Click here to Download the Checklist
7. MINIMIZE PASS-THROUGH EXPENSES
Instead of incurring the cost on your clients’ behalf and then billing them, arrange for the clients to get billed directly to avoid carrying that expense. Some clients take 60-90 days to pay, while you pay interest on the cost of their expense
Bring in a bookkeeper, with a budget, to keep you updated on expenses and prompt you when payments are due.
Don’t wait for the tax season – the busy season – to talk to your financial planner. Do it now when it’s quieter. Ground check “Where am I going … what should I do with this money for the balance of the year?”
8. CAPITALIZE NOW ON THE CURRENT MARKET UPSWING
Evan Thompson, Life and Communication Coach, is finding that, while interest rates are still low, marketers are scurrying to bring more clients and business on board.
Be proactive and take action now, while we’re still in an economic upswing, knowing that the pendulum is likely to shift soon.
As a business coach and content development writer, Evan is working with his clients to craft letters and proposals and coaching them on how to interview.
Chantelle Quow of CQ Business Consultants Inc. works in the space of new business creation and expansion. She’s seeing a lot of new business creation right now.
People are pivoting, trying to capitalize on many new opportunities arising with regards to funding or investor consideration.
Research projects are getting traction, creating more opportunities for funding programs that the government and other large organizations are offering right now.
There is need to create a business plan for long-term strategic goals once the financing gets off the ground.
A lot more entrepreneurs are entering the market in the last quarter of 2021.
Countries like the US are looking at Canada as a potential target for new business. They see that we have a lot of intelligent creative people here that are looking to start businesses. Compared to their economy, ours is a little more stable. They’re looking to invest here. This is creating opportunities for grants and investor funding.
Micha Goddard of The Creative Concierge pointed out that every region has a Business Advisory Centre or something similar. These centres have a list of federal grant programs available. For example, BAC Durham offers the “Starter Company Plus Program”, accepting 40 people a year.
We shared a lot of insightful information in this call…
fueling us to stay ahead of the game in 2022!