Survive & Thrive: Michael’s Tips To Keep Your B2B SME Or Start-Up Moving Forward

As current events (and the way we handle them) evolve towards becoming the “new norm”, check out Michael’s tips may help you & your B2B SME or startup survive and thrive in these challenging times.

It is undoubtedly very uncertain and somewhat scary times for us all. However, it is essential that we take practical steps towards keeping our B2B SMEs and Start-ups open for business and operating.

Here are 5 tips to help keep your B2B SME or start-up not only survive but be well-positioned to operate in what may become “the new norm”

Set employees up to work from home or in the office safely.

• If you are not set up now, talk to your IT team or service provider to get ready now.
• Set up regular meetings/ “check-ins” with staff. Assure them. Communicate clearly and keep them informed.

Useful: Work From Home Worker Checklist – Remoters.net

Examine your financials closely

• Pay your suppliers on time, or even early
• Look into government grants and benefits. For instance, here in Australia, the Government has just announced a stimulus package for small business
• Talk to your bank about extending credit or other options. Speak to your accountant as well if necessary

Maintain (or better yet RAMP UP) your Marketing

• Let everyone know you are open for business
• Revisit your marketing efforts over the past 6-12 months
  • Which ones have given strong results?
  • Can you continue with those “winning” approaches?
• Embrace digital marketing approaches (e.g. video, social media, webinars)
  • With trade shows, industry gatherings and customer events being cancelled, digital marketing will play an even greater role in demand generation
    • Deliver information, insights and advice that will help your customers and prospects and making your Start-up or SME the only choice once they are ready to buy!!

Reconnect with and LISTEN to your clients and customers

• Talk with your current clients and customers
  • What do they need help most with?
  • How can you help them maintain/increase sales?
  • How can you effectively service and support them-even remotely?
    • Consider the likes of extended or modified hours

Innovate: Look for new ways to operate and move forward

Consider what have customers and prospects been asking for that you don’t provide? Would you be able to offer this if you or a staff member were to take an online course? Or perhaps engage the services of a freelancer skilled in that area?

Are there programs or services you could offer to help them deal with this uncertain and challenging period?

Are there industry or customer segments with unmet needs? Revisit these customer groups to see if there is a way to provide a solution for these customers

Is there any opportunity to develop new product extensions such as analytics, reporting, consulting, training, assessments?

Read: 3 Ways to Innovate Your Service Offering to Drive Business Growth

Examine the feasibility of establishing alternative revenue/service models such as retainer fees, subscription models and membership models

Consider collaborating with peers, competitors and suppliers.

• Could an opportunity exist to cross-promote each other’s offerings to your respective customer bases?
• Establish joint ventures and partnerships to develop new products, services and solutions that are relevant to your target customers’ needs
• Host joint virtual events such as webinars and workshops which will enable you both to provide meaningful information, advice, tools and approaches to your target audiences which will both help their businesses and also position you as the “Go-To” once they are looking to buy

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The road ahead is going to be a challenging and bumpy one for all of us.

However, by working together-both internally as well as with our peers and industry colleagues and being aware of the needs, conditions and developments of the industries and markets around us, your B2B start-up or SME can weather this storm!

And on a more personal note, look after yourselves – and each other! Be empathetic. Be helpful. Be caring. Stay positive! And stay safe – this will pass and we WILL get through this!