The world has constantly been exposed to unpredictable events that could harm businesses. These events affect companies in different ways and require different actions. However, investors can adopt strategies for business success amidst the turmoil.
Business investors should brace themselves for the tough times that accompany crises. Such is the case with the ongoing protests in Kenya. The demonstrations have cast a cloud of uncertainty over businesses, and service providers have been particularly affected.
Has your business been affected by the protests? How are you adapting to stay afloat? Keep reading to get insights on navigating your business in these unpredictable times.
How Maandamano is Affecting Businesses in Kenya
This year’s business climate is bleak. The cost of basic necessities has been continuously rising. Access to bank funding is more difficult due to interest rate caps; most sectors are declining, as is consumer spending.
As a result, the purchasing habits of consumers have shifted. And that is hurting most businesses even harder.
Most major projects and acquisitions have been pushed back until the impasse between President William Ruto and Rtd. Prime Minister Raila Odinga is resolved. A tense political environment like this can easily be the final straw for a struggling business.
Some competitors will use various ways to attract clients, such as undercutting, promotions, targeted marketing, and providing better or more services. When under such fire and dire need to survive, you should remain focused and keep your business profitable.
Strategies for Business Success for Service Providers During Demonstrations
Most businesses have content losses as the demonstrations have disrupted transportation, led to closures, and reduced consumer spending. The question is, what are the strategies for business success during protests? And how can service providers get through them with the least losses or even make a profit?
Let’s navigate the strategies for business success that any investor can adopt today to impact their business positively.
#1. Identify the Crisis
Assess the impact of the protests on your businesses.
As a business owner, you should see the crisis as a chance to review your business plans. Therefore, as a service provider, you must acknowledge and understand the problem and how it impacts your business.
Identifying the crisis in your business enables you to make smart choices to keep your business going. Therefore, recognize the current challenges and adjust your approach to stay in tune with the shifting market trends and survive the crisis.
#2. Be Customer-Centered
Prioritize maintaining strong relationships with clients and partners.
Demonstrating support, transparency, and sincerity in their actions will foster customer trust and loyalty. As a service provider, you can forge mutually beneficial partnerships and navigate the crisis by empathising and understanding the client’s needs.
Furthermore, if you are in a position to offer discounts to your loyal customers, it would be a great boost for them in these moments of crisis.
#3. Foster Team Spirit and Employee Support
Focus on employee well-being!
In times of crisis, you should avoid distancing yourselves from your employees. Instead, you should maintain open communication, clearly explaining the situation and outlining possible steps forward. Involving employees in decision-making can help create a unified and supportive work environment.
Providing psychological assistance, organizing remote work conditions, and offering opportunities for skill development will help employees feel valued and engaged during these uncertain times. You can use the Balozy application to encourage remote working for your employees, where they will feel more flexible.
#4. Make Quick, Rapid-Fire Decisions
Be flexible and adapt quickly to new business needs.
Service providers should embrace flexibility and make timely decisions to address immediate needs during the protests. For instance, consider involving employees in decision-making to streamline the process and lead to more effective solutions.
By quickly adapting policies and strategies for business success, you can mitigate losses and find innovative ways to continue serving your customers.
#5. Diversify and Hedge Risks
Don’t put all your eggs in one basket.
As a service provider, consider diversifying your investments and business activities as part of your crisis management strategy. In addition, allocating resources to various areas can provide some protection against heavy losses during protests.
Moreover, considering a hedging plan can help mitigate financial risks and safeguard your business’s stability.
#6. Optimize Marketing Costs
Embrace technology to reduce marketing costs.
Service providers should analyze their marketing costs and evaluate the effectiveness of different promotional methods. Optimizing marketing spending becomes crucial during the protests, where resources may be limited. Service providers can maintain their market presence without compromising quality by focusing on cost-effective platforms that yield better customer acquisition.
#7. Develop a Positive Attitude and Belief
Amidst the challenging business environment, having a positive attitude and belief is a powerful secret weapon. Instead of getting lost in doom-and-gloom conversations, focus on your market and maintain optimism that things can improve.
Remember that even in difficult times, customers still exist, and directing your energy toward reaching them will make a significant difference.
#8. Take Care of Your Customers
Your customers are your biggest asset and allies during tough times. Stay close to them and actively engage to understand their needs and preferences. Although their buying might be reduced, customer loyalty and contact are crucial.
By nurturing these relationships, you can lay a strong foundation for better times and encourage them to engage your services in the future. Furthermore, if you care for your clients, you will build trust with them, and they will be loyal to your business.
#9. Widen Your Net Through Prospecting
In the face of reduced consumer spending, widen your reach by prospecting potential customers. Identify individuals and businesses that could benefit from your products or services but have not engaged with your brand.
Register on online marketplaces such as Balozy to connect with local clientele. Maintain communication and avoid taking prospects for granted. Continuously remind them of your offerings so that they will consider you a viable option when the need arises.
The ongoing protests in Kenya have created uncertainty and challenges for businesses, particularly service providers. Here are five key takeaways you can implement to maintain operations and thrive amidst the demonstrations.
- Developing a positive attitude and maintaining optimism are powerful weapons for navigating tough times in the business landscape.
- Prioritizing customer care and fostering strong relationships can build trust and loyalty, even amidst a crisis.
- Expanding your customer base through prospecting and reaching out to potential clients is essential for business survival during protests.
- Investing in sales and marketing skills training empowers teams to adapt to changing market dynamics and convert prospects effectively.
- Flexibility, making quick decisions, and adapting policies are crucial for mitigating losses and effectively serving customers during protests.
Balozy Can Help
Balozy is here to support service providers like you amidst the challenges posed by the ongoing protests. Our online marketplace connects you with potential clients, expands your reach, and helps you navigate tough times.
Join Balozy today to access a wide network of customers and showcase your services effectively, ensuring your business stays afloat during these unpredictable times.