4 Business Strategies for Staying in Business during the Worst of Times
After surviving the most tumultuous 10 months in over 40 years of being in business, the S&B Finishing management team reflects on what Business Strategies helped it remain afloat during this time marked by the COVID-19 pandemic.
1. Be adaptable
The pandemic has called for a level of resilience above and beyond what any of us can recall. At S&B, the ultimate lesson learned is to be flexible. From staying abreast of health and sanitation protocols to shifting how we do quality control on the line, adapting to change has become the only constant this last year.
Adaptations are necessary across the spectrum — from the smallest menial task to the largest leadership challenge. Take, for example, our sales team members who’ve learned new marketing tools and strategies that allow them to continue to connect with customers remotely.
Time-tested Tip: By being flexible, your business can be open to new information and opportunities to grow.
2. Keep up with new technology and trends
Staying current on paint and coating technologies allows us to offer customers the best solutions for their product. Since we serve myriad industries, there’s always new news on the horizon.
For example, during the last year, research in the area of antimicrobial coatings has taken off as the market for disease-preventive measures expands far beyond hospital and healthcare settings.
Read our blog post on Antimicrobial Finishings.
Pandemic or no, harsh environmental conditions persist. Industries that operate outdoors – such as agricultural, transportation, and the Department of Defense – demand cutting-edge solutions to corrosion.
Time-tested Tip: Having knowledge of the highest tier of technology in your field expands your company’s range and ability to serve all customers.
3. Reach out for peer support
Over the past year, health and sanitation protocols have continued to evolve. Having the support and collaboration from our PCI peer group was indispensable.
Read our blog post on the PCI Peer Group.
The regularly scheduled virtual meetings were helpful for all of us to develop best practices.
Time-tested Tip: Exchanging knowledge, experience and especially challenges with others in your industry can help your company prosper.
4. Invest smartly to avoid incurring debt
Having the cushion of solvency has allowed us to weather the slow year. We carefully evaluate new equipment purchases – are they in our long-term best interest? Is repairing or upgrading warranted? Is it time to invest in new technology? Whatever the purchase, we make it a point to plan for the expense and insure the money is on hand to cover it.
Time-tested Tip: Never skimp on investing in technologies that can help you maintain top quality of your product or service.
We would like to hear from you! What Business Strategies has your business or a company you admire employed to stay in business this past year?