Everyone has been forced to cut back in some way – but limitations can lead us to even greater growth. We asked six entrepreneurs: What unexpected benefits have you gotten from change?
December 11, 2020 3 min read
This story appears in the December 2020 issue of Entrepreneur. Subscribe »
1. Excited fans.
“We used to spend thousands of dollars on social media advertising, but we’ve recently developed a brand ambassador program. We enlisted our loyal and enthusiastic customers to help spread the word about our company in exchange for discounts and swag. This helped cut marketing costs tremendously while allowing our customers to feel a part of the team.” — Krystal Duhaney, CEO, Milky Mama
2. Supplier savings.
“We’ve saved money by providing our suppliers with some certainty. Many suppliers have trouble forecasting demand these days, which created an opportunity for us to play the long game with them. We used our sales projections to order at a higher volume and with longer-term commitments. That helped our suppliers minimize their own volatility, and in turn, they’re lowering our costs — which boosts our margins and ensures that our products are always in stock.” — Mark McTavish, cofounder and CEO, Pulp Culture
Related: 6 Ways to Maximize Your Time While Working From Home
3. Client connections.
“I’m used to wining and dining clients to keep up the connection and positive energy, so not having those touch points makes me nervous. I started sending care packages that have gone over really well — and are cheaper than a fancy steakhouse or bar! I curate for their tastes. For example, I sent California dairy items to my Jewish clients for a holiday that calls for dairy products, and I sent face masks to one client who had to travel.” — Gregg Delman, founder, G Three Media
4. Focused sales.
“Before COVID, I never offered appointments at my wig salon. Now I see clients by appointment only; it has increased my conversion rate and lowered my costs. Why? Before, I needed an assistant to handle multiple walk-ins, not all of whom were serious buyers. Now that cost is gone. Women who make appointments are much more likely to buy. Wig shopping is highly personal and often sensitive. It’s much more pleasant to do it in private.” — LENA FLEMINGER, owner, Lena’s Wigs
Related: 7 Growth-Mindset Principles
5. Flexible working.
“I no longer assume every meeting is best done, by default, in person. Sure, I miss seeing colleagues in person, but we’re all realizing that virtual work unlocks efficiencies and flexibility. In the future, my team will be much more intentional about face-to-face meetings — requiring it only when it makes a significant difference; for instance, to kick off a new initiative or build chemistry in a team.” — Scott Belsky, cofounder, Behance, and chief product officer, Adobe
6. Maximized downtime.
“When the pandemic hit, we shut down all our properties and furloughed nearly our entire hotel-level team, and the corporate team took salary reductions. We used the downtime to integrate more technology solutions for our guests and team — and once we reopened, those solutions boosted guest satisfaction scores, increased efficiency, and improved our bottom line. Our B2B business also jumped: We offer management solutions for independent hotels, and because we kept our team intact, nine new clients came to us.” — Rob Blood, founder and president, Lark Hotels
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