Switching to an online business model strategy

April 6, 2020 1

In these difficult times a lot of companies are “stuck at home”. Some essential businesses are not being as impacted but the situation, but most other businesses have two choices. Your business could either rely at 100% on remote activity and online sales, or go at a complete halt. A lot of formerly employed people with a side business also have to rely on this side business to generate income and revenue. When you look at it, most businesses could be switching to an online business model strategy.

Switch to an online business model strategy

You have been relying on direct contact and referrals to fuel your business, and this is actually the best type of leads you could get. Boots on the ground, for a small business are the the most important, but at this time the boots cannot get much use. We will look at how you can proceed with this transformation. And a lot of businesses have not been doing this because of lack of time, lack of expertise or lack of budget. We are here for the time and expertise, as we are able to provide you solutions that would bring peace of mind if the budgets issue ever arise. We pride ourselves to be as flexible and non captive as possible.

Now you are able to apply for a SBA loan and a lot fo government aid. The key behind this is how to keep your business afloat.There are two ways for you tu use that loan, to either patch a hole in a flawed business model in this time of crisis, or invest some of this loan to establish a revenue generating activity for your business, which would be at term allow you to support your employees like you used to.

Tools you could be using to generate revenue

We wrote an article about Confinement and Technology presenting communication tools between you and your clients, and you and your team. Now let’s see what you can do to sell online and find yourself some leads and new clients.

An E-Commerce website

Let’s look at your website as a hub. You have different products and services, you need to send people from your different marketing channels somewhere to purchase what you are selling. You could waste your time and collect their information on the phone and process their payment information and input it manually… Or you could get your clients to do it themselves on your website. Now keep in mind that not all the E-Commerce solutions are the same, and there is actually quite a gap between “build it yourself” solutions and professional solutions. And that can make a big difference in the features that will get you to save time, but also from the trust built with your clients on the systems you are using.

Email Marketing

You already have a database of clients, an email list of leads, and people you have communicated with. Use those lists, and send your current contacts direct link to your new e-commerce website. Regular communication, but not like every day… You need to find the right frequency of communication with your clients. Those are an asset you have built over the years. Now is the time to use it.

Social Media Networks

Use your social media networks for business. I know that cat videos are cute, but they only bring so much revenue to you. Same for political posts and virus related information written by your friend’s cousin who knows someone who works for a government agency. In these times people in your contact list are willing to share. You utilize your network, Facebook contacts, your linkedin connections. It’s the time to do it.

Payment Processing

Yes, you need to accept payments, we mostly work with two solutions: Stripe and Square. Those two payment processors are safe and secure, and their fees are 2.9% and 30c by transaction. They can be installed on your website very easily. Bank transfer are usually done to your bank account in less than two days. There are no monthly fees or setup fees with any of those. We have dozen of clients using them very efficiently every day. You will then be able to process all types of credit cards.

That’s pretty much it for now, as a starter kit. If you are already using other cloud based tools. We will be sure we can integrate your tools if possible with your new systems. Automating everything so you can maximize the use of your time.

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