Bobbi Brown’s Tips On How to Prevent Your Business from Closing Down During the Coronavirus Pandemic
The professional makeup artist, Bobbi Brown, who was formerly the CEO of Bobbi Brown Cosmetics has, after leaving the company, laid the foundation of Beauty Evolution, LLC. However, this pandemic has not been any kinder to her business. Brown stated that her professional situation has been exasperating due to various reasons apart from revenue cuts. Physical distance from the team was one of those.
Yet she did not let these issues infuriate her or stop her from achieving her goals. At the CNBC’s multiplatform financial wellness and education initiative, conducted in league with Acorns, she shared 4 business tips to survive this difficult economic situation caused by the pandemic.
Tip #1- Do not give up
Juggling between work and family was a major challenge for women even before the pandemic crisis. With the increased responsibility of homeschooling children and cooking extra meals for the family, their life became even more hectic.
A survey shows that 63% of working mothers and 43% of working fathers had to put additional efforts in childcare during the international lockdown. Bobby encourages business owners to rise to the challenge and to not lose hope. She termed women as “multitaskers” and advised them to remember this identity in face of any hurdle.
Tip #2- Build relationships through social networking
Physical networking has come to a halt since COVID-19 hit the world. Brown suggests continuing building relationships on social networks namely Instagram and LinkedIn to gain popularity and new clientele. Social platforms can encourage an inflow of new and better ideas and provide an opportunity for growth.
Tip #3- Try to find a positive aspect
Revenue cuts, reduced profits, and no outlet to shed the negative energy accumulated due to the prevalent stressful situation can be an adequate reason for falling into depression. But fighting that stress and embracing the change is a heroic act not everyone can perform.
Brown gives her own example of how she sold off her company to Estee Lauder in 1995 and again, after about 2 decades, started a new business, Beauty Evolution from scratch. She asks her followers to view the positive aspect of everything. This pandemic has opened the doors of online platforms to businesses that were earlier cautious of treading strange waters.
Think outside the box
Bobby says it’s important to stay in business for as long as possible. Research shows 60% of businesses would not come back to life after the emergency situation of COVID-19 has subsided. Try to adopt a new business strategy, shift your business online, or target a new product market. If closing down the current business is the only option then try to come up with a new business idea that you feel will be more profitable in the given economic situation.
Getting advice from those who have been through the same situation as you and have experience of surviving those ill-fated times is incomparable. Keep your hopes high for the future and help progress your business with confidence to achieve the success you dreamt of.
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