With uncertainty brings opportunities to adapt, grow, and pivot your business. During this global pandemic of #Covid19, many small businesses have suffered financially and many are expected to be out of business if they don’t use different strategies.
As a small business owner, you have to think outside the box if your business is going to make it out of these hard times successfully. In this article, I am going to share with you some of the things that you need to change (#Pivot) to ensure your business remains relevant after this pandemic
1. Take advantage of your past customers
It is during the hard times that your past customers become more important than ever before. Keeping the connection with your past customers is what you need to do now. You can start by checking on them through emails and other messaging platforms. Inquire how they are coping with the pandemic.
Then once in a while, you can send them offers of some of the current products you have; however, avoid being spammy. Doing this will ensure your brand stays on their minds even during these hard times. It will also show that you care as a brand and you want them to be well.
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2. Revise your business model
It's uncertain if the way we live and do business will ever be the same again after this global pandemic. With the new measures being released daily to avoid the continued spread or re-emergence of the virus, your business may have to change the way it has been offering its products or services. For instance, many small businesses may have to adapt by turning to eCommerce if they are to stay relevant. Restaurants are now offering delivery or outdoor seating which was never an option before. Those businesses that adapt have a fighting chance.
3. Rethink about your business expenses
During these times, you need to make a financial plan for your small business to make sure you’re able to meet all the necessary expenses that are required to run the business. Engage all relevant parties like suppliers, landlords, employees and see how best you can pay or reduce costs.
For instance, if your business is not working at full capacity, you may be able to reduce supplies, shipping costs, employee headcount. You may also have to devise a new payment plan for expenses like rent, loans, and utility bills. This will ensure you maintain a balanced cash flow.
4. Take advantage of any government support programs
The government is also helping small businesses survive the financial shock caused by Covid19. So, you need to closely follow the resources available to help small businesses to ensure your business doesn’t miss out on any opportunities.
Resources:
IRS>>>
5. Take advantage of the support offered by financial institutions
There are some financial institutions that are offering low-interest loans for which your small business could take advantage. However, it is important to have a clear plan of how you intend to use the loan and how you hope to pay it back.
Bottom Line: Small Businesses have an opportunity to adapt. Work from home. Sell gift cards. Work on housekeeping items to be ready to jump back in full force. Create an outdoor seating area. Start offering curbside. Go with eCommerce. Options are boundless. Time to think outside the box. Get help if you need it!
