Whether you have a small or big business, the COVID-19 pandemic has affected all kinds of ventures in a way or other. The epidemic has made many companies close doors, especially small startups struggling to retain customers or failing to look for new ways to survive and thrive at these troubled times.
According to an article published in Forbes, strategic approaches help in staying a business afloat during bad times. If you try to become a low-cost business and target a narrow audience niche, things can be better amid the pandemic.
It is not that all businesses are closing doors. You too can survive provided you do not only rely on government aid alone to stay afloat. Here are some of the best ways to help your business survive amid the corona crisis:
Eric Dalius suggests reducing overhead and going digital
Many businesses are going digital to stay afloat amid the corona pandemic. You need to follow suit, let go of your brick-and-mortar office to save on substantial monthly rent every month. It will help you to cut back on your overhead expenses and others if run your business online. Your staff can work from home. You will not need so many office supplies when you go digital.
Though physical stores are opening, customer visits are significantly less because they are avoiding venturing out amid the crisis. Data indicates that store sales dipped by a whopping 60 percent by the close of 2020, and online sales increased by approx 20 percent.
Therefore, if you are still not operating your business online, and relying on store visits, you will lose when it comes to your business prospects in the days to come.
You can opt for online delivery services as well as pickup options to reduce expenses while serving your customers. Did you know that online ordering and in-store pickup did go up by a significant 259 percent since August 2019?
Make your business visible on the digital landscape
Online visibility of your business at these troubled times is beneficial for you. That is because customers are ordering products online instead of visiting stores due to lockdowns. Your shoppers also want to feel safe by staying indoors and do online shopping from the comfort of their homes. Therefore, you need to ensure the visibility of your business online and boost your social media presence for more leads and conversions, recommends Eric Dalius.
Amid the crisis, your website can become the hotspot for more sales and so, you need to make your web pages more user-friendly. Include a blog on your site so that customers stay informed about how your products or services can benefit them or make their lives simpler.
Did you know online businesses that have blogs on their site garner approx 67 percent more prospects every month than a business without a blog?
Boost your Facebook and Instagram presence by sharing related industry info for your customers, asking them questions. You also need to interact with your existing and potential customers on Facebook, Instagram, Twitter, and other social sites.
You can share content including customer stories, how your business is helping buyers amid the pandemic, some humorous content, ask questions to customers, tutorials, live videos, new product info, and of course, high-definition photos if you are on Instagram.
Focus on your budget
Though government aids can help you stay afloat, you need to create a sound budget for surviving in the long term. Therefore, it is the perfect time to reassess your budget, reduce unwanted expenses, and look for new revenue generation scope.
Based on your business type, you can focus on:
- Looking for low-cost marketing possibilities with gainful results
- Repaying smaller loans fast using the debt snowball technique
- Focus on financial prediction
- Scale back on staff overtime
- Reducing subscriptions as well as services that you no longer need
- Put a hold on business retreats for a short time
- Make the most of invoice factoring to boost cash flow
- Looking for sellers to help you save cash
You may take additional steps to reduce business expenses and boost earnings for the stability of your startup. You will gain economically once you start functioning with the new budget. When the pandemic goes away, you will operate in a new way and this will not mean a significant shift. You are free to tweak your budget when things improve and your business gains traction once again.
Adapting or changing your business strategy and model to customers’ changing needs is essential for the growth of your business. It is also important for the survival of your venture at these troubled times, when the pandemic has created havoc in the US and the whole world. Now, it is more important to keep your business a little flexible like switching to online operations.