- October 16, 2020
- Posted by: Dennis Major
- Category: Business Growth
The COVID 19 pandemic has made quite an impact on businesses worldwide. Some businesses continue to thrive while others are closing their doors. If you own a small business or you’re now deciding to start up a small business, these observations can make you feel concerned. A big part of the business environment is learning to adapt to changes in markets, trends, the economy and more. A pandemic certainly brings many challenges to businesses, so how can a small business cope?
Outline Your Priorities
Adapting to the change in the business climate may call for a re-evaluation of your priorities. Some of the things you need to consider are:
Put Health and Safety First
Since the COVID 19 virus is so easily transmitted, you must adhere to the CDC and WHO recommendations to protect your staff and your customers. Implement social distancing, ‘no mask, no entry’, supply hand sanitizer and hand washing stations and check temperatures of those entering your premises. These are the basic guidelines to keep place to ensure safety.
Maintaining or Growing Your Sales and Income
Even though many restrictions have been lifted, there is still less foot traffic to storefront business. During the height of COVID 19 lockdowns, consumers adapted to remote service. This includes online purchases, delivery, curb side pick up and the convenience of accessing goods and services from the comfort of their own home.
Depending on your business or service, you may notice a drop in walk-in customers. Not only are people embracing the online options, but many are also staying away for fear of crowds or gatherings that may put them at risk for contracting the virus. So how can you cater to the needs of these customers? Build your online presence. Instead of waiting for business to pick up naturally, look to online methods to keep your customers engaged and coming back. Develop a platform where they can purchase from you online, offer delivery and curb side options. Keep them interested in what you have to offer with an active social media campaign.
Communicate with Your Customers
Keep your customers up to date with what’s going on with your business. This also requires a social media outlet where your customers can reach you and view announcements. Respond to their queries, comments and actively interact with them. Announce changes in business hours, new protocols and of course, sales and promotions. Having a voice, having a presence and communicating with your clients shows how much your business is devoted to its customers and providing unbeatable service.
Keep an Eye on Your Finances
Closing your business due to lockdowns can severely impact your cash flow. On top of that you also have overhead costs such as rent, utilities and other bills to cover. This means that you need to have a plan to deal with these issues before it becomes overwhelming.
If you close your doors, can you still work from home to sell your products or services? As a small business you may not have a lot of staff, but if you have a few people working for you, then what happens to them? How can you adapt or expand your business to capture sales and income despite restrictions? What and how can you cut expenses so that your resources don’t leech out without being replenished? Which loans or grants are available that you can qualify for which can act as a back up or safety net? There is a lot to think about, but if you want to keep your business afloat during the pandemic, it’s worth the brainstorming and planning. If you are new to business or just feel unsure about how to keep your business going during a crisis, then you may need guidance from a reputable firm.
Be Positive and Look Towards the Future
Think about ways in which your business can grow out of the pandemic. Can you sustain and improve remote sales through e-commerce? What can you do to make your business more digital and user friendly? Can you provide products and services which may cater to those who have less income due to the impact of the pandemic? Having a clear path outlined for your business is essential to building a string and lasting foundation. Your plans may change and adapt according to what’s happening with the economy, the change in consumer spending patterns and the demand for certain goods and services. Being optimistic also helps your outlook and morale even in challenging times. Instead of letting fear and anxiety be your focus, think about how best you can improve your business functions beyond the current climate.
Get the Help You Need
Moore Financial Services have the guidance and expertise that you need. Our well trained and well-informed agents can walk you through the whole business process. We take you through initial startup practices and paperwork requirements and beyond. Join the Biz Credit Movement to learn how to build and manage your business credit. How having good credit can help you to keep going despite a pandemic (think funding, loans, partnerships and affiliates). At Moore Financial Services, we also provide business consulting where you can get the answers to your questions about your business.
Many small business owners are not business school grads, or they do not have much background in business and finance. We aim to assist those who need that extra support and guidance in building their business and developing proper business practices to run successful enterprises. From credit building, accounting, marketing to business plans and more, we provide all the essential services any type of small business may need to get off the ground or become more organized and well managed. Becoming a member means you will get all the advice, support and coaching on how a successful business enterprise can be run. Enjoy discounted rates on services and more as a member. Call us today or set up your appointment to find out how we can help you achieve your business dreams!