Tips for saving a small business during a pandemic.
You are a small business owner and you are concerned about the situation we are experiencing due to the pandemic of COBIT-19, here I have brought you some tips that may help you if you put them into practice.
Source
The current situation in the country and the world hurts everyone. This is especially difficult for small businesses, whose clients are now self-isolating. But don't be pessimistic - these rules can help you survive the storm.
1. Accept the situation
The most obvious point, but also the most difficult. You personally will not correct the adverse epidemiological situation. And don't cancel the laws and orders that require that your potential clients not leave the house.
But you are quite capable of not wasting your strength and panicking nerves. Emotional decisions are the worst enemy of any business. It is better to immediately pass the anger and other stages and proceed to acceptance: it is inevitable anyway.
The situation will be a stress test for you, a powerful test of all business systems. And if you now decide to suspend work and wait for the storm to pass, you will have to compete with those who are better equipped, capable of learning from any situation and not afraid of difficulties.
2. Think about what costs can be reduced.
Due to the widespread crisis, people will obviously spend less. Therefore, your earnings will constantly decrease if you do nothing.
Profit in the simplest sense is the difference between income and expenses. And this means that everything you managed not to spend will increase your capital. Think about what your business can reject. Can be:
- high profile advertising campaigns;
- tasks that you subcontract;
- work with distributors and not directly with suppliers;
- employee incentive payments;
3. Ensure the safety of those with whom you work.
COVID - 19, which everyone is afraid of, is really dangerous. If you work with clients live, and not online, ensuring your safety and that of the entire team is your job.
Suppose you have a small pet store (such outlets continue to work alongside pharmacies and supermarkets). Shoppers, of course, came back many times less, but they're still there. In fact, not all online grocery stores promise delivery on the day of the order. Disinfection of surfaces and door handles, access to antiseptics, limitation of the number of people in a room, wet cleaning and, if possible, cashless payment, should be done several times a day . And of course there should be a total ban on coming to work for employees with the slightest signs of a cold.
4. Create special offers
Crisis: It's time to take risks, even in marketing. You can and should experiment, the main thing is to maintain ethics and not speculate on human fears. Do you think about what you can offer to increase sales, but at the same time it does not work at a loss?
A good idea would be to subscribe to goods and services. One customer who places an order each month is more profitable than a dozen unique customers.
You can offer this to your audience at a good discount. Special conditions must be negotiated with those who pay the full subscription at once.
5. Encourage those who stay with you in difficult times.
You will have a difficult period and your business will stay if you do everything right and the circumstances are successful. If possible, now check each team member's contribution. Stay in touch with partners, suppliers, and contractors who help support a difficult situation. And for your relationship to continue, think now, what particularly nice terms of cooperation and bonuses can you offer them when it's all over.
Reference for information:
https://www.entrepreneur.com/article/348077
https://entrepreneurshandbook.co/how-your-business-can-thrive-during-a-pandemic-according-to-a-marketing-genius-481086346fac
Thank you for reading.