Were you prepared for a pandemic? Did COVID-19 challenge the very core of your business? The answer to the above questions is probably a very solid, yes! It's okay, don't worry, you are not alone. Small businesses in the U.S. took a major hit to the very foundation of it's business due to the coronavirus. About 78% of all small businesses had not saved enough cash reserves to tie them over for a maximum of even two months worth of bills! How do we survive the uncertainties of a major pandemic? Here are a few tips to help you along the way.
Reassess your expenditures
Running a small businesses budget is very much like running a household budget. If you or your spouse lose income, the first course of action is to cut expenses where possible. Unfortunately, this course of action has caused the unemployment rate to skyrocket to an all-time high! However, as entrepreneurs, we are no strangers to making tough decisions. Think about your current expenses and determine what is absolutely necessary at this very moment, and what expenses can be cut until further notice.
Get creative with your current services
So, who says that you can't "Reinvent the Wheel"? Now is the perfect time to expand or recreate your services to meet the needs of your customers. Restaurants were exponential in pivoting the way they originally conducted business. For example, restaurants were able to deliver or offer "curb-side" service to customers who were unable to dine-in. If you own an online store for example, think of creative ways to retain your customers. Can you offer "free-shipping"? Can you include additional products to encourage repeat customers? Now is the time to be innovative and creative as an entrepreneur.
Most adults are working from home until the stay-at-home orders are lifted. This means, many adults are online. Sending a quick e-mail throughout the day to your customers simply to say, "I hope you are safe" for example, is a great way to stay on the mind's and hearts of your customers. Also, send "Call -to-Action" e-mails that encourage your customers to purchase from you right away. Create a need and a huge sense of urgency to purchase your products or services.
As the U.S. begins the slow process of "re-opening", things will slowly begin to fall into place. However, we have a long road to travel before it is business as usual. Surviving the pandemic may give your business the boost necessary to be a leader in your industry.