Small-business owners adapted during COVID-19 shutdown in March. Restaurants pivoted to takeout, shops introduced curbside pickup and gyms shifted towards online classes.
Now that we are headed into fall months, the pandemic still looms in our future with no roadmap for small-business owners who need a survival strategy. Business as usual no longer exists and customers are practicing caution although there are increased safety measures in place. Small business owners now face hard choices as they are buried in inventory and overhead costs.
Businesses can’t survive just by allowing them to reopen. Employees and customers don’t want to come back until it is safe. Brick and mortar shopping days has come to a halt for many. Although times are tough, owners do have options.
3 Strategies Small Business Owners Should Implement Now
Social Media & Email
To be successful online, small business owners don’t need an extensive digital strategy to connect with customers. Focus efforts on reaching customers on social media and through email. Customers appreciate the pivot to communicate in new ways and small business owners will thrive on building sustainable and long lasting lines of communication.
Analyze all Costs
Now every dollar matters. Stressed companies should explore contract negotiations with landlords and suppliers while refinancing debt. Consider finding a new supplier for that staple item your customers love. Think about staying open during high-traffic times only to help reduce electric bills.
Track day to day spending as opposed to monthly accounting. This will enable small business owners to respond fast to a changing economic landscape. Check out the various free and low-cost tools offered on bank and fintech firm websites that track financial performance in real-time enabling simple monitoring of finances. Awareness of your cash situation is more critical than ever.
Focus on Profit Opportunities
Identify your most valuable products and services. Examine the stronger gross profit margin of each item. Keep only the best for now. Determine your most loyal and profitable customer. Who are they and what do they buy? This is who you want to engage. Think beyond the power of their purchase. Loyal customers are often a company’s best advocate. They provide free, powerful and authentic word-of-mouth advertising.