Practical Tips for Small Businesses Navigating COVID-19
The pandemic’s devastating effects have been felt everywhere, from surging unemployment rates to business closures, and several lifestyle adjustments. For small business owners, 2020 was challenging, and 53% of businesses don’t expect to make financial recoveries even halfway through the new year. Like several other small business owners looking to thrive all through the mess, here are five practical tips to help your small business navigate through COVID-19.
Provide essential solutions for your clients
Determining how best to adjust your business to the pandemic will help you identify some gaps you can fill for your customers. How significant will your services be to your clients at this time? Businesses that could keep working during the early periods of the lockdown were described as “essential services”, providing needs such as groceries, healthcare etc., for people. Is your business well-positioned to provide memorable services to your clients both online and offline? Experts have advised exploring ways to make your business critical to your clients’ needs.
Establish primary goals and objectives
With so many things you can do to sustain your business, it can be tricky to determine where to begin. The initial step is to put together a to-do list and prioritize them considering several factors. If you have huge projects to deal with, why not break them down into manageable jobs? Cost-management has seen a lot of attention in the current business climate due to rising business costs and dwindling revenue returns. Identifying your primary goals and objectives will not only help you know where to start from, but guide you in your activities, for the good of the business.
Focus on your customers, not rivals
Instead of focusing on your competitors, explore ways to add value to your clients. Good customer relations have proven a game-changer for several businesses, especially SMEs. One advantage for small businesses is the ease to quickly adjust to change and provide services that meet specific client needs. Now is an opportune time to delve further into your business, analyze what has worked in the past, and what you can additionally offer your customers. It could be a discount or sales promotions, reward programs, virtual meetings, or perhaps begin an e-newsletter. The only reason to focus on your competitors is to learn from them, identifying opportunities and threats. What can you do better?
Consider what you can do now to hold your customers so that once things get going again, you’ll be the first in mind. For example, to make your interior stand out to your clients when they visit your premises, why not try some customized seats from reputable online furniture suppliers such as Civic Australia? The little details go a long way to enhance the customer experience.
Identify your niche and sell it
With stories of several small businesses embracing the change and switching to completely new areas, it may be a good time to follow the trend. However, you’ll need to be cautious and smart in your approach and appreciate what your business truly stands for. Find your niche, look out for client’s genuine needs, and position your business in their minds by engaging them and telling your story. Always keep in mind the reason you started in the first place. Additionally, consider your strengths and ways to develop them..
Surviving is currently a top priority for most small businesses. Even if you’ve switched to remote working, now is a great time to get outside the box.
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