We are a generation entering into our version of the unknown. Not in the last 70 years have we gone without access to all our wildest dreams, been free to explore the world without boundaries and have all the information we could ever use at our fingertips. COVID-19 has brought upon us our first real taste of adversity in many generations and so far, to be honest we are doing a very poor job of handling the situation in a positive manner. We could be reacting to this situation and seeing as an opportunity in the business world to better ourselves and our overall business models. Everyone is affected by this pandemic just like everyone was affected by the last pandemic and each one prior to throughout our history.
See article link below from The Economist: March 12 2020.
After reading this article we wanted to give our input on how business owners and entrepreneurs can help themselves to thrive after the dust settles to create a stronger business with economic viability.
5 Ways Small Businesses Owners Can Help Themselves
Deviate from your business plan
Adjust your 5 years earning projects to be more pessimistic
Adjust your market and trend analysis statistics
Prepare for potential need of additional financing
Find new ways to market your business or product to consumers in quarantine
Adapt your distribution networks and channels to limit personal contact
The Back Up Plan
If you don’t have an emergency plan or back up plan reach out to someone who can help you navigate your situation
Don’t re-invent the wheel but re evaluate your operations, overhead and cost accounting
Don’t be afraid to make the tough decisions
Lay your staff off and let them collect EI – better to have a business to come back to than an empty building
Reach out to your land lord and negotiate options
Blow out sale your inventory
What ever your back up plan/ emergency plan entails start to follow those steps and take some austerity measures personally
Take less income per month
Revaluate your personal spending habits
Find out about deferred payments, insurance coverages, government assistance etc.
Communication with clients/vendors/staff is key
Press releases to on your social media platforms
Constant updates on closures
Change Your Marketing Budget
Offer discount codes, live auctions ,get an online quote/estimate system in place
Facebook, Instagram, Tik-Tok, Twitter Etc – utilize these to your advantage as everyone will be at home
Be creative but sensitive to the situation and plan events and future sales to bring consumers back once life begins to normalize
Focus on perfecting your product/ service/ craft – R&D time
Build a how to catalogue to make it easier for your future consumers to navigate what you offer and how it can benefit your consumer
Fix, update and tweek your old website
Learn how the back end of your site works and play around with making a website
Get into tune with younger buyers, they will be your future customers
Update your catalogue/ website / data bases
An efficient back end of your business will make a more efficient front end and user friendly platform/product
Clean up your online store/ estimating processes/
Update old out of date software – you can find affordable software online
Have new content to promote once the pandemic is over
Stop looking at all that is going wrong and find the opportunity within the treat
Be smarter than the problem
Find ways to better your business for future unforeseen “business interuptions”
Consider collaborations with other businesses outside your niche to find new revenue streams in the future
Be happy your alive and well and able to work on your businesses versus working in for a few weeks!
Try a SWOT analysis of your business to identify your Strengths, weaknesses, opportunities and threats and double down on all of them.
Everyone’s circumstances are different and each business owner prepares differently but these are ways we have evaluated our business in the past 2 weeks and things we are working on that we fell every business owner could benefit from doing during a down period like this. At the end of the day – you just need to live to fight another day and stay in the game. Do not quit, do not give up and find a way to be stronger when we start to recover as we will recover!
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