There’s little doubt that small businesses were hit pretty hard by the pandemic. Now as the COVID-19 crisis continues evolving, they’re doing whatever they can to navigate the unknown.
If you are still struggling to stay afloat, here are a few of the key tactics of small businesses that have survived or even thrived so far.
4 Methods Small Businesses Have Used To Survive in 2020
1. Review all expenses
No matter how your business usually makes money, you should be reviewing all of your expenses if you haven’t been already.
Look for things that can be cut completely or trimmed back, even if only temporarily. While most small businesses will have similar expenses like rent, salaries, and utilities, other expenses will differ between industries.
Standing orders for office supplies or inventory stock should be imperative items only, and regular services like weekly cleaning or advertising should be reduced. Check if payments to landlords, suppliers, service providers, and insurance companies can be temporarily reduced in any way.
Some might already have options set up for spreading out payments due to the outbreak because it will be in their best interest to ensure you stay in business.
2. Pivot your business
Small businesses everywhere have been making whatever changes they could think of in order to continue making money within the fluctuating markets of lockdown and social distancing.
While some of the newer start-ups were able to find ways of completely changing their business models, those with established businesses who were struggling to stay afloat had to either add new product ranges, diversify their services, or completely change their demographics and target market.
So no matter what industry you are in, entrepreneurs and business owners alike should be looking outside their normal scope for innovative new projects or services.
By adapting to the changing landscape and pivoting target markets of your business, will most likely be your best bet to create a steady income channel for the future and key to the long-term survival of your business.
3. Digitize your workplace
Within only a few weeks of lockdown after the pandemic first hit, many companies had already moved as much of their business online as they could. That’s because many small businesses had no choice but to move online in an attempt to maintain their previous sales figures.
According to some estimates, much of the data suggests that the global shift towards eCommerce we are experiencing is many years ahead of expected digital adoption.
Going digital early on during the pandemic was actually a key factor in which businesses were able to survive with the least cash flow problems. From ordering products online to touchless smartphone payments, small businesses were able to increase revenue by quickly adapting to digital platforms in the online space.
Moving your business online and adding digital capabilities of eCommerce to your existing website will solidify the path forward while ensuring the continuity of your business.
4. Use social media
Whether it’s a Facebook post, an Instagram post, or a 140-character tweet on Twitter, social media has already had a massive impact on many small businesses so far during the time of Covid.
By actively participating in online discussions about everything, small businesses were able to leverage social media to provide helpful information for their clients. This interaction reminded their clients about their company during the downtimes, which helped increase their online business when things started turning around.
By ensuring you remain active on your social media pages, your current and prospective clients can remain in contact with you if they need anything or have a question. Content shared online is one of the lowest-cost methods of educating existing customers and reaching new ones from a distance.
And as an added benefit, they can also view your products and discuss your services. So if you’re not already using the social media accounts of your business to become an expert problem-solver, there’s genuinely never been a better time to start.
The bottom line
This pandemic has been a tough battle so far. Many have failed, and there are plenty more who will likely follow them. Remember that there’s always opportunity in each crisis, and it’s important to be optimistic.
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Author: Luke Fitzpatrick