4 Things You Need To Do To Navigate Covid-19 As A Small Business
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COVID-19 guide for small businesses
The situation with Covid-19 is completely unprecedented. It has completely disrupted the operations of both large and small businesses. However, it is small businesses that are under the most threat from these disruptions. Here are four things that every small business needs to think about as they plan for a future with Covid-19.
Communicate Clearly With Everyone
Whether it’s your workers, your customers, or even local business authorities, you need to be clear with everyone about the measures you are taking to reduce the spread of Covid-19 through your business. People want to know that the businesses they use are taking this seriously, and any business that is still operating a physical retail outlet needs to be encouraging masks and social distancing as much as possible.
Poor communication leads to confused messaging and makes your workers and your customers less safe. Be clear and consistent in your messaging across all your communications channels. If you are operating online-only, it is still worth letting your customers know how you will be ensuring that anything you ship to them is kept free of potential contamination.
Work Out What Your Revenue Streams Will Be
Regardless of anything else, businesses need to make money. Don’t be afraid of exploring new revenue streams, even if they are only temporary, to help you get through the pandemic. Covid-19 poses challenges for all kinds of businesses; those that are unable to adapt are less likely to make it through.
Be Prepared To Make Some Cutbacks
The impact of Covid-19 on businesses has not been consistent across the board. Some businesses have noticed little difference in their trade whereas others have been decimated and left in limbo for the foreseeable future. These are unprecedented circumstances, and a lot of businesses are having to make choices that they would rather not. Unfortunately, difficult times call for difficult decisions.
If you can reduce your spending anywhere without adversely affecting your profitability and performance, then you should consider it. Making some dramatic albeit temporary cutbacks in some areas will free up resources for you to refocus your business model with.
Spend Your Available Budget Strategically
When a crisis like Covid-19 rears its head, many people’s natural inclination is to significantly reduce their spending across the board. In fact, we just outlined why it is necessary to be prepared to make cutbacks if your business has been impacted by Covid-19. However, it is just as important that you are willing to spend money if you want to come out of the crisis on top.
For example, if your business is refocussing on its online component, you are going to want to market your website and start increasing the volume of traffic you have flowing through. In order to achieve this, it is worth working with businesses like Zesty Marketing. They offer an Express Marketing package that is ideal for small businesses looking to increase their online visibility.
With the right approach, small businesses can survive Covid-19. In fact, there are opportunities for some businesses to thrive. It is probably sensible to take a more cautious approach than usual and to try and save as much as you can for a rainy day. But there’s no reason Covid-19 has to be the end of your business.
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