The only certainty about the time that we’re living in is that it’s ever-changing. And that’s why you need to pick up on COVID-19 small business tips!
The COVID-19 pandemic is not only affecting the health of the public, but also impacting the economy. All businesses, large and small, felt the impact of COVID 19, with thousands closing down or feeling the pinch in some way
The COVID 19 impact varies by the type of business, with these three categories affected the most; hospitality, personal, and retail. What’s worst, it’s harder for smaller businesses to bounce back if they lack capital and cash flow.
Those companies are the first to reduce their workforce or reduce their working hours.
It is nearly impossible for businesses like hair salons and spas, home improvement, repair contractors to operate during periods like the CMCO, MCO, or EMCO in certain districts.
For others, like those in retail who relied on in-store traffic, small business owners had to find new ways to get their items to the customers. They may have updated their Facebook pages or websites to switch to an online delivery system, but there’s always room for even more improvement!
There will be a new normal, where individuals will learn to do business in a new way.
Own a company of your own? You might have even noticed significant changes in the way your company operates!
Before we go into the COVID-19 small business tips, here are some threats that small and medium-sized businesses have to suffer.
Managing inventory and accessing inputs.
Small and medium businesses frequently source products from abroad, which means supply chains have become longer and more challenging to manage. For example, most of the fabric is imported from different countries for the garment companies, which have disappeared due to the COVID-19 virus.
Management of work environment.
For a small business like manufacturing, remaining open is a challenge as factories are not designed for social distancing. A massive amount of labor workers migrated from the big cities, which will be challenging to remobilize
Disturbed supply chains and uncertain policies.
Policies are changing fast. Small business managers usually work alone and cannot create crisis teams to track changes. Due to the shutdown of air cargo, the supply chains have been disrupted, making it almost impossible for small businesses to work.
Lesser sales and investors backing out.
Due to the lockdown situation, people are not allowed to leave their house due to which sales of small business owners are reducing day by day. Also, investors are backing out because they are not getting any profit, making it more difficult for them to stay in business.
Trends to Pay Attention To
With the COVID-19 shutdowns surrounding the whole world, small businesses are looking for a way to adapt.
We have made a list of COVID-19 small business tips and trends that will help small businesses to stay in business.
1. Digital Marketing
Small businesses are looking for the right opportunities to stay afloat due to the covid 19 pandemic.
With the lack of physical options and more reliability on the digital landscape, digital marketing provides a stage for small businesses looking to expand their reach and revenue.
During this downtime, small business has the opportunity to figure out what works with their plans and find out some digital marketing strategies.
We know that it is a challenging period, but it can be a good time for business leaders to take a good look at digital marketing strategies.
2. E-commerce
In the middle of this economic crisis that has mostly affect small businesses, one trend keeps on gaining more importance. A large number of small businesses are presenting their business online for the first time!
These brave business leaders have decided to take advantage of this trend and create an e-commerce website.
These small businesses have to understand that to get ahead of this virus and join the online world. The thing is, implementing a digital website is easy with technology like online payments and home delivery.
3. Social media
For many small businesses, small media has become a lifeline to business leaders during the COVID-19 pandemic.
It has enabled companies to keep the business going.
And, it’s changed the way they engage with existing customers for increased loyalty and a more dynamic experience.
For example, Facebook has launched an online e-commerce ecosystem.
These include Facebook shops, which gives businesses the ability to set up a virtual storefront.
Similarly, Instagram has launched support small business stickers to help businesses suffering from the economic crisis.
5 COVID-19 Small Business Tips To Discover
Large businesses have a better chance of surviving than small companies living with a few months of cash flow.
So when a pandemic like this hits, it not only affects the owner of these small business owners…
…It also affects the employees they support.
So how can small businesses survive the COVID-19 pandemic?
There are no shortcuts to this.
But given below are 5 COVID-19 small business tips that can help plan your strategies for the next months.
1. Use the resources provided by the government and financial institutions.
Governments of different countries are already putting together initiatives to support small businesses.
It is something that can help you in evolving daily. Be up to date with then-new policies of government with the help of which you can cut costs.
2. Make a financial plan.
Every small business has the same critical expenses like employee salaries, rent, and bills.
Other costs depend on the industry of business.
Speak to whom you have to pay, like your landlord and suppliers, and find out ways through which you can cut costs.
Chances are they may already have ideas in place or will help you find one as it is in their interest to keep your business.
Look at your personal finances and take the advice of people on how to control your personal spending for the next few months.
If you have a business partner, have an open conversation with them, and find a suitable solution.
3. Tailor your marketing.
How do you think your customers will behave in these changes? What won’t and will matter to them, and how can you attract a new customer in this situation.
Can you digitize your business and start offering them online? Can you use any new technology to connect better with your customers?
The answers to these questions do more than just give you perspective.
They are responsible for you being able to come up with a brand new marketing message in order to target more customers.
Focus on marketing messages that are aimed at bringing your community of customers together.
At a sensitive moment like this, focus on ways to improve your customer experience.
Even if it’s through an impromptu IG live to check in with them!
All of this would help to strengthen the bond that you have with your customers.
4. Upskill your staff.
Train your existing staff on additional skills making them more productive and efficient, rather than hiring more people.
There are plenty of online courses that are easily affordable.
These will allow your employees to focus on other departments of the business when their department is down.
For example, your sales team can also help your marketing team so that you can increase your reach.
5. Social Media is important!
Right now more than ever, social media is one of the most prevalent tools to keep your audiences engaged.
Facebook, Instagram, Twitter and more are platforms being increasingly used by more users, as our dependency on screens grows.
Social media platforms such as these are where you’ll most likely find the chunk of your next customers.
What you’ll want to do is nurture them.
Create engaging, attractive posts, and run a few social media campaigns! Experiment with new strategies so you can see what is the most successful.
COVID 19 has unfortunately affected the health and well-being of many communities worldwide, and keeping communities safe should be our first priority.
Most of the businesses are already feeling the effects of the pandemic, and staying up-to-date with information is the key.
There are many rising trends like digital marketing, e-commerce, and social media, helping you spread your business.
By keeping in mind what you have learned above, your business can survive this pandemic. Bungkusit even has promotions (like this CMCO one) to make sure your customers are always within reach of your brand online.
