If you’re a small business owner, odds are you have been negatively impacted by COVID-19. As CNBC reports, the pandemic has left many entrepreneurs struggling to stay afloat. That said, the United States is now rolling out vaccines, and the end of the pandemic is in sight. You’ve made it this far! Now isn’t the time to give up.
Take action today to ensure your business successfully rides out the rest of the coronavirus storm. For example, you can give your business a boat by investing in a fresh marketing campaign with the help of a reputable consulting agency like Spin Frogs.
Find out what else you can do to keep your small business afloat as we enter the pandemic’s home stretch.
Use the extra time to complete overdue admin tasks.
When your business is running at maximum capacity, you probably don’t have time to take care of all your administrative tasks. Use the free time you have now to tackle that to-do list. Focus on tasks that can help your business stay afloat and thrive post-COVID.
For example, you might formally establish your enterprise as a Limited Liability Company, which offers distinct tax advantages and personal liability protection, among other benefits.
Analyze your financial situation.
Business probably isn’t booming right now. Take the time to figure out exactly where you stand. Run detailed earnings and expenses analysis to determine where you might be able to cut costs.
You can also use the resulting financial data to apply for loans or alternate funding to help keep your business alive. The Small Business Administration offers a detailed guide to coronavirus funding options.
Adapt your business to the current market.
If you haven’t already, look for ways to adapt your business to the coronavirus market. Many restaurants have pivoted to offer takeaway and delivery services, for example, while shops are likewise prioritizing delivery and curbside pickup. Meanwhile, personal trainers have taken their fitness courses online.
If your business is maintaining operations, adapting might mean new hygiene measures. If you aren’t sure how to adapt your business to the pandemic, check out your competitors. What are they doing?
Ramp up your external communications to foster customer trust.
However you adapt, it’s important to communicate these changes to your customers. If you run a coffee shop and are offering takeaway, tell customers how you are keeping them safe (e.g., staff wear masks, surfaces are sanitized regularly, and communal items like sugar shakers have been removed and replaced with individual packets).
Whatever you are doing, share it with your customers. This fosters trust and shows that you care about their well being, which can increase long-term loyalty.
Think about how you will boost business as the pandemic subsides.
Even if you take the above measures, you may find that the coming months are more about surviving than thriving. That’s okay. To offset the subpar profits of the pandemic, start planning what you’ll do to get business back up as COVID-19 recedes.
For example, odds are you’re currently running on a skeleton crew of employees. You will likely need to beef up your team when business picks back up. Also, think of how you can lure customers back, for example, by advertising special deals or promotions.
The coronavirus pandemic hasn’t been easy for anybody. As an entrepreneur, you’ve had to face a double whammy of COVID-19 impacting your personal and professional life. The end of the pandemic is in sight, however. Use the above tips to sustain your business until then.