For Small Businesses: Survival in the Long Term
The cornonavirus outbreak has had devastating effects on the economy. Lockdowns and quarantines have frozen manufacturing and trade. And although there are a few industries that have found this time to be uniquely advantageous, most others have suffered blows to their operations and sales.
If your business is part of this majority, there are still some things you can do to ensure that you’ll make it through and maybe come out stronger on the other end of this ordeal.
1. Put People First
The first and most affected victims of this pandemic are not businesses but people. Having this in mind, you should make decisions that consider people first.
Particularly, your people. Your employees make up the backbone of your business. Neglecting their needs during this time can cause worse outcomes than losing sales. Of the many important lessons this outbreak is teaching the world, one is making people realize how much they depend on one another. Your business needs your employees as much as you need them. Make it easier for everyone.
Implement safety measures that consider their well-being first. Let them work from home unless absolutely necessary. There are a lot of tools to help you transition and establish your remote work protocols – some of them are even free. Be resourceful and find solutions to make sure everyone is empowered to do the best they can. You may even find that this new work setting has its own list of benefits – increased morale, productivity, retention, savings, and more according to Entrepreneur.com.
Keep in mind, too, that your employees are with their families. Understand their situations and see what you can do for them.
After all this, your people will remember how much you’ve helped them, and they’ll return a kind of loyalty that cannot be bought.
2. Ride The Quarantine Tide
There has been an understandably strong shift to e-commerce because of the coronavirus. In fact, according to Forbes, big names in the industry like Amazon and Alibaba are preparing for the increase of competition from individual websites that want to sell their products on their own platforms. You can be part of this wave, too.
If you haven’t yet, set up an online storefront and sell your products or showcase your services. Now that people are stuck at home, the appeal of a good deal is too much to pass up for those who have money and nowhere to spend it on. Well-made marketing tactics can turn the tide from barely surviving to thriving.
Add value to your products wherever you can and make sure your potential clients are made aware.
3. Play The Long Game
No one really knows when the lockdowns will end. In the meantime, make sure you can survive the lean weeks, maybe months, ahead.
Save money. This is already difficult to do under normal circumstances, but it has become non-negotiable. You should figure out where you can cut costs without having too many negative impacts on operations.
Reinvest in your business. Use your small business profits to fuel your growth. Although the benefits are not readily felt, a sound investment can create ripples that may surprise you in the future.
It’s not the end of the world and it’s not the end of your business. Good luck.
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