The advent of COVID-19 out of China, the world has been brought to an almost financial standstill over the virus. Many countries have enacted stay-at-home orders which have had a global effect on small businesses within the UK and around the world. Because of this, many people are feeling the impact of what this will do to the job market. They also worry about their investments as the foreseeable future seems a bit depressing.
With many of us staying home, either from work and school, heading out for much-needed supplies or even things we may want has proven challenging. Many businesses have either completely closed or have furloughed workers with no sign of many reopening. Those that have stayed open are seeing sales dropped. Many are looking for ways to promote their products without breaking any stay-at-home orders to prevent COVID-19 from spreading any further.
While this may seem bleak, there is home for many. The majority are hesitant to head into the store for more than the basics. Some stores have seen online sales and shipping (or even in-store pickup) have seen an increase. This can be particularly useful for many businesses that have resorted to curbside pickups like restaurants, bars, and even some grocery stores.
Here are some ways to help your business survive this economic downturn:
Don’t panic and stay calm. In these times, it may prove challenging, but a clearer head will help you plan your business’s survival. Make a 3-month financial plan and look for things that can be cut temporarily and what is more of a priority.
Take a look at your business model. It may need an update. Look at how your customer is behaving and see if that will change within the foreseeable future. Can you digitize any of your services or products? For example, if your bar or restaurant doesn’t usually do online orders, this may help increase business so you can concentrate on curbside pickup customer service. Look for way’s technology can help offset any loss of earnings by looking for other avenues of connection with your customers.
Additional training for your staff. With the new way, customers are buying, learning new skills for you and your team will make your business more sustainable.
Start utilizing digital marketing as a way to boost business when everything returns to normal. Look for courses or articles that will teach you new ways to market so you can do more with your downtime and keep your business at least in the forefront of everyone’s minds. Consider promotions or events that coincide with life returning to normal.
These are hard times for many people. With the public sector remaining somewhat scarce due to lockdowns or stay-at-home orders, many consumers are turning to online sources to get what they need. This can put your business back on the map and allow it to make it through this uncertain time. Most of all, take care of your health, both mentally and physically. Stress can affect both as the future is uncertain. Turning to new methods of business and brainstorming for more unique opportunities may help alleviate the stress and take your mind off the doom and gloom.