If you’re a small business owner, you may be seeing some of the effects of Covid-19. Many small business owners all over America are seeing losses of sales and profits.
Times are hard.
Every day we are all hoping for good news. We are all hoping this pandemic will let up. Those with small businesses are doing everything they can to stay afloat. Everyone is looking for a bit of a silver lining in the gloomy rain cloud that is the coronavirus.
While every small business is very different, there may be a few key strategies that could help that silver lining come through for your business.
Start Paying Attention to the Small Details
Maybe you have ordered from the same supplier for years but now they’ve jacked up their prices. It may be time to begin looking for suppliers who are cheaper.
Maybe you normally have sales to attract customers such as “Buy One Get One” or “Buy One Get One Free”. While this is a great attraction to keep customers coming back, many customers understand the need for businesses to make changes. As long as you aren’t compromising the quality of your products, you can skip on overing extra quantities.
Consider thoroughly going over your expenses to determine unnecessary costs. Again, this is where you can skip on the unnecessary additions to your small business that weren’t an issue prior to this drop in the economy and focus on what is absolutely necessary to allow your business to run properly with the same great quality.
Adapt to the Market
Some small businesses have focused their market on in-person purchases. If you have a product that can be shipped, you may consider targeting the online market.
Many aren’t going out, only going out for absolute necessities, or are ordering the items they need/want online. If you are not currently a part of the online market, it may be time to make that adaptation to your business.
In the long run, adapting to this new market could prove to bring in a new revenue stream of customers you hadn’t previously had.
Take a Look at the Competition
It’s not cheating. It’s just smart business!
If your competitors are managing to retain their customer base and continue to profit, take a look at what changes they have made if any to adapt to the current economic situation.
See what they are doing that you are not and vice versa. It’s always a good idea to take a step back and see what changes could be made to improve your business through a new set of eyes.
Get in Touch with Your Customers
Many people understand the struggle that small businesses are going through and want to help!
You most likely have many loyal customers! Don’t be afraid to reach out and ask for help!
Show your customers that you are willing to offer your services in a way that is safe for them to keep bringing their business such as curbside pickup, delivery, etc.
Let them know you are working hard to remain that place they love and chances are they are more than willing to help out small businesses like yours who may be struggling to stay afloat than the big corporations.
Assess Your Business Overall
Although the whole point of this blog post is to determine how to keep your small business afloat, consider it also an idea on how to keep yourself afloat as well.
Assess your business, the value of your time, and the potential for your business through this pandemic and beyond.
Is there something else you could be doing that is a better use of your time, energy, and money?
If you need some ideas on whether to sell or keep your small business, take a look at this blog post series on Making the Decision to Sell or Keep your small business.
This virus may last longer than we are all hoping it will. Take the time to figure out what is best for you and your business at this time.
If you have any questions about this post or other ideas you should consider for your business, don’t hesitate to shoot me an email at firstname.lastname@example.org!
Advisory services through Capital Advisory Group Advisory Services LLC and securities through United Planners Financial Services of America, a Limited Partnership. Member FINRA and SIPC. The Capital Advisory Group Advisory Services, LLC (CAG) and United Planners Financial Services are not affiliated.
The views expressed are those of the presenter and may not reflect the views of United Planners Financial Services. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax, or legal advice. Individual needs vary & require consideration of your unique objectives & financial situation. Neither United Planners nor its financial professionals render legal or tax advice. Please consult with your accountant or tax advisor for specific guidance.