The Covid-19 Pandemic has caused fear and worries for small business owners, but there are things you can do to help your small business not only survive but thrive.
1. Utilizing Technology
Technology has been a boon to many businesses during the pandemic. As the pandemic has progressed, many people continue to conduct business remotely, requiring a quick pivot from in-person work to remote work. While a large-scale transition like this will always have its growing pains, technology has helped shorten the learning curve. It can also help small businesses continue to compete in their markets.
You can utilize social media and video conferencing to connect with your employees and customers. You can also offer virtual consults for existing customers and to attract new ones. Explore technologies that can help expand your business.
2. Increasing Agility
As the day-to-day operations of businesses have been disrupted by lockdowns and restrictions, flexibility and agility have become increasingly important in the business landscape. Small businesses need to be prepared to quickly change course in processes and operations.
You need to ensure your small business can pivot to meet current market trends, consumer needs and safety precautions. For example, many small restaurants have leaned heavily into takeout and delivery methods when those options may not have been big parts of their business models before.
3. Leveraging Lead Generation
Lead generation services use many different strategies to assist companies in generating consumer interest. These strategies include hyper-targeted lead lists, lead nurturing and dead lead revival. Many of these strategies can continue to be used during the pandemic because they are already socially distant strategies or can be adapted to be so.
There are many avenues to finding and maintaining customers for businesses at all levels, which is especially beneficial for small businesses. Lead generation is an important aspect of growing your business and targeting prospective customers. It can greatly increase business traffic and in doing so keep businesses surviving and thriving.
4. Practicing Efficiency
Streamlining processes and reducing non essential spending are important goals for small businesses in situations like the pandemic, where economic prospects are uncertain and it can be difficult to keep track of health and safety regulations. Look for ways to increase efficiency while also improving customer service.
With the increase in remote workforces and the aid of technology facilitating remote work, you may be able to consider something as drastic as shuttering your brick and mortar office or store and transitioning to an online-based business. However, that’s not for everyone. You could seek a smaller physical space or find ways to automate or outsource repetitive processes instead.
5. Leveraging Innovation
Seek ways to innovate your business operations and products or services. Think about new ways to reach potential customers, streamline your business and improve your relationships with existing customers. Infusing your products or services with extra value such as educational material, creativity and promotional offers can help your small business to really stand out.
For example, while gyms were closed down, some decided to offer classes virtually, provide free videos and workout programs on their websites or offer at-home workout tips and tricks on social media. Additionally, look at business processes at your company that may not be working as well as they could and brainstorm solutions to improve them.
6. Building Community Connections
One of the best ways for small businesses to thrive during the pandemic is to build relationships and goodwill with their communities. Sales are important, but if you can foster a loyal customer base, you won’t be conducting sales on a case-by-case basis. Spreading goodwill in the community will incentivize people to pay it forward and pay you back.
Find some socially distant ways to engage with your local and online community. Some ways to get involved include volunteer work, donating money or supplies to pandemic relief organizations or sharing activities and content to brighten someone’s day.
Many of these strategies can be used in conjunction with others and practiced while maintaining social distancing. Try a few to see what works for your small business.