For small business owners, the COVID-19 pandemic has upended what might have been a very profitable year otherwise. Perhaps you’ve had to close your doors for months to prevent your staff from being exposed to the virus, or maybe you’ve even worried that you won’t be able to open up again next year. But not only is it possible to keep your business afloat despite all of these challenges, you still have opportunities to Grow Your Small Business during this time.
Shift Your Perspective
If you’re feeling discouraged by the events of this year, your reaction is understandable – you may feel like the pandemic has disrupted everything you spent years working on. But now that people are doing their best to return to their normal routines, you can begin looking towards the future and thinking big.
Turning things around for your business is not out of reach, but moving forward will require some smart planning and a revamped business strategy. Researching entrepreneurial topics on platforms like Ktos Management can help you decide what to do next. In addition to your own research, the following tips can provide you with a roadmap to success in the latter part of this year and Grow Your Small Business.
Implement Safety Protocols
Does your business have a physical space? Depending on where your business is located, you should be able to allow customers and clients to enter in person. While the current regulations will vary based on your industry and what kinds of services and products you provide, you should implement and publicize specific safety protocols for your employees and customers if you are able to open and operate again. You can share this information on your business blog.
Right now, people want to know that business owners are looking out for the health and wellbeing of their own employees as well as their customers. By educating potential customers about exactly what you are doing to prevent the virus from spreading at your business, you will inspire consumer confidence and encourage more people to patronize your business. If you don’t already have an ecommerce page set up on your business website, now is the time to do it so that everyone can support your company, even if they can’t shop in person!
Reducing Business Expenses
The economic downturn has likely made an impact on your profits for this year. This is the perfect time to take Grow Your Small Business and a look at your business budget and see where you can reduce any expenses without sacrificing the quality of the services you provide.
Ideally, you should also aim to keep dedicated employees on board – cutting staff may seem like a simple solution when it comes to saving money, but in the future, training new employees will be a time-consuming and expensive endeavor. Instead, look at areas where you may have been overspending on services, supplies, or programs that do not provide your business with a substantial return on investment.
Finding Financial Assistance
After going over your income and expenses, you may have come to the conclusion that you will need to secure some form of financial assistance for your business. Many small business owners are in the same position, and help is available! You may already be aware of programs like the CARES Act, but there are other options for financial support as well – if you don’t qualify for this particular program, don’t stop searching!
You may want to look into small business grants through private organizations. While a loan can help you continue operating for a while, you will eventually have to pay it back. Therefore, applying for grants might be a better decision if the option is available to you – the money will be yours to use without worrying about repaying it in the future!
Develop New Offerings
While many people are enjoying the ability to shop and interact with others in person again, some still cannot take advantage of these relaxed regulations. For example, elderly and immunocompromised people and their caregivers are likely still spending most of their time at home out of necessity. This is why it’s so important to develop new, digital offerings that all of your customers can access.
For instance, you may want to host virtual events that people can attend just by logging on from home. If you feel that creating educational resources could help boost your profits, you might consider putting together an e-book or a virtual course.
Finally, you might also want to work with a software developer to create a unique app for your small business. This project would require an upfront investment, but it could be a great way to connect with customers who can’t leave their homes just yet. According to Forbes, creating an app for your business is a fantastic way to promote brand recognition and encourage customer loyalty, which will help your company stand out amongst the competition in these tough economic times.
Create a Fresh Marketing Strategy
Finally, you’ll need to make sure that your current marketing strategy addresses the problems your customers and clients are facing and why your business can help them solve these issues. Furthermore, you’ll need to focus primarily on digital marketing – when your customers and clients are spending long hours online each day, you want to make sure that they’re seeing marketing materials from your company!
How should you construct your digital marketing strategy? Start by analyzing the data from your social media accounts to determine which platforms you should concentrate on to connect with your customers. Campaign Monitor states that email marketing provides the highest return on investment compared to any other marketing tool, which makes it a great way to advertise on a tight budget.
As a small business owner, the pandemic has undoubtedly thrown a wrench into your plans for this year. It can be hard to completely pivot your business strategy in response to such unprecedented events. But sometimes, this is simply what circumstances demand – and you’re more than capable of rising to meet those demands. As we slowly recover from this pandemic, you may find that your business can thrive if you are open to revising your budget and adjusting your approach to sales.
Connect with Ktos Management to grow your small business and for more information and resources that will help your business to blossom.
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