Keeping Your Small Business Afloat During COVID
The ongoing COVID-19 pandemic has hit businesses across the globe hard, with small business owners really taking the brunt of it. While it looks like we might just be able to see the light at the end of the tunnel, there is still a long way to go before life goes back to how it was prior to the pandemic, which means that there will still be many issues faced by business owners.
Here, we look at some things that you can do to make sure that your small business weathers the last few months (hopefully!) of the Coronavirus storm. Ready to find out how? Read on.
#1 Look at what your competition is doing
Currently, some firms are suffering more than others. Examine those who appear to be surviving the crisis and examine what they are doing differently. Examine both your indirect and direct competitors to get a better idea of what they are up to and which techniques appear to be the most successful. While certain tactics may not be applicable across industries, do what you can to adapt them to your particular needs.
There are numerous possibilities to change your company’s macro strategy and placement to better meet the competition. If you know how your competitors are positioning themselves during and after the crisis, you can position yourself to gain an edge as businesses resume normal operations.
#2 Look at your staffing levels
One of the biggest problems that businesses have faced is staffing. When businesses had to close, there was the issue of whether they could pay staff. Now that places are open again, those staff have come back but perhaps on reduced hours. How do you manage to keep everyone on the books and still happy? Well, for starters, you could look at whether you are eligible for ERC to help with staff retention during the pandemic.
You could also look at whether staff can take on other duties or continue to work remotely if that works better for your business. Now that most children are back at school, parents can work from home, allowing them to continue their jobs while reducing the risks.
#3 Look at how you may have to adapt as we move forward
While the pandemic will continue to dominate the short term, it is also vital to consider what may happen in the medium term. Will your consumers’ thinking or behavior alter even after the pandemic has passed? Even once the quarantines are completely lifted, some of them may prefer to use services or buy things online.
It’s important to assess whether established business strategies will continue to make sense after things “return to normal.” Consider limited-capacity experiences such as theatres, aircraft, and cruise ships. Each of these industries will have to assess how the existing business model will interact with clients in this new environment.
Ask yourself, much like businesses in these areas, how you should adjust your business model and strategy accordingly.