Business

5 ways small businesses can navigate unchartered waters in the times of Covid-19

 

This global pandemic has effected people in so many ways.  I have seen it effect the individuals, small businesses and organisations I work with and seen how they have been able to adapt and navigate through these difficult and uncertain times. I am going to cover here five considerations for effectively adapting for these new times.

Non-essential retail & services, health & fitness and hospitality sectors, to name just a few, have all faced closure of physical premises and suspension of services.  So when lockdown was imposed, from one day to the next business strategy, projected revenues and cashflow forecasts fell off a cliff for many. 

Being a smaller business or organisation can be beneficial in terms of agility to act and change strategy quickly and test out new ways of working .  

How small businesses are adapting during Covid-19

1. Adjusting business model

Adjusting a business model in the way many cafes and restaurants have been able to set up deliveries or serve their customers on a take-away basis from their premises.

2. Focusing on an e-Commerce strategy 

Retailers have been focusing on online bookings for delivery/collection.

Focus on developing your e-commerce store to increase online sales and deliver first rate customer service. With around 60% of web traffic coming now from mobile, ensure your site is mobile responsive and loads fast.

3. Using technology 

Use technology to deliver your services in a new way. Conduct fitness classes online via Zoom, live stream art classes, video call physio appointments, hold virtual events, there are many new ways of working.

4. Using online marketing 

Use online marketing to let your existing customers know you are still there to serve their needs. 

Use online marketing to help new customers find you.

Seize the opportunity of the virtual or online world to remove limits to the number of participants on a course, in a class or at an event etc. Your customer reach that may previously have been very localised can now be national or global, so think bigger.

5. Being active online and across social media

Where you operate in a business sector where you can’t develop an online business product and you have no way of adapting your business model and generating revenue in a different way, then be online to keep a level of engagement with your community and customers. Can you provide information and useful tips via online content, videos etc that can help them in some way during their current challenges? Or simply just provide content that entertains, and you will have made a positive contribution and remained in people’s minds.

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