5 Ways to Help Your Business Wait Out the Corona Virus
Tuesday, June 16, 2020, 6:00 AM | Leave Comment
As the world works to adapt to our new lives in lockdown, businesses are having a challenging time meeting their needs.
Small businesses in cities that haven’t yet reopened need to find ways to sustain themselves as they wait out the coronavirus.
Consider the following five ways businesses can survive while waiting to reopen:
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Expand Your Audience
As a result of the quarantine, most businesses will find that their customers can no longer use their products or services in the same manner. If there is no longer demand from your customers for your products or services, it’s time to get innovative.
Expand your audience to include clients and consumers that will be able to make use of your company’s offerings in new ways. For example, companies like cleaning services are shifting from offering in-home cleaning to providing essential businesses with sterilization services.
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Innovate New Ways to Provide Your Service or Product
Many companies that rely on in-person contact are suffering from the shutdown of regular businesses. However, the lockdown doesn’t mean that you need to stop providing services or products. Small businesses like restaurants and cafes are offering delivery services or curbside pickup to remain operational during these times.
Likewise, many art galleries and high-end furniture stores have shifted from public exhibitions and showrooms to offering viewings by appointment only or relying on digital galleries. Once their customers make a selection, they use white glove services to deliver the goods to their clients.
Similarly, brick-and-mortar businesses that rely on interpersonal interactions are going digital, interacting with their clients through social media and digital forms to meet their needs.
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Cut Unnecessary Costs
If cash is in short supply for your business, one of the most important steps to take while waiting out the coronavirus is to eliminate unnecessary costs. While some businesses are saving money by furloughing employees, others are streamlining their business operations to cut out unnecessary expenses.
Take a look at your current budget and past expenses to highlight areas where you can cut back. Labor expenses, overhead costs, and similar costs aren’t necessary for businesses that are shut down due to the coronavirus. By limiting your expenses to essential costs like payroll, you’ll be able to operate your business on a lean budget.
Another way businesses can save money is by downsizing their office space. If your business has a brick-and-mortar storefront, it may be time to consider cutting back. As you work to innovate your business offerings, covering the cost of rent and similar expenses will undoubtedly add a strain to your budget. Whether you move your company to a smaller building or you end your lease, cutting back on rent will help your business save money during this time.
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Collaborate with Other Companies
It’s no secret that hundreds of thousands of small businesses around the world are struggling to make a profit. As you work on strategies to keep your company alive, consider collaborating with other businesses in your area not affected by the lockdown.
To illustrate, many businesses that are no longer able to serve their customers are safely offering their products or services at essential businesses like grocery stores or gas stations. This way, they’re able to serve their customers while closing their doors to the public.
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Connect With Your Customers
In addition to losing business during the lockdown, many companies run the risk of hurting their relationships with their customers and clients. While waiting to reopen your business may mean spending less time face-to-face with your audience, this shouldn’t keep you from building and maintaining relationships with them.
Rely on digital communication to stay connected with customers. Focus on reaching out through social media campaigns and email newsletters to get in contact with interested followers and loyal customers. This way, you’ll be in constant contact throughout the quarantine and will be ready to reach out once the business reopens.
The world may never go back to “normal” after the coronavirus passes and businesses reopen. However, companies can work towards creating a new normal by applying these five strategies to their business practices during and after the COVID-19 pandemic.
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