Being a small business owner is always risky, and unfortunately, we’re often the first to take a hit during an economic downturn. This is exactly what we’re seeing now as the COVID-19 crisis continues to spread worldwide. While this fact may not seem very promising, most small businesses do have options to work around the challenges you face. Most of us can’t continue with business as usual, but you CAN keep business going (and even growing) by adapting to meet these challenges and customers’ current needs.
Find Innovative Ways of Doing Business
- Reassess business basics, including employee needs and supply chains.
- Many small businesses are expanding to provide online services and consultations.
- Other businesses are using the resources they have and pivoting production to meet current needs in this new climate.
- Take advantage of digital tools to expand your online presence and stay in touch with employees and customers from a distance.
- Try costovation to save money while providing more value for customers.
Take Steps to Succeed Now While Preparing for the Future
- Search for small business grants and loans that you may qualify for.
- Help employees transition to remote work with improved communication.
- Invest in employees by providing training and personal development opportunities.
- Invest in yourself by taking free online business courses.
- Invest in your company by improving your storefront — use this time to revamp displays or upgrade your look with affordable new carpet.
- Build customer loyalty with smart social media
The way you handle this new challenge can be broken down into these two steps: finding those innovative solutions that work for your business, and then channeling your energy into growing for the future. This may mean you have to handle disruptions, like issues with your supply chain. You may have to change up your business model and try new ways of reaching out to customers. Who knows — you may even have the next great idea for a new product or service. Most of all, remember that businesses that adapt are the ones that will come out of this worldwide crisis stronger and more capable than ever.