Small business owners, entrepreneurs, and investors have suffered greatly as a result of the COVID-19 pandemic. According to the IFC, small businesses contribute 25 percent to the overall GDP in Bangladesh. The pandemic has devastated every self-sustaining business model, strategic plans, and tactics. Small business owners and many startups are the most vulnerable to failing because of this global virus.
In this post, we will share five prospective tips for your small business about how your business will be sustained by this COVID-19 pandemic. Keep reading to find out more:
Accept and Adapt:
It looks hard to oversee and plan too far ahead at this time. However, if the pandemic and lockdowns continue, then you will need to make a contingency plan.
The fast-growing world is much busier than we think. You should take responsibility for saving your own dreams. So, first of all, take care of your mental health and accept the current world and take part in it accordingly. COVID-19 changed our lives to a level that we could never have thought of.
Reassess your finances:
For more than 18 months now, the pandemic virus has been ruling the world. No one can predict exactly how much time it will take to be stable in a situation. At regular intervals, update and trace your cash flow forecast, review your accounts receivable, assess any credit risks and look for opportunities to reduce expenditure.
Small companies have one of the core issues with the financial safety net because the affordability of safe finance is not possible due to a lack of capital capacity. You should concentrate your efforts on the best profit opportunities and scrutinize every cost of your business.
Move on to digital:
Many small businesses have already started to move to online platforms during the pandemic. It means traditional businesses are thinking outside of the box to maintain their sales sufficiency. Moving to digital marketplace such as Website, Social sites are the key factor for small enterprises that can help to sustain the business market.
Focusing on social media such as Facebook, Instagram, LinkedIn, and Twitter, etc has the largest positive impact on small businesses in the current situation. Social platforms will help and direct you to reach existing and potential customers to connect. By doing this, audiences will also be able to grab your products and services through digital facilities and it will diversify your client types and businesses as well. Customers can be brought into a network frame where you can offer them regular promotions and other opportunities, it will make them feel prioritized.
The Global pandemic is one of the best learning experiences for businesses and entrepreneurs around the world. No one, particularly in the business world, ever predicted that these social distancing terms, remote work, would play an imminent role in your business activities. It can be a wake-up call to the owners to rethink and re-establish the business model, especially those companies which are mostly based on traditional business activities.
By considering customers' perceptions and the industry's reality, business concepts should change to sustain and grow your business.
Small businesses should grab new opportunities by taking into account customers' preferences and behavior. For instance, an ice-cream seller who has served handmade ice creams for half of his life recently purchased an ice cream machine in which he sells better quality, hygienic ice cream to customers. After that, his sales increased to double and customers were also attracted by getting better quality ice cream.
During a time of social distancing, direct communication between customers and sellers is no longer available. The pandemic has locked the entire country inside homes, but that does not indicate the demands have decreased in the market.
Consumers are now adjusting to contactless payment methods. For example, restaurants that previously did not offer home delivery services are now accepting orders online in order to better serve their customers.
If your company has seen immediate changes or made losses, look for ways to support your customers' needs or diversify your products and services during this time. Business entrepreneurs should move online to adapt to new marketing and to seek new opportunities. In short, connecting customers is the core of the business, so reaching out during this COVID19 situation will be one of the most vital parts of it.