The Covid-19 pandemic has wreaked havoc on small business owners and employees alike. More than 100,000 companies have already shut down, and over 57 million American workers have filed unemployment claims.
Small businesses must scramble to survive and brace themselves for possible upcoming lockdowns in 2021. That’s why business strategy is more critical than ever. There’s no time to waste, and you can’t afford futile mistakes.
How are savvy businesses surviving (and even thriving) in this pandemic?
Discover three great small business ideas to weather the storm!
1 Start Pivoting Fast
Small businesses must adapt to every economic landscape, no matter how sudden. In the case of Covid-19, small business owners don’t have a choice. Consumers’ needs changed virtually overnight.
What’s considered “essential” has also changed. Suddenly, consumers flooded grocery stores in unprecedented numbers, while unessential retail boutiques languished on the strip.
While grocery stores and eCommerce hurried to accommodate growing panic, non-essential profits quickly dried up. Even as cities open up for business, non-essential retail is struggling to bounce back from months of unprecedented lockdowns.
One way non-essential businesses can adapt (and survive) is to pivot to pandemic-era mindsets. Boutiques can sell fashionable masks, branded hand sanitizers, and individually packaged necessities.
2 Pivot to eCommerce
Despite states easing lockdown restrictions, consumers are still (understandably) reticent to return to non-essential stores in droves. This sudden and radical change in consumer behavior means small businesses must expand eCommerce efforts. However, consumers are happily buying non-essential items online.
Unfortunately, this pivot also means coughing up more cash, which many small businesses don’t have. Now is the best time to apply for a loan or CARES act assistance. A quick infusion of funds will pay for a new eCommerce site, online customer service agents, and warehouse space.
As eCommerce grows, so do operation demands. Outsourcing can manage everything from payroll to employee benefits; this company provides an excellent primer on the benefits of PEO companies for HR needs.
3 Adjust Your Marketing Strategy
Does your current marketing strategy reflect a pre-pandemic world? It’s time to bring your marketing and advertising up to speed.
You’re already following the rules at your business. Your next step is to incorporate masks, good hygiene practices, and social distancing in your marketing campaigns.
Provide branded masks to encourage safety and remove references to reusable shopping bags. Include Covid safety messages on your packaging to reassure shoppers that you’re serious about health and safety. Make sure employees are photographed with proper masks and gloves in marketing materials.
Offer exclusive online discounts, free shipping, new customer offers, and flexible return policies to encourage more online shopping. Expand your web inventory and offer exclusive web-only items. Include free hand sanitizers and masks with every purchase!
Follow These Great Small Business Ideas
This pandemic has forced millions of businesses to think quick on their feet. You must accept and adapt to a post-covid world if you want your business to survive.
These three tips are just the beginning of your new post-Covid business approach. Check out the blog to find more tips, tricks, and strategies for savvy business owners.