Ohhh Corona. The global health crisis halted the economy and yes small businesses & freelancers have been hit damn hard.
The year when every work email ever has started with ‘In these unprecedented times”… the unpredictability of living month to month with no clue what the next one holds, has devastatingly resulted in many unseen shutdowns burn outs. (Sorry, not trying to totally ruin your day with depressingly obvious facts!)
The point is, the closures have been unstoppable for some, for others there has been joy found in new directions, success found in new opportunities and crazy growth discovered in shifting approaches. That’s what we’re talking about today. Here are five ways you can further deep dive into later, on how to help your small business survive the pandemic…
1: Embrace Digital Marketing
There is no better time than now to pivot your transactions online to harness customer retention.
From creating viral content for social media, and putting budget behind social ads, to collaborating with influencers; digital marketing can do wonders to attract leads and convert them to purchasing customers, even in a time like this!
IN SHORT, START WITH:
- Creating a simple website – even a one-pager or blog to have somewhere online to direct your customers to.
- Post and optimise content across social media on the channels where your audience are hanging out.
- Leverage email marketing – keep it consistent so your customers come to expect your weekly update.
- Claim local business listings – there are tons of these from Google to niche directories, make sure you’re claiming yours!
2: Team-Up With Other Businesses
Sometimes you need to ride the tide with other businesses to survive the detrimental consequences of an ‘off-season’ when it’s affecting everyone simultaneously. #CollaborationOverCompetition! And there is power in collaboration my friend.
Networking and connecting with like-minded people and aligned brands allow for better business growth, the opportunity for ongoing partnership to form, and broader audience reaches.
WHERE TO FIND OTHER BUSINESSES TO PARTNER:
- Social media groups
- Local directories
- Regional organisations and affiliations
- Events Referrals
3: Re-evaluate those business costs
Money money money – I mean this is one of the main things the Pandemic has us worried about regarding our businesses right?! It can feel a little out of our control at times like these but one thing you can control is your spending… to a degree.
Take a moment to audit your business’ financial direction and see if there’s anything you can cut out, you might just be surprised to find subscriptions you no longer need, services which aren’t being utilised. Maybe you can opt to switch out print ads to digital ads where you have a set daily spend, or perhaps its time to shift from your physical store to a virtual ecom set-up instead
HOW TO START CUTTING SOME COSTS:
- Digitize your marketing efforts
- Maximize on your employees’ skills
- Make the most of your office space – can you share or rent hot-desks to peers?
- Reduce supply expenses and non essential subscriptions
- Opt for a work-at-home setup when possible
4: Check out what government help you're entitled to
I know at first this can somehow emphasise that feeling of defeat or failure, but seeking support is just that, SUPPORT, it helps you maintain, it does not mean you’ve failed.
Find out if your local government has a program for small businesses affected by COVID-19. Whether it’s cash loan assistance or marketing and sales assistance, it’s important to take advantage of these initiatives to keep your business afloat.
Though I totally agree not everyone is being looked after properly right now, in the UK there are numerous schemes in place that are helping some businesses with even hiring new staff and paying for their salary for 6 months! So it’s worth looking into!
5: Internalise Your Business Strategy, Team & Resources
Errmmm cool – wtf does that mean though?!
Well let me explain…
It’s important to analyse what’s going on within your business realm. How is your team doing? What resources are left after 9 months of COVID-19 related fallout? Do you have a strategy for putting yourself back out there again when things start to improve in the economy again?
These things matter for you to decide what the next best step is for your business.
TEAM
Do you have enough cash, benefits, or assistance to get them through the year? If not, which roles are most vital?
Does the business have mental health support programs for the team? This is an incredibly hard time for everyone, it’s imperative that your team feel supported, cared about and valued whether or not they’re in the office.
Can you think of initiatives to help them transition from working at home? Make sure you’re aiding your team in continuing their normal processes as much as possible, it’s a learning curve for everyone.
RESOURCES
Do you have enough resources for at least three months to keep your business afloat?
Would you like to avail of government or nonprofit assistance for your business?
Are there resources you’re able to let go of?
STRATEGY
How can you recuperate from the losses you’ve incurred this year? What is something you could pivot in your business to adapt to the current situation and still be profitable?
What are you willing to make changes to? Remember, while your culture, pillars and values can absolutely remain, this does not mean your product or offer can’t evolve.
Do you have a communication strategy in place to maintain conversation and engagement with your customers while things may be transitioning, slowing or even halting?
Can you stay in your line of work?
This isn’t as ominous as it first reads! For many many people, 2020 has been a time for rejuvenation, for change, for starting anew. The enforced free time some found themselves in allowed space for new ideas, and urged people to step out of the comfort zone, even to the point of taking risks or chances on something, they might otherwise have not.
Regardless of a global pandemic, businesses have always thrived on the occasional revamp, but now more than ever, taking the approach to pivot and innovate to ride out the effects of 2020, is giving us all food for thought!
