7.5 million small businesses in the U.S. are at risk of closing down because of the COVID-19 pandemic.
It’s not a great time to be a small business owner.
While you’re certainly feeling the pinch, the coronavirus shouldn’t put you out of business. There are steps you can take to stay ahead of the virus and the destruction it’s causing.
Continue reading for a helpful guide on how you can weather this unprecedented storm.
Be Innovative
Although various states are creating plans to allow businesses to gradually resume operations, much of the country is still in lockdown. If your business doesn’t offer an essential service, it’s probably going to stay closed until further notice.
Instead of staying closed, where not pivot to offering an essential service?
Sure, resolving to start offering another service or product without proper planning doesn’t sound like savvy business advice, but to stay in business, you’ve got to adapt quickly. Plus, tough times call for tough measures.
If you’re a small company that manufactures beverages, for instance, pivoting to manufacturing liquid cleaning supplies shouldn’t be a tough task. This way, you’ll introduce a new product that has a strong demand, replacing one that’s now almost a luxury.
Go Online
About 46 percent of small businesses don’t have a website. Yep. In 2020.
If you’re one of these businesses, there couldn’t be a better time to appreciate the importance of taking your business online. Some of the brick and mortar businesses that have an e-commerce side are still making sales, even as their physical stores remain closed.
For these businesses, revenues have probably taken a slump, but some money is trickling in. This can be enough to keep the lights on.
It’s not too late to open an online shop – if you haven’t already. Hire a web developer with vast e-commerce experience and let them take your business online.
The vast majority of people in the U.S. now shop online, so it shouldn’t take too long before your target customers start finding you on the web.
Ramp Up Your Digital Marketing
When the economy is spiraling into a slowdown, the last thing you want is to be spending money unnecessarily. As such, you might resolve to shelf your digital marketing plans.
Big mistake!
Marketing is the wood that keeps your business’ fire burning. A well-designed marketing strategy will boost your sales and keep your business ahead.
During the COVID-19 crisis, don’t go slow on your digital marketing efforts. If you were running your marketing in-house, you could outsource the function to a marketing company, which will ensure your plan continues being implemented.
Stay Ahead of the COVID-19 Crisis
We’re in uncertain economic times, no doubt. As a business owner, your business is probably affected. However, it is not time to down your tools. With this guide, you now know the steps you can take to stay ahead of the pandemic, business-wise.
Stay safe and keep tabs on our blog for more small business tips.
