How to Save Your Business with the Covid-19 Pandemic

Businesses have been and will continue to be affected by the COVID-19 pandemic. Unfortunately, small businesses will likely be hit the hardest. You may be torn between inside sales vs outside sales based on the products and services you offer. This is also a time when you’ll have to make adjustments to your marketing strategy. While there’s no easy method for keeping your business afloat during these uncertain times, here are some tips you can incorporate into your company plan while you’re planning for the future.

Remain Calm and Care for Yourself

It’s easy to become overwhelmed and stress when you see that your cash flow is low. However, remember to take care of yourself so you can run your business more effectively. This may mean taking time to meditate, eating well, or getting enough sleep. When you’re calm, you can reassure your staff. When everyone is adopting a positive state of mind, you’re more likely to come up with innovative ideas that can grow your business during this challenging time. It’s also important to ask for the emotional support you need when you need it. Keep the lines of communication open with loved ones and search for online therapists who can help you process your thoughts.

Create a Financial Plan For the Next Quarter

All small businesses normally have the same essential expenses such as employee salaries, office rent or mortgage, and utility bills. Additional expenses vary based on your industry.

It’s best to have a financial plan for the next few months at all times, but this is even more important during a pandemic. Talk to your debtors like suppliers or your landlord and ask them about payment options for the next quarter in case you have to make major adjustments to your expenses. These individuals or organizations may already have payment plan options or will be understanding given the circumstances.

Now is also the time to evaluate your personal finances. Talk to the people you support, such as employees, contractors, and even family members, and explain that you have to make some significant changes in your spending habits. Consider the ways you can cut costs in your business as well, such as freezing hiring full-time staff and working with freelancers, downsizing your office space, or advertising on free social media sites.

Look for Opportunities

Even though this time can be scary and frustrating, you should still search for opportunities to make the most of your business and attract customers. The pandemic can also serve as a wakeup call for you as a business owner since you’ll see which advertising methods are essential and most effective. You can also find affordable and eco-friendly ways to package your products and provide incentives to customers to increase your client base.

Look at your current business model and determine whether you need to make changes to remain successful during the COVID-19 pandemic. You should also prepare for how customers will react to the pandemic. Observe how many sales you’re getting each week or month and which customers are making the most purchases. This can help you develop an effective sales strategy and personalized customer service for the future. Don’t forget that technology can be very helpful during these times as well. You can offer video calls in place of in-person appointments or implement a live chat feature for customer service inquiries.

Teach Your Staff a New Skill

When possible, keep the staff you hired before the pandemic, especially if the team has been reliable and helping you move your business forward. If you’ve managed your team well, they will likely support you. Train your staff on additional skills so you can avoid having to hire new people, especially if your business is in a brick and mortar location. There’s plenty of affordable online courses that you can purchase for your staff so your team can continue socially distancing and working from home. Be sure not to overwhelm your employees with too much new information. Remember this is a challenging time for everyone, so be considerate. It may even be helpful to train employees based on their talents and professional experience so your team members will better embrace and retain the information presented in the training courses. Working with your team and have a solid plan for your business can help you thrive during and after the pandemic.

Katie Gorden

Katie earned a BA in English from WWU and loves to write. She also adores hiking in redwood forests, photography, and a campfire surrounded by friends and family.

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