How businesses can surivive during covid19
COVID-19 has disrupted a lot of businesses around the world. Both small startups and Fortune 500 companies have been affected by this dangerous disease. However, small businesses are the ones that have been seriously affected. Small enterprises are the backbone of most economies around the world.
As the World Economic Forum reports, small businesses employ almost half of the entire workforce in the private sector. However, during these unpredictable times where social distancing measures have been implemented and temporary shutdowns have happened, the majority of small businesses have not survived.
A report released by YELP reported that business closures across the United States have surpassed 97000. And this represents sixty percent of enterprises that won’t open again. In general, data compiled by YELP shows that business closures have been rising since mid-July. With such a report, business owners and aspiring entrepreneurs might feel discouraged. However, there are five simple ways that you can use to survive the pandemic.
- Join social media and actively participate
Networking and building relationships with clients mainly relied on face to face meetings. However, when the coronavirus disease hit, most entrepreneurs felt isolated by their business relationships. To solve this problem, you need to join social media and actively participate in it.
A research study conducted by Smart Insights found out that more than half of the global population is active on social media platforms. Social media users are spending an average of two and a half hours every day across different messaging apps and social media platforms.
Since most people are using social media, you can meet new people and build key relationships here. When businesses use social media platforms, they bring value to their customers. And this is how they continue to build and maintain relationships.
Also, your enterprise must go beyond just posting content on social media platforms. They must communicate with their followers. Following back on potential customers on social media platforms can help in building online relationships. Responding to your customers’ queries and liking posts will help in building these relationships. Validating your followers will help in turning clients into potential customers.
While these practices are easy to do, you shouldn’t be surprised by the number of small businesses that not only fail to post content on social media platforms but also don’t socialize with their followers. Building relationships with customers is one of your key responsibilities. You shouldn’t expect your customers to do it for you.
- Learn how to optimize your spending
Minimizing costs is the most important way to pursue your business goals during these volatile times. A good example of how business owners optimize their spending in business is switching from paperwork to apps. Investing in the digital world will allow your business to reduce marketing expenses while providing a precise reach to ideal buyers.
Another great example of optimizing business spending is getting new vendors. When enterprises let their vendors know that they are looking for better prices, this allows the vendor to adjust his or her prices or the business to get better deals. Either way, you’ll end up saving a lot of money for the business in the long run.
There are several ways to optimize spending in business. Find out where all your monthly expenses are going and see how the organization can make changes that are cost-effective in the long run.
- Get assistance from your government
During these hard times, entrepreneurs need to know that they are not alone. Reaching out to legislators is one of the best ways to discover which resources are available for your business. A study conducted by the National League of Cities found out that cities are creating simple sites that have all the necessary tools and resources required by small businesses. The best sites are updated regularly with recent news from federal agencies.
Another great way to get help is by joining a local task force that focuses on boosting small enterprises and a wide range of issues. Getting involved is one of the best ways to help your business and the community as a whole. To find out what your local government has to offer, you need to reach out. You should never hesitate to seek help.
- Make sure you Seek mental health for you and your staff..
The pandemic has not only affected people physically but also mentally. As the Kaiser Family Foundation reports, 53 percent of the adults in the US reported having been negatively affected by the pandemic due to stress and worries. Most adults have reported a wide range of effects on their mental wellbeing such as difficulty in eating, sleeping, and increased consumption of alcohol and other drugs.
An entrepreneur cannot deal with the wellbeing of the organization without first tackling their wellbeing. Supporting each other during difficult times will help in building a close community in the organization. It’s important to facilitate open communication while offering mental healthcare resources for yourself and staff.
- Try to be flexible
During such an unpredictable economic climate and the ever-changing policies and procedures about reopening the economy, small business owners need to be flexible. You need to be ready to change your strategy to address something that may not be working well in your organization. It could be something as simple as changing the business’s online platform. Or, it could be something big like changing the business model. Flexibility in your strategy will help you survive and thrive in the business world.