Negosentro | Tips to Survive Your Small Business Amid Corona Pandemic | Nobody can say when things will get back to normal, when the pandemic will end, and when we will be able to live tension-free lives. Companies and businesses are transforming their existing business models to make sure that the evolving demands of customers are met. No matter which tactics entrepreneurs are practicing, keeping business afloat during this uncertainty is not easy.
Here we are talking about the survival of the small business. Usually, small businesses are the cornerstone of the global economy. As per the World Economic Forum report, half of the private sector workforce is occupied by small businesses. However, amid these volatile times where lockdown and social distancing have become mandatory across different nations, small businesses are facing a major downfall in their revenue.
Therefore, more and more business owners are taking the help of technology. Yes, modern technology solutions help you survive during these unprecedented times. Here we have addressed the best tips that keep your business afloat and increase revenue.
Ideas to Increase Sales and Keep Business Protected
Undoubtedly, it is difficult for the small business industry, and there is no sign that things will get normal soon. However, there are some tips and tactics you can adapt for your business to stay afloat. It will surely make your business and drive sales quickly. Due to social distancing and lockdown, small business owners are facing a cash deficit; moreover, people’s inclination towards online buying increases.
So how can small businesses survive, how can they bounce-back? How do they satisfy customer’s evolving needs? Here we have rounded up some practical tips that help small business owners to beat the corona outbreak.
Adoption of Technology is the Key to SellSource: CompTIA
Today, you will not find any business which doesn’t use modern tech solutions to automate and streamline their business operations. Earlier, technological advancements were not the major part of small or medium-scale businesses, but now it has become the vital engine to achieve success. In the above image, you can see almost 70% of companies have increased their IT budget. You can leverage technology in many different ways to increase productivity, efficiency and boost overall sales.
Moreover, customer’s preferences have changed. They have become tech-savvy and looking for time-saving solutions. You might get shocked, but according to Statista, the number of digital buyers is skyrocketing each year and will soon cross 2.14 billion by 2021.
And this is the reason why small retail business owners, be it a restaurant, grocery, or any other business, are implementing an advanced ordering system for store to stay competitive. Moreover, your customers can get products at their doorsteps at affordable prices. Well, this is the perfect amalgamation of technology and convenience.
Tech solutions also help small companies to establish strong relations with customers and reduce overhead costs by automating several tasks. Moreover, with the help of advanced technologies such as Artificial Intelligence and Machine Learning, you can keep an eye on customer’s preferences, and you will be able to solve their problems quickly and smartly.
Today, humans have become digital nomads. Marketers are using popular social media platforms such as Facebook, Instagram, and Twitter to connect with their potential customers. Whether you run a small company or a big one, social media is beneficial and allows you to uniquely promote your products and service. According to HubSpot, more than 74% of marketers continue to invest in social media marketing, and this figure will grow in the coming years.
Small businesses can promote their products, communicate with their customers and increase online visibility through social media. Moreover, you don’t need to spend a huge amount on promotion. In fact, you can create a business page free of cost. In order to increase customer engagement, social media is imperative these days.
Small business owners can easily foster connections with their customers on social media. Moreover, you can assist them round the clock through Facebook Messenger. Based on your business type and requirement, you can choose any social media platform; all have their own pros and cons.
Reduce Overhead Costs
Demand is less, and the supply chain is disrupted due to the ongoing crises. Thus, reducing overhead expenses is an effective way to survive amid the pandemic. First of all, check your cash flows, negotiate with vendors, or switch to vendors that offer affordable prices. If you are occupied with the restaurant business, revise your menu or opt for a cloud kitchen business model where you only need to accept and manage online orders. It saves certain kinds of fixed expenses such as rent, salary, and so on.
In addition to that, ask your employees to work from home; it also keeps them safe from virus affection and helps you reduce certain fixed office maintenance costs. Small businesses can also use cloud-based accounting technology for cost control. These platforms are connected to bank accounts and help businesses to track expenses. Moreover, based on the financial reports, you can make informed decisions.
Focus on Growth and Innovation
Instead of sitting ideal, you should look for growth and innovation. You should focus on some questions, such as how can you increase the customer retention ratio? What are the ways to promote products and services cost-effectively? How can you generate new leads for business? Work on these questions, and you will end up with some innovation.
You could consider a range of social media platforms that allow you to promote products at zero cost. Along with Facebook and Instagram, you can also explore new content channels such as blogs, webinars, and podcasts. If you want to grab a user’s attention, you can pay for ads through Google advertising but make sure the customer acquisition rate increases; otherwise, your efforts would go in vain.
These days, online education, online healthcare, eCommerce, gaming, etc., are the several sectors that are experiencing huge growth in terms of revenue and user acquisition ratio. You can also transform your business model.
Take the example of Zomato that had started a grocery delivery service when restaurants were closed amid lockdown. Another good example is how popular hotels are offering rooms to “ COVID positive people.” It offers a couple of benefits, the first is you can keep business afloat, and the second is you can earn loyalty from employees as you are not terminating them in such a tough time.
Communicate with Your Customers
A solid customer base is the backbone of any business. It takes years to win customer’s trust but takes a second to lose. Hence, communicate with your customers through advanced tools such as email marketing, messages, blogs, newsletters, social media, etc. In short, keep them informed about how your business is dealing with the current crisis. Because you can not lose your potential customers so easily.
Small businesses play a vital role in the global economy. It is a critical moment when each decision matters. Your today’s decisions reshape your business; follow the above five tips; it will keep your doors open even after the pandemic ends.
Brijesh Vadukiya is a tech activist and avid blogger. My major concern is to educate people who are interested in technology. I am passionate about helping people in all aspects of SaaS solutions, online delivery business, digital marketing and other related topics that make tomorrow’s world better. I am fond of writing useful and informative content that helps brands to grow business.