Owning a small business has never been easy. But for many of us, the global Coronavirus pandemic has made the challenge harder than ever.
According to a survey by the National Small Business Association, three-quarters of American small business owners are ‘very concerned’ about the effect that Coronavirus (or COVID-19) will have on their finances. And with millions of companies still closed across the country, it’s easy to see why.
Whether your business is a local bar, an online store, or a traveling trade service, you’ll almost certainly have had to adapt to the pandemic’s constraints over the last few months. But you might be struggling to see how your company will thrive in the post-viral world.
This article will suggest three ways you can boost your small business during the Coronavirus pandemic.
1) Update Your Market Research
Before the outbreak of COVID-19, you probably knew your market inside-out. But the virus has dramatically changed the way we shop. Now, you could be targeting a market demographic that wants different things than it did before.
By conducting Market Research During Coronavirus, you can make sure that your business proposition is angling toward the right customer segment. If your company sells tech accessories, for example, you might be able to start targeting your products towards new demographics such as senior citizens and small children, who began to rely on remote communication in lockdown.
Updating your information is a great way to determine whether any market gaps have become apparent during the pandemic. This data will give you an advantage over companies that are still acting on the results of their past—and potentially outdated—market research.
2) Explore New Business Models
If the pandemic has taught us anything, it’s that specific business models are far more sustainable than others. For the most part, services that based online have managed to weather the storm of Coronavirus more successfully than bricks-and-mortar stores.
But if your independent business is on the high street instead of in the ether, you might be concerned about how you’ll thrive in the age of social distancing.
The key is to be flexible. Depending on which state you live in, it might not be possible to pursue your current business model for months. So how can you change it to adapt to new regulations?
Follow the lead of the sectors that have boosted their sales during lockdown:
- Delivery services
- Drive-through businesses
- Subscription companies
- Grocery stores
If you sell products or goods at all, a pick-up, delivery, or subscription model is something to take seriously. And if you sell a service, consider if it’s something you can get customers to come to you to receive.
3) Polish Your Online PresenceÂ
Coronavirus has accelerated the rise of remote businesses and online services. Whether or not your company can operate remotely, it’s vital to take advantage of this shift by investing in your online presence.
Channels such as your website and social media have long been crucial ways of reaching customers. But now, they’re more important than ever.
A robust website that ranks highly for SEO will give your business greater exposure. This fact isn’t just good news for online stores, though.
With widespread closures making leisurely shopping trips impossible, customers currently have to adopt a more targeted approach, researching stores before they visit. (As one article put it in CNET, ‘shop efficiently. Now’s the time to get what you want and get out.’)
The result? Online platforms will become almost as essential for physical stores and local services as they will for remote businesses.
Bonus – Consider Business Process Outsourcing
The digital age has made it easier than ever to outsource and offshore both critical and non-critical business functions. This diversity of business operations can serve to mitigate disruption and ensure business continuity.
There are many benefits to business process outsourcing and its advantages work well for employees and the company that can outsource effectively and that considers the economic and other advantages carefully. The process of business process outsourcing whether through outsourcing or offshoring can also be expanded to include manufacturing and production in the digital age, minimizing risk even during the most troubling of economic times or during the next global crisis.
If you’re worried about your company’s future, try following these three tips to reinvent your business offering once the Coronavirus crisis is over for good.Â
