Andrew Napolitano said With the sudden onset of global pandemic COVID-19, the whole world has come to a halt. Where this situation has restrained people to their homes, many businesses, irrespective of their size and kind, are also badly impacted. Other than businesses, organizations and educational institutes are also locked down. People are working from home and children are convinced to take online classes. The major idea is to minimize or almost stop the spread of the virus, which is said to spread rapidly with social contact.
The industry reports of the current year have proved that small or roadside businesses are closing down temporarily or permanently because the target customers are not coming out of their homes to stop the transmission of this highly contagious virus COVID-19. There is an extreme decline in the number of sales.
A senior lecturer at Harvard Business School named Karen G. Mills says that due to Covid-19, businesses all over the world, especially the smaller ones, are facing great financial losses, which could be far more than the global recession that happened years ago.
If you were running a small business and worried about its survival during the COVID -19, you need to take the following steps to haul your business back in a domain where a solution has yet to be discovered and introduced while the economies are still struggling. Four of them are;
Become Digitally Active
The 21st century is a technologically advanced era. Today organizations and businesses have become digitalized. This is how businesses reach a massive number of potential clients across the globe with less expense. Becoming digitally active should be your priority during and post COVID-19 if you want to compete in the market. Andrew Napolitano said becoming digitally active would make your business noticeable in the market, i.e., to potential clients.
It is the need of time to do aggressive email marketing and advertise through social media tools to reach your clients, as people prefer to shop online rather than going out. This social distancing epidemic could be a chance for more growth and leave more impact on the market. The official website of your business should address the following;
- Working hours of your business.
- Impact of social lockdown on the availability of products or services your business is giving.
- Availability of home delivery services.
- Safety precautions your business is taking.
- Social responsibility and business.
I believe, the transformation of your business to digitalized is the need of the time. It would help your business grow not only for the pandemic but also after it.
Know the Changes in The Behavior of Your Customers
The shift in the behavior of customers post COVID-19 is certain, and this change of behavior will bring changes to many businesses operating in the market. Studies say that the changes in the behavior of the customers will increase depending on the number of people who are affected by the pandemic.
Therefore, businesses can benefit if they pay attention to their consumers and their changed buying behavior and preferences. The shift in behaviors of customers will require a business to introduce new or modified products and services.
If you want to survive and combat the COVID-19, you should collect information, i-e, what are the requirements of your customers and how the virus has impacted their behaviors. Adjust your products or services accordingly, so that these are not only beneficial during the pandemic, but also after it is over.
For example, given the current situation of the world and the spread of this contagious disease, many carpet cleaning businesses have added disinfecting services to their portfolio. Businesses also noted that consumers want to be reassured that all safety measures are being taken, and so cleaning businesses show that they are following all SOPs to appease clients.
Maintain Budget
A bank is not a good option for getting cash in case of any emergency. Credit is good, but it can be difficult to handle. Former global recessions have proved this to the business world. To deal with uncertain situations like COVID-19, businesses, especially the smaller ones, need to maintain emergency cash funds.
Andrew Napolitano said pragmatic smart business owners keep 2 to 3 percent of their annual revenue in their war chest. Most significantly, you are advised to maintain at least six months or a maximum of 12 months, cash on hand. The saved amount can be used for various reasons—for instance, recession, global epidemics, or other catastrophic conditions.
If you want your business to operate post-COVID-19, it would be a better step to allocate some percent of your total earnings to savings that can be used when needed.
Protect Your Workforce
Employees are considered the most important assets of a business in comparison to equipment and other heavy-duty machinery. Without a competent workforce, a business cannot survive for long in the market, especially in such an uncertain situation. Moreover, there is a category of employees that is essential for a successful business, and enterprises must hold on to them. For instance, if a business is in the sector of cleaning, if it does not retain its efficient cleaners in such a competitive time, it will lose a major share in the market. However, retaining your valuable workforce is difficult. Focusing on the workforce, shall be among the top most priorities of a small business.
A business needs to sustain its valued employees. It can be done through these ways; benefit plans, retention plans, salary appraisals, bonuses, and retirement income plans. These actions would retain your employees for longer, even after the epidemic is over. Besides the above, the employer should give a protective work environment to its workforce. Give them masks, gloves, and sanitizers to cope with the virus while being on work. Taking these steps would make your employees more productive even when the rest of the world is discouraged.
Our Verdict
The global pandemic COVID-19 has disturbed the everyday life of every person on earth. The epidemic has not only affected the lives of people but has badly impacted businesses, irrespective of their kind and size. Many small businesses are either closing down temporary or permanently. The reason is no sale.
This is a tough time or all of us, and we have to face it bravely. If you are the owner of a small business, you have to take proactive steps to come back to the market. Clients and your workforce are your major asset; you should focus on them. Understand the changes in the buying behaviors of your potential clients. Understand what your customers want and shape your products or services accordingly. Provide a safe environment for your workers and also give them incentives.
As we say, ‘slow and steady win the race.’ This time will pass soon, and businesses will be back to markets more competent post-COVID-19. Andrew Napolitano said I am sure the afore mentioned tip must be helpful for you to keep your small business on the track even after the global pandemic has passed and the human life is back just the way it was before.
