Small businesses have been hit really hard due to the COVID-19 pandemic that has spread all over the world. The worst part is that some experts think it is just the beginning and things are going to go downhill. Whether this pandemic ends in a few months or stretches into the long-term, small business owners have to be ready to buckle down, assess their condition and then alter their business strategy for weathering the storm. These are challenging times and every business is unsure of what steps to take. Here are some of the best tips that can be used for managing your business during COVID-19:
- Analyze your spending
Take a look at where you are currently spending money and highlight the expenses that can be avoided. Consider areas, such as the size of your company, rent, marketing and other expenses that can be reduced without having any impact on the quality of your business. Efficiency is vital if you want to outcompete your rivals and be successful. A lot of businesses run with numerous excesses and this is the perfect time for them to get a leg up and start working more efficiently. Try to reduce spending, but always think them through. Experienced entrepreneurs like Ido Fishman will tell you the goal is to run as lean as possible without making any sacrifices in quality.
- Adapt to current market trends
It will be difficult to understand or predict current market trends, but doing so can work to your advantage. As experts like Ido Fishman say, if you spend some time in understanding the current landscape of the market, it is possible to re-optimize your business’s position. Can your business provide its products or services remotely? Your business may require a brand re-positioning. If you are able to capitalize on this in current conditions, then you may have an entirely new revenue stream that can be leveraged when the situation improves.
- Check out your competition
It is a fact that some businesses are suffering more than the rest. Consider the ones that seem to be doing well during this crisis and figure out what they are doing differently. According to experts like Ido Fishman, in order to understand what strategies others are using, you need to check out your direct and indirect competition. This will help you in identifying what strategies can produce the best results. It is possible that some strategies might not be applicable in other industries, but you can make adjustments to them to suit your own needs.
There are numerous opportunities to make adjustments to the positioning and macro strategy of your business for keeping up with the competition. If you are able to figure out how your competitors are positioning themselves during and after this pandemic, then you will have an advantage when things start getting back to normal.
- Consider the value of your time
One of the most difficult things that an entrepreneur needs to come to terms with is realizing if the business pursuit is worth it or not. This crisis is a wonderful opportunity for introspection. You need to assess the position of your business, analyze your spending and calculate how much money you are or could be generating. Once you have done this, you need to ask yourself if this is the best use of your time or not.
As per Ido Fishman, it might make sense for you to continue investing time and resources into the business in the short-term, but if you cannot reduce your spending, it might not be a good idea. Only if you are able to reduce your burn rate, it might make more sense to explore other areas for making money and lean back into the business when the situation improves.
- Don’t forget the mid-term
While the pandemic will continue to dominate the short-term, experts such as Ido Fishman recommend that you also need to think about the mid-term. Will your customers change the way they act or think after the pandemic is over? It is possible that some people may prefer using products and services remotely even after the quarantine is over. You need to analyze whether traditional business models will continue working after things go back to normal. You will have to make some assumptions about the mid-term business strategy and then make adjustments accordingly.
- Communicate with your customers
Yes, it is a pandemic, but this doesn’t mean that you cannot stay connected with your customers. In fact, according to Ido Fishman, it is more important than ever for businesses to reach out to their customers. You need to keep them updated about the changes you have made to business operations and how products and services will now be delivered. Let your customers know what they can do now for availing your business’s services or getting their hands on the products. Ensure them that you are following all appropriate guidelines to give them peace of mind and eliminate any doubts they might have.
- Take advantage of marketing
Business competition is very low these days due to the current situation, which is an excellent opportunity for you to market your business. Social media can prove to be a great tool in this regard and it can be used for generating more leads and targeting potential customers in subtle ways to continue generating new income streams for the business.
- Keep an open mind and stay positive
The world has become a very scary place right now and you need to stay positive in these times. Running a business means having to deal with a lot of challenges and this pandemic is no different. Like Ido Fishman says, how you handle the business in this time will determine the future. You need to speak to your employees regularly and encourage them to attend to their physical and mental health. Use online collaboration tools for promoting efficiency and keep things running while still maintaining social distancing.
Use these tips and you will be able to keep your business running during the pandemic.
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