It’s safe to say that there has NEVER been a more difficult time to own and/or operate a small business – or any business for that matter.
Covid-19 has taken an axe to the ability for many businesses to trade, and limited the ability for sole traders to generate income at all.
But it’s not all doom and gloom – there are ways to salvage your business and, in many cases, to take advantage of new trade opportunities that wouldn’t normally have been explored without being forced to do so.
Through this pandemic it is crucial to re-analyse your trading model and evolve to ensure that your business survives now and bounces back in the future.
Innovation is Key
The way you have operated your business now will need to change, quickly, in order to retain your customers and protect your income.
So many of our retail stores have or are closing. This has massive ramifications on the bricks and mortar outlets who have stock to sell, people to sell it, but no one to sell it to.
Covid-19 may be the driver of change – but innovation is the key to success.
From gyms moving to virtual, member only classes at a lower rate – to hairdressers selling at-home touch up colour kits and providing virtual tuition – to nail salons selling at-home mani/pedi kits – and even accountants/lawyers offering facetime consultations – there are a multitude of opportunities to ‘think outside of the box’ to ensure customer retention.
Now is the time to know you your customers are, what they want and what they need from you. Your role is now to devise and implement strategies that take the retail experience to your customers – using innovation, technology and enhancing the brand experience.
Reassure Your Customers
Your customers are the lifeblood of your business. But they are more than just a single transaction – they are part of a community that has allowed your brand to thrive.
Now is the time to reassure them that you will reach out to them – that ‘they are not alone’. Share with them the initiatives that you are working on, and ask them to be part of the process – what do they need from you?
Not only does this reassure your customers they while they are in isolation (or lockdown), that they can still shop with you, but it provides you with vital market intelligence on the products and services they want and need.
This is a vital component of being able to show your customers that you are there for them and in turn they will be there for you.
Plan, Plan, Plan
Right now mitigation, evolution and innovation is vital to weather the storm – but this won’t last forever. It’s easy to get caught up in the now – we all are and its overwhelming – but planning for the future is just as important to understand what your business will look like on the other side of this.
Maybe this will completely change the way you want to do business in the future – or maybe you see an opportunity now to grow in a new market sector (health, NDIS, cleaning, logistics, online retail to name a few). What does your business look like now and what do you see it becoming in the future?
This is where business planning is so important. How you operate now, in this situation, won’t be how you operate in the future, and it is never more important that to plan, plan, plan.
Smart Business Plans can help you weather the storm, now and into the future. If you are looking at mitigation strategies, looking to move into a new sector, starting from scratch or developing a survival and growth plan, Smart Business Plans is committed to working through it with you.
That’s why, throughout this time, all our business plans include a FREE Mitigation and Growth Strategy that can help to Maximise your Profits – by focusing on Maximising Revenue and Minimising Costs.
So if you’d like to take advantage of this FREE offer, just call 1300 262 09