As the COVID-19 pandemic stretches on without an end date in sight, businesses of all types have had to get creative with their operations to continue to survive and thrive financially. Many small businesses rely on in-person service, so there are some types of businesses that have had to completely change their standard operating procedures to be able to survive during the shelter-in-place orders instituted in most states.
Here’s a quick overview of some of the ways small businesses have changed their models during the pandemic, and some tips for coming out of this in a stable financial position.
- Find ways to expand your market or enter new ones: Getting creative with the products or services you offer can help you maintain steady revenue levels while shelter-in-place restrictions are in effect. For example, there are examples of distilleries around the county that have started making hand sanitizer to supplement the market, which has seen a significant surge in demand for that type of product. Some restaurants have opened convenience stores for essential products, and cleaning services have begun selling cleaning and sterilization products. If there is a creative way to temporarily adjust your products or services or to expand your market, find it and exploit it.
- Collaborate with other companies: If there’s any opportunity for you to partner with other small businesses, it may be mutually beneficial for you during the pandemic. You can package products or services together to offer savings to your customers, or engage in shared marketing endeavors, such as print, television or radio advertisements. These companies don’t necessarily have to be in your industry for a partnership to be sensible and beneficial.
- Maintain strong communication with customers: If you’ve had to slow or halt any aspects of your operations during the pandemic, you should still make communication with your customers a priority. Send emails with information about delivery or pickup services for your products, or the kinds of services you’re still offering during the pandemic. Update your website and online listings with information about your hours and operational changes so people stay informed. You can even ask your customers directly what they want from your business right now, and what you can do to best serve them.
- Offer new methods of delivering your product or service: Many bars and restaurants have been offering curbside pickup during the pandemic, and some brick and mortar retail stores may be able to offer these types of services as well. You might also consider establishing temporary delivery services within a certain radius.
These are strange and unprecedented times, and while some businesses have been able to transition to remote work relatively smoothly, there are plenty of others that rely on in-person interaction for success, which has forced them to get creative with their operations. For more tips for how you can keep your business financially stable so you can be well-positioned to thrive coming out of the pandemic, contact us at MCG Solutions.