It would be an understatement to say that the COVID-19 situation has been the defining moment of 2020. Most people were not prepared to handle a pandemic of this scale, which has left everyone from department stores to iconic entertainment giants with very little. The initial stay-at-home orders made it much harder for small businesses to profit during the beginning of the pandemic. As a result, many businesses were left scrambling to figure out how to keep their business afloat throughout the rest of the pandemic. With what seems like a never ending cycle, businesses need to adjust if they want to sustain success during the remainder, and aftermath of COVID-19.
1. COMMUNICATE EFFECTIVELY
It’s safe to say that amidst a moment of crisis, it is necessary to have an organization built on trust. To consumers, there is a sense of uncertainty surrounding the financial stability of a certain organization they rely on. As a business owner, you must take the time to establish a plan that reassures all customers, stakeholders, and the general public that appropriate measures are being implemented to sustain your business.
Being a transparent company will make it easier for the outside world to understand what your business is going through. Not only does this create awareness surrounding your organization, but it can also explain to customers what your company is doing to resolve the unfortunate hardships.
Social media can be a fantastic platform for this, as well as a means of exploring ideas from customers. Using social media can be an easier and quicker way to notify the general public of any announcements. It also gives your business the opportunity to effectively reach a large audience with a specific message. Utilizing a social media management tool can help your company with these tactics.
2. STUDY THE COMPETITION
Not every business has handled the difficulties of 2020 the same. Some organizations were able to remain relatively unscathed, while others did not fare as well. Taking the time to explore the businesses that navigated safely through the hardships can provide insight to help your business. Really evaluate what worked for them, and try to incorporate some of their practices into your own business. On the other hand, you can learn a lot from studying what your competitors did wrong, too.
More importantly, studying your direct and indirect competition can create a sense of understanding in what strategies seem to be working within the space. However, if some strategies do not directly align with your brand, try to research other efforts that would cater more to your business model.
3. DO YOUR RESEARCH AND DISCOVER TRENDS
As a result of the pandemic, common market trends have become increasingly difficult to predict and understand. Understanding market trends can put your business ahead of the competitors, which over time, will help your business become more successful. If you don’t know where to start, using a market research tool can help. Market research tools allow organizations to save valuable time that would have been spent collecting data. Taking the time to grasp the current landscape of your market will help you re-optimize your business’s positioning.
Perhaps your business can provide a service that is more remote, or cater to the modern environment in which more citizens are working from there home. The steps you take earlier will help prepare your business for the long haul, while also creating an entirely new revenue stream. Maybe a brand repositioning is in order, it might be the time to gather new equipment, new expenses and other business building items to expand. Whichever route that your business takes, keeping up with the trends within your industry will be imperative in maintaining your success.
4. REORGANIZE YOUR BUSINESS EXPENSES
In order to reposition your business, you will need to explore where your business is prioritizing spending, and also, take into consideration which expenses are avoidable. Brainstorm about excess marketing, rent, the size of your company and other expenses that may be reducible without affecting the nature of your business.
Putting your money in the right places such as; investing in equipment, and technology geared toward the future will lead to untapped opportunities. Take into consideration the possibility of using a small business loan to fund new expenses as you transition into a new market. The essence of success is outcompeting the competition with efficiency and to be efficient you must have the best resources.
5. ANALYZE YOUR RISK ASSESSMENTS
Lastly, it might be time to evaluate your risk assessment as it might be no longer applicable. A risk assessment is a combination of identifying and analyzing potential events that may negatively impact the integrity of your organization. These events can directly impact individuals, assets, and especially the work environment. For this particular situation, a transition in focusing on the hygiene and safety measures needed to safeguard your employees will increase.
Every business should consider adjusting their risk assessment as it pertains to newly implemented rules and regulations surrounding the outbreak. For some businesses, this might be different depending on location and especially the niche in which they operate. Overall, making sure that your business is being proactive and communicating will lead to the most seamless evolution.
We are living in unprecedented times, and it’s safe to say that most business owners were not anticipating a pandemic of this proportion. Hopefully, these tips will help take your business, out of turmoil, and perhaps, to the next level.
