Pretend you just started your business. First, remember that no one knows your business better than you. Then, take stock of your inventory, skills, distribution channels, supply channels, training programs, and other assets. Now, imagine you have all of these things, but you are starting your business now… in the middle of the COVID-19 Pandemic!
The COVID-19 pandemic has seen many businesses losing most or all of their customers and even collapsing. With no end in sight, business owners, especially small business owners, need to reassess their businesses and make adequate adjustments to embrace the ‘new normal’ era.
The world is rethinking the future of work, so reinventing your business in this pandemic is vital to help your business survive. Here are some tips:
1. Focus on Retention and Engagement
Acquiring new customers is 5-25 times more expensive than retaining existing customers. Frequently send solidarity messages to them or just check-in (without selling). This is an excellent approach to interact with your customers and will also help to keep your brand name in the minds of your customers. Your customers will even know that you care about their well-being. In times of crisis, most of them look to brands for trusted information. Focus on them and keep them loyal.
2. Check Your Cash Flow & Reduce Expenses
How long can your business survive without sales? Take your cash balance and divide it by your average monthly expenses. Also, take a hard look at your costs. Go line by line, remove what you don’t absolutely need, and delay what you can. Look specifically at rent; can people share desks? If you must, consider layoffs. Consider a small loan too if need be.
3. Go Digital & Work Remote
Learn to be comfortable with video conferencing. Chat a lot via Whatsapp or other platforms. You can also find a reliable delivery service and consider splitting the delivery fees with your customers. Sales don’t have to be done in person.
4. Sell Your Knowledge
What are you the best at? Maintain your expertise by checking out freelance platforms, organizing webinars, or teaching online classes. It helps with keeping in touch with your customers, so you don’t lose them. Your success relies on you being seen as an expert.
5. Check on Your Employees
If you have employees, talk to them about how they can keep themselves, their family, and the customers healthy. Remember, they may be nervous and looking to you to calm their nerves. If possible, let them work from home or give flexible arrangements.
6. Cash is King
You need cash to stay liquid. Start thinking about ways to collect from your debtors. They owe you, but they may be having difficulties paying because their income stream has been affected by the pandemic. Think about an early payment discount offer. If they pay up now, they get 5-10% off!
I hope you enjoyed this post as you learn to reinvent your business in this pandemic. Download the OZÈ app and manage and grow your business today!