The sudden outbreak of COVID-19 has caused an immense impact on all small businesses. Right from small retail shops and restaurants to startups and private companies, all small businesses are struggling to cope with the revenue losses. Every business owner is unsure of how to retain their existing customers and protect their employees. Also, the self-employed individuals are facing the brunt of this global pandemic. The uncertainty of this situation is causing many small businesses to scale back and shut down their services altogether. However, the best thing your small business needs to do right now is to plan for the long term.
Here are some of the tips small businesses can follow to continue their services and plan for the long term.
1. Focus on customer retention
How do you retain old customers? Be proactive and let your customers know what your business is going through, as customers tend to empathize with the brands they trust. In other words, if you communicate transparently with your customers, there are higher chances of customer retention. According to the Harvard Business Review, it is important to let your customers know about the steps you are taking behind the scenes to serve your customers. For instance, explain the steps you are taking to reduce the risk and deliver quality work within the stipulated time frame. This indeed enhances your brand-consumer relationship in the long run.
2. Implement remote work policy
You need not panic and slow down your business operations during this global crisis. Instead, implement work-from-home policy and communicate effectively with your employees. There are plenty of online tools like Workplace by Facebook, Slack, Zoom, Aircall, etc where the team members can be in touch and work productively. Also, you can take certain steps to increase employee productivity while they work from home. As a small business owner, your employees are your greatest assets. Do not lose sight of your business, instead encourage your employees and support them to be more productive.
3. Change your sales strategy to online
During this economic crisis, it is crucial that you do not lose out on your existing customers and clients. To avoid heavy losses in the months to come, you need to take all the necessary steps to retain your existing customers. How do you retain old customers? The solution is to simply revamp your sales strategy and continue your services. Focus on marketing your business digitally, i.e. E-mail marketing and social media marketing. According to Harvard Business Review, the cosmetic company Lin Qingxuan enormously increased its sales by using digital platforms to engage its customers virtually. Depending on the nature of your business, you can promote your brand by offering discounts, free shipping, etc.
4. Postpone meetings and business travel
If you had planned for some important team meetings, postpone them or host them virtually. The main purpose here is to minimize the exposure to the virus and take care of your employees during this phase. Also, if you had any business meetings or conferences lined up, skip them at any cost. Eventually, this phase will pass, meanwhile stay indoors and carry out all your business digitally.
5. Pay attention to workplace hygiene
You need to pay attention to your workplace hygiene even after the lockdown period ends. Even if there is no sign of COVID-19 in your community, it is always better to take precautionary measures. Make sure that the doorknobs, tables, desks, chairs, handrails, telephones and keyboards are disinfected regularly. Keep hand sanitizers and instruct your employees to wash their hands frequently throughout the day. Avoid handshakes and continue to follow social distancing until this pandemic subsides. Also, you can promote respiratory hygiene for preventing the spread of COVID-19.
6. Plan for the long term
It may take a couple of months for your small business to attain normalcy. Though some economies are steadily recovering, the rapid spread of the virus is going to have an adverse impact on small businesses. According to research, 30% of businesses are expecting a high impact on their supply chain, while 27% of businesses are expecting the virus to have a huge impact on their revenue. To combat this impact, you can communicate with your investors, partners, and suppliers and figure out ways to sustain this pandemic and keep growing.
7. Focus on long term marketing plan
Now is the time for small businesses to focus on SEO and inbound marketing strategy. Right from online advertising to on-page and off-page SEO techniques, get all your marketing tasks into action. When your competitors’ slow down their SEO and marketing efforts, their engagement with the audience eventually drops. Use this opportunity to beat your competition and rank higher on the search engine. Also, this is the right time to fix your website, create more SEO friendly content and promote your brand on the relevant social media platforms.
8. Business interruption insurance
This option is valid for small businesses that have completely shut down their services during the lockdown period. In case you are facing immense business loss due to this global pandemic, check with your insurance broker whether your unexpected business losses can be covered.
Due to supply crunch, lack of resources and losing out on clients, small businesses are experiencing major issues in delivering their services. Also, they have the responsibility of managing their finances and communicating with stakeholders, customers, and employees. Managing these tasks can be daunting during the lockdown period. Don’t panic, invest in digital marketing and focus on customer retention. Also, do not forget to double down on SEO, as your consistent steps will surely count and make a difference post COVID.
Penned By: Aanchal Patil
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