Now that restrictions are starting to ease up, and small businesses are now allowed to open again. But things are not the way they are anymore. With COVID19 in the equation, small businesses need to adapt to this challenge to ensure continued survival.
There are needs to be some adjustments for small businesses to cope with. If you own a small business or knows anyone who has one, here are some tips to help you adapt to the changes.
Increase your budget for advertising
As an initial response, businesses usually cut down their advertising budget during a pandemic. But did you know that the situation is an excellent opportunity for advertising?
Experiences in past pandemics show that companies who increase their marketing and advertising budgets have the edge over their competitors.
For one, advertising is cheaper during this time, therefore, increasing the chances of your Return of Investment. This is also when most businesses cut down their budget on advertising, thus, freeing up some space for your ads.
It also allows you to strengthen your brand image or introduce a new product during this trying time. Through these advertisements, you will be able to project an image of stability despite the economic uncertainty.
Lastly, your clients are likely to remember your business if they continually see your ad during the pandemic. With everyone staying at home, they will have more chances and time to understand your advertisement.
Make smart investments
With stocks going down during this pandemic, it might be smart to invest your capital. But how should you do it?
Alex John shared these tips in a My NewsFit post:
- Look for a solid investment. Do your research as markets are volatile as of this time. Your research can lead you to choose the places where there is more guarantee of profits.
- Don’t be extravagant. Now is not the time to spend all your money. The times are uncertain, and the risk is high. That’s why it will make sense if you go for small but guaranteed investments.
- Keep something in reserve. Be both realistic and optimistic of the now and tomorrow. Always keep some money, so you’ll have something to use in case the situation worsens, or your investment will take time to mature.
- Ask around ask your circle about the investments they made. Their experience will be helpful for the decisions you will be making.
Devise a comeback plan
There are a lot of things that you need to change, and that would include additional safety measures for your business. It would be wise to have a “come back” plan.
What safety measures are you going to put in place? How will you deal with your workforce? How can you ensure the security of your people and your clients?
If your business is still on a cash basis, this might be the right time to explore and invest in automated payments.
Check your competitors and other businesses
Just because your business is close, doesn’t mean you’ll totally be relaxed. Even if your business is closed, try to observe how your competitors are dealing with it. Get some insights and ideas from them and try to adapt some, if you feel like it can work for you too.
Aside from competitors, you can learn from other industries as well. They might also have some responses that can work for you.
Check your marketing philosophy
It’s time to revisit your marketing philosophy. What you have set in your marketing plan might no longer be applicable now.
You have to change your marketing plan and try to make it fit based on the call of the times.
Establish an emergency fund
If there is one thing this pandemic taught us, it is always to be prepared for unforeseen events. With businesses forced to close, having an emergency fund would become your safety net.
You can use these emergency funds to keep your business going. Some governments have mandated a rent freeze, but what if your government didn’t? There are also small businesses that choose to continue giving salaries to their people. All these can come from your emergency fund.
Audit your brand’s content
Concerning number 5, it would be good to audit your content. Check if the message is still in line or acceptable to the current situation. There might be some content that goes against the needs of the times, so make sure to check it, you might experience some backlash.
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