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- 1. Join social media and actively participate
- 2. Optimize your spending
- 3. Get help from your government
- 4. Seek mental health for you and your staff
- 5. Be flexible
- Bonus Tips:
Small enterprises are the backbone of most economies around the world.
As the World Economic Forum reports, small businesses employ almost half of the entire workforce in the private sector.
However, during these unpredictable times when social distancing measures have been implemented, and temporary shutdowns have happened, the majority of small businesses have not survived.
A report released by YELP reported that business closures across the United States have surpassed 97000. And this represents sixty percent of enterprises that won’t open again.
In general, data compiled by YELP shows that business closures have been rising since mid-July. With such a report, business owners and aspiring entrepreneurs might feel discouraged. However, there are five simple ways that you can use to survive the pandemic.
1. Join social media and actively participate
To solve this problem, you need to join social media and actively participate in it.
A research study conducted by Smart Insights found out that more than half of the global population is active on social media platforms. Social media users are spending an average of two and a half hours every day across different messaging apps and social media platforms.
Since most people are using social media, you can meet new people and build key relationships here. When businesses use social media platforms, they bring value to their customers. And this is how they continue to build and maintain relationships.
Also, your enterprise must go beyond just posting content on social media platforms. They must communicate with their followers. Following back on potential customers on social media platforms can help in building online relationships.
Responding to your customers’ queries and liking posts will help in building these relationships. Validating your followers will help in turning clients into potential customers.
While these practices are easy to do, you shouldn’t be surprised by the number of small businesses that not only fail to post content on social media platforms, but also don’t socialize with their followers.
Building relationships with customers is one of your key responsibilities. You shouldn’t expect your customers to do it for you.
2. Optimize your spending
According to essay writing websites, there is no better time to reevaluate how you spend funds than today. Minimizing costs is the most important way to pursue your business goals during these volatile times.
A good example of how business owners optimize their spending in business is switching from paperwork to apps. Investing in the digital world will allow your business to reduce marketing expenses while providing a precise reach to ideal buyers.
Another great example of optimizing business spending is getting new vendors. When enterprises let their vendors know that they are looking for better prices, this allows the vendor to adjust his or her prices or the business to get better deals.
Either way, you’ll end up saving a lot of money for the business in the long run.
There are several ways to optimize spending in business. Find out where all your monthly expenses are going and see how the organization can make changes that are cost-effective in the long run.
3. Get help from your government
During these hard times, entrepreneurs need to know that they are not alone. Reaching out to legislators is one of the best ways to discover which resources are available for your business.
A study conducted by the National League of Cities found out that cities are creating simple sites that have all the necessary tools and resources required by small businesses. The best sites are updated regularly with recent news from federal agencies.
Another great way to get help is by joining a local task force that focuses on boosting small enterprises and a wide range of issues. Getting involved is one of the best ways to help your business and the community as a whole.
To find out what your local government has to offer, you need to reach out. You should never hesitate to seek help.
4. Seek mental health for you and your staff
The pandemic has not only affected people physically, but also mentally. As the Kaiser Family Foundation reports, 53 percent of the adults in the US reported having been negatively affected by the pandemic due to stress and worries.
Most adults have reported a wide range of effects on their mental wellbeing, such as difficulty in eating, sleeping, and increased consumption of alcohol and other drugs.
An entrepreneur cannot deal with the wellbeing of the organization without first tackling their wellbeing. Supporting each other during difficult times will help in building a close community in the organization.
It’s important to facilitate open communication while offering mental healthcare resources for yourself and staff.
5. Be flexible
You need to be ready to change your strategy to address something that may not be working well in your organization. It could be something as simple as changing the business’s online platform.
Or, it could be something big like changing the business model. Flexibility in your strategy will help you survive and thrive in the business world.
1. Be prepared for future opportunities
Once you’ve ensured that you and your employees are safe. And you’ve mitigated all financial and operational risks, you need to start thinking about successfully restoring operations once the pandemic is over.
This is going to be a life-changing period that will bring a host of opportunities for small business owners and startups.
As we said earlier, listen to your prospective customers and think of the best ways to serve them. Finding ways to introduce efficiencies into your business like implementing remote work policies will boost the performance of your business.
Also, consider your finances. Are there any policies that you should implement to ensure that you have a positive cash flow in the months to come? No one can accurately predict the future.
However, planning for the future will help you get through the hard times and enjoy opportunities that will present themselves.
2. Form alliances
Strategic alliances play an integral part in the growth of small businesses. They can be a great way to increase the finances of your business with minimal liabilities and costs.
Forming the right alliance will make it easy for your enterprise to access the market and conduct businesses that wouldn’t be open to you.
When business operations are not happening frequently, you need to analyze the different forms of alliances that would perfect for communicating with potential partners.
To have a successful enterprise after the pandemic, you need to plan. Creating a road map will help in guiding your business to success.
Businesses can’t beat the competition by making hasty decisions affected by external factors. Now that business operations are not happening frequently, it’s time to analyze what you are doing.
And figure out what you’ll need to change.
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