In the light of the unprecedented pandemic virus outbreak, there has been a near-total shutdown of economic activities. It is massively shaking small businesses and consumer behaviour. Businesses are increasingly being closed. This has prompted the IMF to predict that the global economy will contract by 3% in 2020. The bulk of economies of developing countries are made up of small businesses and they are the most prone to this virus. As the economies of different countries battling with COVID-19 are shrinking, their governments are restarting economic activities. This restart does not look like it is going to be easy for businesses like before. As businesses like yours intend to reopen, you will have to have new aces up your sleeve to restart your business.
Below are five tips for small businesses to restart as the fight against COVID-19 goes on.
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Re-draw up a marketing plan to restart your business during COVID-19
Amid the widespread of the pandemic virus, you cannot start operating your business properly if you do not get your supply chain and distribution channels up and running. To ensure that you revive your business, your marketing team should be ready to market and sell.
Do not sit back and expect that your customers will come back as usual. It is not just your world that is affected by COVID-19 outbreak, everyone is in it too. For example, many of your customers would have lost interest in your products and services.
Instead of expecting they will come back, as usual, recreate awareness about your brand and regenerate their interest so that when they need your products and services like yours, they will turn to you. Many people will be wondering if businesses are still operational amid the lockdown measures. This alone necessitates the urgent need to market and let them know that you are still around.
By creating awareness, they will see reasons again, why they should turn to you when they require the kind of services you are offering.
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Reinvention is necessary
First off, let us admit that there have been disruptions in consumers’ consumption of staple products and services. You have the time now to make changes to the operations that you deliver to your core customers. You might not reinvent your whole business but tweak a few places can set the ball rolling. By restrategizing and equipping yourself with the right information, you will be better prepared to restart your business during COVID-19.
Research on change of consumer behaviours and factors that caused them. Ensure you are ready to adjust your products and services by reaching out to customers. This way, you can understand how they are coping and what services are important to them. You can also take business courses during this downtime to better identify marketing strategies.
To make this shift of operations the first step to consider is to understand each segment of your business followed by deconstruction. Shift focus to products that will greatly be demanded even if the existing products and services are still greatly demanded.
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Market your goods and services with Coronavirus at the background
Before you start marketing your solutions ask yourself ways they are going to be relevant to consumers in the face of the virus outbreak. This is important especially if you are introducing a new range of products and services into your business.
Now is when flexible marketing is crucial to keep your business afloat as the pandemic disease continues to ravage the world. Make sure that the solution you are providing to your target audience dovetails to their current needs.
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Have Contingency plans in mind as you prepare to restart your business
For the reason, that nations are relaxing lockdown measures do not imply that the virus is no more around. Some medical experts predict that reopening the economy will worsen the virus widespread. Owing to this, you have to make a list of possible challenges you will face and develop solutions to each one of them. It is not feasible to predict what will happen but it is better to strategize and have a plan on hand than to be caught like a rabbit caught in the headlights. Businesses like Photography should consider other means of staying in business to restart your business during COVID-19.
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Prepare to use an alternative method for daily operations
Coronavirus could still disrupt operations such as travel, order delivery, and more. For example, you need to visit clients in nearby other locations but can’t due to the lockdown order. In this case, have an alternative method of communication such as setting up a Zoom meeting to converse with your business partners and staff. This will enable you to prevent the virus from widespread from affecting your business. You can also consider setting up a website to showcase your business and rebuild brand awareness. Websites can be designed with a low budget using platforms like WordPress.
These techniques will enable you to safely restart your business during COVID-19, support your customers and community.
We are Vencru are always here to help your business thrive. For more helpful tips and tricks on how to grow your business, manage your bookkeeping, and track your invoices and expenses, visit Vencru Business Corner to read more articles like this one! Check out the new and improved bookkeeping app – which is free to you
