The COVID-19 pandemic had made a far-reaching impact on small businesses in every sector. Some have had to shut down for good, some are thriving, and many are struggling. The companies that are thriving during this time are doing so through an unrelenting dedication and eagerness to adapt to the new normal that we now live in. If you hope for your small business to grow and flourish amid a global pandemic, you will need to implement a similar attitude and look for ways that you can adjust.
While this may seem like an overwhelming prospect, there are some actions you can take that can get you going in the right direction.
Getting Financial Assistance
First of all, you can’t run a business without money, which is a fundamental problem that countless small businesses are running into during the pandemic. Fortunately, both government and non-government agencies are offering small businesses a variety of options when it comes to financial relief and assistance. Do your research on funding options like SBA express bridge loans, the Main Street Business Lending Program, and the ZenBusiness Grant Program to determine what kind of assistance you could benefit most from.
Embracing Online Shopping
One practical adjustment to make during this time—and one that will likely prove beneficial to businesses of all shapes and sizes in the future—is to embrace e-commerce if you haven’t already. Online shopping has been trending up for years now, and the pandemic has caused a dramatic spike. Doesn’t it make sense, then, that your products and services be made available online? Consider what you sell (e.g., subscription boxes, clothes, services), and look into the best e-commerce platforms for your business needs.
Another online factor to consider is upgrading your website to better meet the needs of your business and customers. Moreover, you might look into having an app built; if you already have an app for your business, make sure it’s up-to-date.
Branching Out in Your Offerings
Along with selling online, consider expanding the kinds of products and/or services you offer. Think of the current situation and how you can solve problems for customers. For instance, a lot of companies are seeing success from selling coronavirus-specific items, such as hand sanitizer and face masks. It’s always a good idea to evaluate your market and see where you can broaden your horizons with your products/services. Maybe one of your new items will become your next best seller!
Yes, trying new things is a great way to grow your business. However, you don’t want to forget your existing customers. As you look for new products or services to offer, be sure to keep offering the ones that your customers like the most. And at all costs, don’t forsake quality. Whether you make a product, supply a product, or provide a service, do it consistently at a high level. Your reputation depends on it.
Keeping Customer Service a Priority
Finally, continue to prioritize customer service. There are many factors involved in running a successful business, and none of them are more important than providing a great customer experience and going out of your way to keep customers happy.
If you’re a small business owner, chances are you want your business to thrive as much as possible during this pandemic. Remember to look into your options with financial assistance, and consider selling your products or services online. Lastly, see how you can expand the lineup of products or services that you offer, be sure to stay consistent with what is working, and keep providing great customer service.
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Small business loans can be used to cover employee payroll, business equipment, transportation or locale, and basically anything that’s crucial for your business. Unlike personal loans, this type of loan does not affect your equity or stake in the business.