COVID-19 has proved beyond doubt that small businesses are devastated and most badly impacted by economic recessions and crisis situations. However, in comparison to them, the relatively bigger businesses generally, enjoy better possibilities of survival. This is simply because small businesses have major cash flow issues as they operate with cash or capital for just a few months.
Hence, when something like the pandemic hits, things could go haywire and it could be having disastrous effects not only on the small business entrepreneur but also, the staff they currently are supporting. So is it possible for small businesses to stay afloat despite turbulent times? EJ Dalius affirms that you simply cannot predict what the future has in store for us in an unstable economy but you must focus on moving forward by planning out effective marketing strategies and implementing them seamlessly for at least, the next three months.
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Tips to Thrive Despite COVID-19 by Marketing Guru Eric J Dalius
Chalk Out a Three-Month Plan
For several small organizations, their survival depends predominantly on the cash flow situation. Marketing expert Eric Dalius feels that there are several effective ways how small businesses could successfully manage their finances for navigating through this scary and uncertain period. As per https://www.scrapality.com, surveys and studies have revealed that a vast majority of the small organizations generally, have reserve cash for only around 27 days. Thanks to the lockdown or stay-at-home situation or a drop in customer demand, most businesses fear that they would be compelled to opt for closure due to lack of funds or cash flow. However, it is a smart move to make an effective three-month financial plan with details relating to where you could cut your expenses during this period to boost the survival possibilities of your organization. It is a good idea to consider the furlough scheme offered by the government that helps in funding your staff while safeguarding your business simultaneously.
Keep Lines of Communication Open
Communicate without fail with your customers. This is the most critical time irrespective of the industry you belong to, for reaching out to all your loyal clients and potential customers. This may not necessarily be a typical sales pitch. Instead, ask your customers if they are doing well. Tell them how you are trying to help your community and respond promptly to all their queries associated with the pandemic.
Even if you are not an authority in the line, you could get in touch with someone special in your network so that he could provide the right advice on your behalf to your customers and potential customers. This goes a long way in fortifying your relationship with your target audience. This is the best time for listening to what they have got to say to you during these dire circumstances. You may consider supporting them with your expertise and offering real value.
Identify the Opportunities
It is not a decent way to capitalize on such devastating and distressing events like the pandemic, but they could be regarded as a wake-up call for you to reconsider the way things have been going on. You may introduce a slight shift in your existing business model so that your business could sustain and thrive despite the COVID-19. Try digitalizing your services and start offering your products online. Consider implementing cutting-edge technology for balancing any loss of income by providing novel ways of connecting with your customers. For instance, restaurants could start home delivery services. Even gyms could consider offering workout sessions via live streams on Instagram or other social media platforms. The key is to rise to the occasion and refine and fine-tune your strategies to make the most of the available opportunities.
Conclusion: The Key Is to Be Adaptable
COVID-19 has been successful in changing fundamentally the very meaning of ‘normal ‘for everyone. It is, therefore, of pivotal importance to embrace a certain degree of flexibility and adaptability so that you could adjust your business with the changing requirements and demands of the market. This could be the best time and occasion to experiment and try out things that are not within your comfort zone. This could go a long way in saving your business and sustaining it through the pandemic.