How Your Business Can Adapt and Succeed Through COVID-19
Running a business always involves risk. For large corporations, much of the risk falls on the shareholders. But as a small business owner, you know what it’s like to take on that risk yourself. Going through a global pandemic is one challenge you may not have seen coming, yet we all have to face it now that it’s here. Regardless of the type of services your business provides, it’s important to try new things. It may seem risky, but trying new things is how you come out of a challenge, not only surviving, but hopefully even growing and thriving.
You could be a solopreneur running the show on your own or the leader of a remote team that’s got your back. Either way, the first thing to realize is that you don’t have to get through this ordeal alone. Many communities are rallying to support local businesses. You can also reach out for support by searching for financial assistance. Many small businesses have already taken a financial hit due to COVID-19, and an influx of cash could help you get over this rough spot, even as you make plans to move forward.
According to Zen Business, there are multiple options available for funding sources, including government programs such as SBA express bridge loans, traditional SBA loans, and the CARES Act. You can also find loans and grants from private organizations, so don’t hesitate to explore all options. These sources include other startups that specialize in working with small businesses, as well as larger companies such as GoFundMe and Facebook.
Getting financial assistance can go a long way toward keeping your business going, but that alone isn’t going to move you forward. If you’re losing business due to closures or limited contact, consider ways you can expand your offerings to make up for that loss. An easy way to generate revenue is to expand into e-commerce. Regardless of your specialty, branching into e-commerce is affordable and low-risk, so it’s a win-win. If this is something you’re considering, make sure you do some research before jumping in. There are multiple e-commerce platforms to choose from, and you’ll want to find one that’s the right fit for whatever you’re selling, whether it’s goods like clothes or wine or something intangible like a service you provide.
Along with expanding into e-commerce, now is also the perfect time to expand your company’s web presence in general. With the continued need for social distancing, people are doing business online now more than ever, but they have to be able to find you! Start by upgrading your website if you haven’t done so recently. Then try some of the top COVID-19 marketing tips from Social Media Today, including the use of interactive content, advanced SEO strategies, and integration of social media with your e-commerce site.
Improving your website gives customers a better user experience, which is one of the top ways to get repeat business. Along the same lines, Inc.com explains why it’s smart to improve your products or services now. Investing a little time and money on improvements is something customers will notice, and the long-term benefit to your business will be worth the effort.
Going through a slump is also the perfect time to invest in professional and personal development, both for yourself and your staff. This is something you should be doing all the time, but focusing on how you can grow and improve as a leader is especially important when times are hard. As part of this growth, make sure you recognize that some business trends that have changed through the pandemic will continue into the future. The best leaders are those who adapt to immediate needs, while also anticipating what their business will need long-term.
This is a scary time for everyone — you’re concerned for your health, but you’re also concerned about your livelihood and the success of the business you’ve worked so hard to build. Remember that you already took on the risk of starting a business. Now is the time to take on the risk of adapting and making the necessary changes for growth.
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