While this does provide a way to get a low-interest\u2014and possibly forgivable\u2014loan to help you float through the tough times, you might want to check with your accountant and even your lawyer before taking advantage of programs like these. Ensure that taking out a loan of this nature is in the best interest of your company\u2019s future.<\/p>\n
Take stock of your resources<\/h2>\n
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It\u2019s also important to take stock of your small business’s current and short-term future resources during COVID-19. This consideration can fall into several different categories:<\/p>\n
Start by adding up your current inventory<\/h3>\n
If it\u2019s perishable, such as food at a restaurant, you\u2019re going to need to freeze it, store it, or give it away. For non-perishable items look for ways to temporarily warehouse your inventory until you can resume business. You may also be able to liquidate some of your current stock through selling online as well (more on that further down).<\/p>\n
Think about your manufacturing resources<\/h3>\n
If you have products that must be assembled, take a look down your supply chain and consider if any of the various parts may become difficult to access in the coming months. Things made in China, for instance, may suffer shortages as Chinese manufacturing struggles in the wake of the pandemic. Make sure to take stock of what you have in abundance, what is limited, and what isn\u2019t available at all. Then allocate your existing supply resources to the most efficient areas possible.<\/p>\n
Remember your brand<\/h3>\n
It\u2019s also essential to remember the intangible yet invaluable resource represented in your brand and customer loyalty. These are key pieces of your marketing collateral that must be valued and preserved as you go about reacting to the situation. Consider your brand identity<\/a> and how it is reflected to customers in each business decision that you make.<\/p>\n Once you\u2019ve addressed cash flow and current resources, it\u2019s time to consider if and how you can maintain your previously physical operations in a digital market. There are many ways to make adjustments and adapt, even when your small business existed in the brick-and-mortar market.<\/p>\n A few ideas and suggestions as you look to adapt your current operations to a quarantine friendly alternative include:<\/p>\n If you own a restaurant, you can operate an online menu and sell your food for curbside pickup. You can also consider selling your food as a product. Waffle House decided to sell its waffle mix online and sold out in a mere four hours.<\/a> The point is, don\u2019t be afraid to get creative as you adapt.<\/p>\n Demand is higher than ever for certain essential items across the globe: groceries, masks, gloves, sanitizer, and soaps. But there are other product categories soaring in demand<\/a> that aren\u2019t necessary for survival\u2014rather, enjoyment while we all stay in the house. Entertainment, backyard supplies (up 44% in Italy!), indoor fitness gear, and home office supplies have all risen in demand during this isolation period.<\/p>\n If you own a restaurant, you may consider offering meal-kits, or grocery delivery through your unique suppliers. If you\u2019re in manufacturing, consider pivoting to create masks, gloves, or other sanitation supplies right now.<\/p>\n If you\u2019re used to having a brick-and-mortar shop, now might be time to consider moving to ecommerce. With a logo<\/a>, website<\/a>, and social media presence<\/a> to promote yourself online, you might be able to sustain your small business by selling your products online.<\/p>\n Consumers keep cash close in tough times, and shipping fees often lead to abandoned online shopping carts. Relieving consumers of delivery charges make for a smoother transactional experience online, leaving the price much closer to what they\u2019d originally anticipated. If your small business can afford to remove shipping fees during COVID-19, it might help sustain your profits for the time being.<\/p>\n If you are a wellness practitioner, educator, health specialist, consultant, or other, now is the time to move your services to a digital platform. Take advantage of video conferencing tools and host your meetings and consultations through platforms like Zoom, Facetime or Google Hangouts. Adapting your business offering to an online platform now will make your services more accessible in the long run!<\/p>\n Small businesses should lean into a discount and promotion strategy to incentivize purchases during COVID-19. Product-driven businesses should set short term goals (2-3 months) to make sure they aren’t sitting on inventory. This is essentially like sitting on cash. Prioritize the products that are most valuable to your business, and anything considered low-value should be heavily discounted to bring in small, but daily transactions.<\/p>\n Many big-name brands are opening up their return and exchange policies during COVID-19. This means extending the amount of time people have to return from 30 to 90 days, or 30 days after stores open. Doing this relieves a buyer’s wariness around making online purchases. People don’t want to be stuck with a product that doesn’t work for them. By extending your return and exchange policies, you’ll be showing you empathize with your customers, a small move that goes a long way.<\/p>\n Community is important now more than ever. Focus your newsletter<\/a> on community features, behind the scenes stories about how your small business and the people behind it are coping. Include other current event information that will help preserve your brand and cultivate customer loyalty.<\/p>\n Practitioners across the globe are taking to Facebook and Instagram live to host free online workshops, yoga classes, meditations, fitness hours, and more. While doing this won\u2019t make you any money directly, it\u2019s a great way to keep people engaged with your brand and stay top of mind. People who remember you will want to buy from you when this is all over.<\/p>\n If you sell products, consider doing a live showroom, or demonstrations of your product. This will present a more realistic experience of your product, in lieu of customers being able to engage with it in-store.<\/p>\n Cybersecurity tips<\/a> like encryption and limiting data gathering as you attempt to process orders and take financial information online.<\/p>\n As you look for ways to maintain at least a semblance of your previous momentum, remember that you\u2019re not alone. Thousands of small businesses are struggling to keep up with the crisis right alongside you. Use the event to focus on customer appreciation<\/a>, community, and building your brand\u2019s reputation.<\/p>\n10 tips for adapting your current business strategy<\/h2>\n
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<\/p>\n1. Set up contactless delivery<\/h3>\n
2. Adapt your product<\/h3>\n
3. Set up an online store<\/h3>\n
4. Waive shipping fees<\/h3>\n
5. Move your services online<\/h3>\n
6. Discount what’s not selling well<\/h3>\n
7. Extend your return and exchange policy<\/h3>\n
8. Adjust your newsletter<\/h3>\n
9. Go live on social media<\/h3>\n
10. Look into cybersecurity<\/h3>\n
Plan ahead<\/h2>\n
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