Anand Kumar Mishra
5 Mins to Read
Table of content
Small Businesses Affected By Coronavirus
Millions of mid and small sized business owners are facing challenges due to covid-19 outbreak across the country. As the corona virus shut down the global economy, many small organizations are going through a hard business climate these days due to economic climate change.
To stay straight in the market, several owners adapted innovative ways to operate their businesses. While some excelled and made huge profits, others failed miserably.
As many businesses like restaurants, shopping stores, etc. were discontinued for a certain period of time due to the pandemic, businesses found routes to their survival.
Several buzz words of the tech town were implemented practically to encourage the growth of the small businesses.
Small businesses affected by coronavirus have shifted from the local-only audience to serving the global audience due to pandemic.
How Small Businesses Did It?
Many companies don’t realize, but they can actually run their businesses sitting at their homes. Even out of necessity, people who moved their business to the internet are growing more now.
They are able to connect a wider audience remotely. Let’s talk about some of the steps which were taken by small businesses to survive the pandemic.
1. Become Online
Customer relationship and engagement are two key pillars of any business. But due to Covid and lockdowns, many companies got isolated from their business relationships.
The best way to overcome this situation is to become online because this is the place where most of the customers are found. If you are not making your business online, you are missing out many things in the business market.
You have to engage your audience, interact with them through your social media account. These social media platforms play a crucial role in promoting businesses, selling products, increasing customer range, and much more.
2. The Art Of Pivoting
With the uncertain economic climate and dangling market, business owners should learn the art of pivoting. Pivoting is the process of shifting and changing your strategy to convey or address something because the previous strategy might not be working well for the company.
It can be done by simply changing the company platform from app to software, or complex changes like changing the business model completely.
3. Advanced Planning and Optimization
Pandemic gave many companies time to re-evaluate their business expenses. Advanced planning and optimizing is one of the most effective ways to survive even in the economic depression.
A typical example of cost optimization is switching from the print advertisements to digital ads. Investing more in digital marketing gives businesses the opportunity to reduce their costs, while at the same time providing better reach to the ideal buyers.
4. Local Government Help
Many business owners sought help from the local governing bodies. Reaching out for help to the legislators is one of the best ways to find out the available resources.
They can help small businesses to reach their audience efficiently and promote their growth.
5. Better Mind, Better Business
People must understand the value of a healthy mind and body. Business owners need to tackle the issues of their own well-being before they tackle the problems of their customers and employees.
It’s crucial to continue healthy and open communications, company updates along with mental healthcare help to the employees and their customers.
6. Advance Planning And Scheduling
As it’s difficult to predict the future, situations like Covid-19 pandemic can come out of anywhere anytime. But advanced planning and scheduling can help businesses to have a plan to get a safe shore instead of being lost in the ocean of economic depressions.
It is extremely important to plan your business strategy in advance for any situation.
For instance, business owners can plan out their business policies and strategies for the next 3 months or 9 months or more. It will provide them ample space to reorganize their business and sales according to the situation.
Apart from the above mentioned steps, below methods can also be adopted to stay connected to the customers even in the pandemic.
- Hosting small-scale webinars over Zoom, Microsoft, or Google meetings.
- Organizing virtual interaction and events to engage the employees.
- Hosting healthcare sessions to help staff and clients combat the pandemic situation.
- Volunteering or collaborating with other associations to discuss common issues and their solutions.
These are just few otherwise, sky’s the limit. It’s the time to become more creative and innovative in your approach in order to stand strong even in the storm of such pandemics.
The world is changing, so is the style of doing business. People are changing their previous way of doing business. With a blend of work from home, and sometimes work from office, many small businesses are managing and providing their services remotely.
Businesses who are doing it successfully with their positive mind and planned approach, are surely going to come out with a more resilient and robust business.