Pandemic has changed the way we live and conduct business. Unfortunately, it seems that the curve is not exactly going flat any time soon. Some don’t believe the severity of the problem. Some won’t even wear a mask in public.
A lot of small and large enterprises were forced to close because of this. If you have a business, what are the ways on how to survive the pandemic?
Evaluate what you are offering
There are instances when some businesses simply can’t survive using their old formula. Bars can never open soon. The same goes for studios that offer spin bikes. According to the CDC, there is an increased risk if you are in an enclosed space and you have people who tend to exhale particles. Whether it’s singing, talking loudly, or because they are struggling to spin their bikes. These are things that can contribute to the spread of the disease.
Once you have evaluated what you are currently offering, you can now find ways on how to make the necessary adjustments. Instead of selling drinks in your bar, why not deliver liquor to homes instead? Or instead of offering actual spin bike classes, why not do it via zoom? Everyone can stay safe and still enjoy your service.
Cut Unnecessary Manpower/Repurpose the Manpower
This is most likely the hardest decision for a lot of business owners since most of them tend to have established a strong relationship with their crew for the past years. Small business owners made a tight community that a decision to cut employees becomes extremely difficult.
There are instances when you can still repurpose, retrain, and maintain your current manpower. Though it is an adjustment for everyone, this is the best-case scenario.
Evaluate your niche
What are the current trends in your niche? Is there anything that your competitors are applying that has worked so far for them? By studying the niche, you will be able to know what are the best moves to make. You skip the trial and error process and simply go towards the solution.
Apart from competitors, you might want to check your customers. Try to ask them what they want from you. If you are offering a product in your physical store, why not transition towards e-commerce?
Be aggressive in your online advertisement
Online advertising pays dividends now that people are staying away from large crowds and staying at home. This is an opportunity to target your niche and show them what you are offering. You will be surprised by the number of people willing to spend to enjoy the products/services that they used to enjoy when things were still normal.
Running a business during the pandemic can be challenging. Not only are you going to find yourself in a position where you might close your business, but it is also possible that other people can lose their job. But the good news is that it isn’t exactly the end. There are possible solutions that you can pull off to be able to save your business. Which of these strategies are you looking to do?