10 Best Tips for Small Business to succeed during COVID-19!

Businesses have suffered huge losses and people have lost their jobs because of massive economic slump caused by COVID 19. We cannot wait further without doing anything. Therefore, we have to become more aware, decisive, proactive and think of businesses that can be started from home during lockdown for students doing graduation, working class or post retirement, as well.

Worrying about the lost sales and your customer base falling apart is easy! What’s difficult is to find out new ways to connect with your customers and offer them the real value. And, that is how they will come back to you post lockdown. So, which path do you choose?

If as an SMB, you want to explore new ideas, let’s get started!

#1 Socialise Online with Your Customers Through Social Media

In order to get going through the Corona crisis, you need to build a connect with your prospects and existing customers. And what can be a better platform to deliver value and forge relationships than social media.

·       Increase the social media presence of your website

·       Check in with your audiences and show that you care

·       Respond to comments quickly and try to converse with your audience

·       Try video interactions to extend support to your audience at the time of ongoing uncertainty.

#2 Create Real Value for Your Customers Through Blogs

Now that your sales have taken a backseat, make sure you are still offering something valuable to your customers. Through insightful and informative content on your blog page, you will not just increase your online presence but also offer the real value to your customers.

·       Find logical connections to trending topics

·       Show your customers that you are open for business by sharing content around your offerings

·       Reoptimise your previous blogs & stay relevant for those keywords which are likely to bounce back post lockdown

·       Reuse & repackage your previous blogs in video formats to capture the readers’ attention.

#3 Replace Offline Events with Live Steaming & Webinars

Last minute cancellations and backouts from offline events was widely seen in the month of March! So, how these businesses are networking with prospects in the time of lockdown? Virtual meetups through live streams and webinars have quickly replaced offline events. This is where small businesses can tap on market opportunities with reduced costs!

·       You can host how-to & product tutorial videos

·       Training and workshop videos will attract a lot of audience

·       Ted-style talks and interviews with industry experts will be quite relevant for your audience

·       You can also create quirky videos about how your employees are staying connected in the time of isolation.

#4 Become a Part of Online & Local Business Communities

If you didn’t have time for this before, think about it now! Contribute to the social good, and this will ultimately result in an increased visibility among your target audience. Remember, any business doesn’t grow in isolation. As the society evolves, your business will also come out successfully post the lockdown.

·       Work with local charity groups and non-profit organisations

·       Create a business model that helps contribute to the society, such as, partnership programs, internship programs, etc.

·       Encourage your employees for volunteering in social activities.

#5 Avoid Setbacks: Plan for the Worst-Case Scenarios

It’s time to analyse all possible outcomes and scenarios so that you can take necessary steps to sail through the worst! You can take steps like extending LC payments and maintaining a lean inventory position for now. Also, try to keep a few percentages of all your revenue sources in the form of cash to support your small business ideas.

·       Try getting your fund-based outstanding converted into FCDL/WCDL for short-term benefits

·       Review your P&L statement and analyse ways to optimise the processes which are leading to recurring costs

·       Put a hold to your capital expenditure plans for the next few months.

#6 Give Your Website a Design Refresh

During any normal business day, diverting your limited resources towards website update may not be a very smart decision. But now, your employees have enough time to think out of the box and update your website with more relevant information, images and small business ideas.

·       Identify your priorities and map those with the design of your existing website

·       Redefine your website’s target audience

·       Find out what’s working for your brand and customers

·       Make a list of design changes to be done on your website.

#7 Stick to the Lean Inventory Fundamentals

Whether you are a manufacturing entity or a trading firm, let’s stick to the lean inventory fundamentals for now. Try not to hold more than 30 to 50 percent of your business sources in the form of inventory. Also, try optimizing your recurring costs to keep expenses at the minimum.

#8 Help Your Employees Upskill with Free Online Courses During Lockdown

E-learning platforms like Coursera are popular applications for delivering free online courses. Thus, encourage your teammates and workforce to upgrade their skills in areas such as coding, data analytics, digital marketing and programming language. The same can be further used for more creative courses like photography, music and art. Utilise this platform to earn good revenue from your business ideas.

#9 Feel Free to Share Your Concerns with the Staff

You might feel the weight of your staff’s salary at this time, but they are the ones who will help take your business ahead post lockdown. So, stick with them and share your concerns. After all, you can sail through this situation as a team and not alone.

#10 Take a Small Break from Worrying Everyday

Currently, the situation is not in your favour but try looking at the bright side of things. In this period of turmoil, binge watch your favourite series/movies, spend time with your near-dear ones, and attend online training sessions, demos, classes, etc. to hone your entrepreneurial skills. Let this phase pass and try putting to good use all the small business ideas you got inside your head.