Businesses across the world have been hit by COVID-19 and the aftermath of the pandemic, with many businesses having to close down, move to a digital offering and face one in a lifetime roadblocks, small businesses are working hard to not just survive but thrive.
To ensure your small business is innovating during COVID-19, we’ve gathered some great strategies to ensure you are operating effectively and pivoting with the pandemic.
Strategies for business success during COVID-19
There are plenty of great ways to help generate business and ensure small businesses survive Coronavirus. By implementing these strategies, you can ensure you are focused on pathways for success for your business and your staff members.
Apply for small business grants
In Australia, and across the world, there are grants and stimulus packages available for small businesses. The grants and packages have been introduced to help support businesses and ensure longevity.
While many small businesses are experiencing a decline in revenue, applying for grants will help to maintain cash flow and cover costs during any downturn in income. For more information on grants available for your business, you can check out your state government website or the latest information on small business grants and stimulus packages.
Focus on clearing debts and loans
In the current climate, having a positive cash flow, investments, and low amounts of debt for your business are essential navigating the pandemic and ensuring your business comes out the other side of COVID-19 unscathed.
Focus on lowering any interest rates for your debt, and negotiating new terms to get the best rate for your business in order to lower your costs. If your business is cashflow heavy positive, then you could also consider ETFs, stocks, and long-term savings accounts to get a better ROI on your cash.
Work from home
The pandemic has shown that businesses can change their strategy and move their businesses digitally, and the same goes for staff members. Working from home is a great way to continue working in your business during social distancing restrictions.
By working remotely, staff and business owners can reduce costs, have a higher staff engagement, and remove the need for commuting and spending hours on public transport heading to and from work.
While businesses will need to introduce new processes including zoom chats, logs for tasks, and a range of structures, working from home can help to ensure businesses continue running smoothly in a COVID environment.
Market your business
Now more than ever, business owners need to focus on their marketing and key messages to ensure there is a clear and consistent message to potential customers.
Communicating with customers, and ensuring regular engagement will ensure businesses are top of mind. Moving to online sales and digital marketing is also key as the world fine-tunes their
digital marketing engagement following lockdown measures, and bricks and mortar businesses embrace digital mediums.
If you’re a small business looking to move forward and thrive after COVID-19 there are plenty of great opportunities for businesses willing to put in the hard yards. While the coronavirus has devastated businesses globally, small businesses are resilient, and with a solid strategy, most will survive and thrive post-COVID-19.
