By Guest Writer: Amanda Henderson ⎸amanda@safechildren.info
The COVID-19 pandemic has hit many businesses hard and has been particularly unforgiving to the scores of small businesses that serve their communities. In general, larger businesses have more resources than your typical small business, such as greater cash reserves to help get them through business slowdowns and the mandated closures so many experienced.
Even as post-pandemic life allows for more and more re-openings and restrictions are eased, small businesses must continue to be diligent in creating strategies to help them adapt to a landscape scarred by the pandemic’s ruthless march across the globe. Fortunately, there are measures that resilient small business owners can employ at a reasonable cost to remain competitive and afloat as we all try to navigate what our future will look like.
Get Structured
One of the first steps to take when starting up is choosing what type of business you’ll be operating from a legal and organizational viewpoint. Will it be a sole proprietorship or a C corp? Many small businesses go the limited liability company (LLC) route, and for good reason. Personal assets are protected when you operate as an LLC, and less paperwork and tax advantages are attractive to those who run smaller companies. The process can be complex, but it’s possible to have an online formation service like Zenbusiness do most of the work for you, including walking you through the process, providing all the right forms, and eventually file on your behalf.
Take It Home
Businesses need to have a presence where their customers are and, in a stay-at-home and social-distancing reality, that presence has been in customers’ homes. But how does that translate into customer retention and recruitment strategies?
● Delivery services. Just about any type of physical goods — from food to jewelry — can be delivered to the customer’s doorstep.
● Pick-up option. Give the customer the option to pick up their purchases by picking them up safely outside of your place of business.
● Pivot. CNBC notes the importance of giving people what they need now versus what they wanted pre-pandemic. Maybe it’s customized masks that are stylish for work, functional for sports, or playful for children. If you have a service business, find a way to transition that service. If you had a catering business, can you now use your vehicle to provide safe transportation to medical appointments? As a personal trainer, can you create online videos for your clients and customers to access from home? How about a technology consultant who can virtually assist clients in setting up technology apps, such as videoconferencing or telehealth platforms? A salon owner or hairstylist can offer online hair cutting and makeup tutorials. It may take some creative maneuvering, but it keeps you in front of your customer base and demonstrates your determination.
● Saving strategies. A benefit to telecommuting is saving on office utilities and those little extras like coffee and refreshments. Look for other ways to reduce expenses, even if they are temporary measures.
● Find a logical, larger partner. Comb your network for a larger business that may be able to offer you a continued distribution channel for your products. Will a local restaurant with a delivery infrastructure in place offer your baked goods as an option, or even a floral arrangement from a florist to add some pandemic cheer to homebound diners?
● Robust connectivity. Use online networking and social media platforms like never before. Digital Doughnut notes that if you are not applying these profitable sources, you’re missing out on an incredible marketing opportunity, as it makes it easy to spread the word about your product and mission. They’re also necessary to promote and broadcast your changes and advertise that you are still in business. It also delivers a comforting sense of continuity to your homebound customers, many of whom are also experiencing economic hardships or, at a minimum, fluctuating emotions.
Technology Tune-Up
Key to any of your adaptations and reforms will be a technology tune-up — or even an overhaul. Your online presence has never been more important, and you will want to make sure your website is robust enough to handle online ordering, delivery and pickup scheduling.
Unless you’re a tech guru or professional website developer, this may seem intimidating, or out of your economic reach. However, there are robust website platforms, such as WordPress, that can handle ecommerce transactions. You simply need an experienced developer who can custom-code it to your specifications. Search for an expert freelancer on online job boards, where you can review their past performance and costs.
In addition to ensuring that your website is mobile-friendly, consider adding a customized mobile app, or partner with an existing one that already has a large customer base. And remember, promote all of these upgrades on your personal and business social media channels.
Challenge and Opportunity
The future may seem bleak for many small business owners, but don’t give up without the same fight and grit that inspired your entrepreneurship. Transforming the challenges delivered to your door (courtesy of the pandemic) into opportunities that may not only get you through this time but also prepare your business for an increasingly ecommerce-based future can be just the strategy you need to see a rewarding return.