There’s no denying that small businesses have always been plagued with hardships, be it the Great Depression of the 1930s or the Great Recession of 2008. Even in today’s world, small businesses can still stay afloat provided they deal with the relevant challenges thrown at them offensively, and not defensively.
For any small businesses out there, the key here is to ensure that recovery should be carried out before the dust could settle so that you're always on the move. It has been seen that businesses who tend to bounce after any economic cataclysm, always act in the midst of the storm. Therefore, the following are some of the most well-known tactics that your small business can undertake to ensure maximum recoverability.
Methods To Revitalise Small Businesses Against The Economic Drawbacks Of COVID-19
1. Ensure That You Build An Audience Following Today
In times like these, most marketing agencies or e-commerce stores are already facing declines in the sale of products and/or services. Even though you might not sell a significant amount of services or products right now, you shouldn't at all stop promoting your brand or company. The key here is to change how you approach your clients or customers.
For instance, if you're a marketing agency, you need to generate an innovative Press Release (PR) package for your incoming new clients who need help in spreading their marketing messages during this outbreak of COVID-19. So, instead of forcing your clients to sign a minimum six-months contract with your services (which you'd normally do), you can let your clients choose the contract period anywhere between one to six months. At the end of the day in a time like this, the period of your contract doesn't matter – instead what matters is that you're gaining an extra audience.
Once the economy recovers, you can aim to fulfil your sales goals with the audience that you've already built.
2. Opt For Collaborations Or Partnerships
One of the main elements of creating a new audience following is to take a look at the industry and thereby figure out ways to collaborate with the ones that your business can benefit from. The way you promote your products or services in the 21st century has substantially changed and will further alter in the upcoming years.
A clear-cut example of such a collaboration would be to partner up with online influencers who are relevant in your field of services or products. Such influencers will be highly interested in your offer since the collaboration will benefit both parties and thereby helping your brand to grow more.
3. Communication Is The Key
This pandemic has shown the world the importance of working-from-home which means that this is the first time in many years you have to work with your business team remotely. Therefore, communication should be of utmost importance between:
● Your Team
● Your Customers
● Your Community
It should be known that small businesses that have recovered from such global economic recessions have always kept their business team in-line with their respective short-term and long-term goals. It doesn’t matter if the business goals are constantly changed as long as the same is relayed to the team. Such a concept will also help your customers to get updates regarding any discounts, offers, new product/service launches and so on.
At this moment, staying flexible is all that matters. If your small business can show its adaptability, then only it can survive the current economic recession – thereby bouncing back later when the time arrives – faster than the competition.