2020 is the year that put businesses to the test. No one was prepared for the pandemic that swept the globe and caused monumental changes in nearly every industry for companies small and large.
Maintaining a successful business during this time is a unique challenge that requires creativity, careful planning, and adaptability. When the dust settles, you want your business to be ready to bounce back.
For businesses to operate safely, owners must adhere to the new regulations. If you have clients coming into the building, install safety measures like plexiglass barriers and hand sanitizing stations.
Make it mandatory for everyone to wear masks when inside. These safety measures can reduce the chances of a COVID-19 outbreak at your office or store.
Try to arrange ways that your employees can work from home to reduce unnecessary contact. This comes with challenges of its own—isolation can have damaging effects on the mental health of your staff.
You can set up a daily Zoom call with your team to check in with them and enjoy the daily banter that you all had in-person.
Using instant chat programs, like Slack, facilitates easy communication between employees. Remote working doesn’t have to be isolating; stay in contact with your employees to support them during this time.
Also read: Top 5 Entrepreneurial Factors That Distinguish 'Billionaires' From 'Millionaires'
Your cash flow may fluctuate a lot as COVID-19 restrictions loosen and tighten. It’s hard to anticipate the months that you’ll be down and the ones where you’ll bounce back, but what you can do is plan for some losses.
Look for ways to reduce any unnecessary spending. Try to set aside an emergency fund to cover your company if things take a turn for the worse. If you have any debts or outstanding payments, see if you can have them deferred for the time being.
Depending on where your business is based, you may be eligible for wage subsidies and grants from the government. Research the programs in your area to see if you can apply for any relief funds.
Budgeting is a key part of any successful business, but you shouldn’t slash your spending in all areas. We’ll get into that next:
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You may have read this heading and thought to yourself, Increase my budget? I’ve been doing everything I can to limit my budget! There’s nothing wrong with this line of thinking; it’s the attitude that most companies adopt when things go into the red.
In many areas, it makes sense to reduce your spending. But marketing isn’t one of them. If you aren’t generating leads and building your brand awareness, how will you secure the new clients that will replace your losses this year? Limiting your marketing budget will end up costing you more money.
You can empower your sales funnel with marketing to build your customer base. The more people that read and hear about your business, the more potential customers you’ll have.
Due to quarantine, many of your clients are spending their days at home and shopping online. Advertise your business where they are most likely to see you, whether that’s by using Google ads, Facebook posts, or Instagram hashtags.
It will take some market research to narrow down your demographic, but once you tap into that client base, your profit margins will start to turn around.
Also read: 5 Vital Marketing Skills that Help Teams Produce Consistently Great Content
You’ve got enough on your plate this year—running a business during a global pandemic is no easy task. The last thing you need is an unexpected repair or computer malfunction.
That’s why you need technology to make sure things go according to plan. Don’t leave your success up to chance. Instead, iron out your operations by implementing programs that will help you manage your business.
One way to do this is by using CMMS software for businesses. Many things in life are out of control; at times, it can feel like we have no way to forecast events like equipment breakdowns, repair orders, and inventory shortages.
A CMMS software keeps track of these issues and notifies you when service is due. It will be one less variable that can go wrong in your operations—at a time like this, that peace of mind is invaluable.
With the promise of effective vaccines on the horizon, we know that this pandemic won’t last forever. Your business can weather the storm by taking note of the above strategies which will help you manage your revenue and increase your client base during these tumultuous times.
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