According to research, the COVID-19 epidemic has adversely affected 76.2% US businesses. These businesses were most negatively affected by COVID-19, which disrupted everything from their supply chain to their in-store sales.
If you are one of these business owners, what can you do to ensure your operation thrives during lockdowns while still being open for customers and keeping staff engaged?
This article will discuss five COVID-19-related business strategies that can help small businesses survive the pandemic.
Many industries were disrupted by the COVID-19 crisis, which led to lockdowns. These companies have had to change how they provide their services and products to customers in order to grow.
Redefining your opportunities doesn’t only apply to those companies that are directly affected by lockdowns.
You will need to find new ways to increase your profitability if you want to continue growing during this pandemic.
Experts predict that coronavirus is likely to continue spreading around the globe in the future.
If your brand wishes to survive the new normal, it will need to be crisis-proofed. This will allow you to continue operating in current economic conditions. You should follow these steps to crisis-proof your company:
Personal loans are also available to self-employed individuals or small business owners. This will allow you to maintain your cash flow while you make changes in your business model.
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A 2020 study of 5,800 small-sized businesses in the US showed that brands with more than $10,000 in expenses had only two weeks of access to cash when the pandemic began. Many of these businesses had to change their spending habits in order to survive.
They are an example to all of us.
You will need an emergency fund in order to protect your brand from any unplanned events, such as lockdowns. An emergency fund can be built by saving money that you would otherwise have spent on unnecessary expenditures.
You can identify unneeded expenses by separating your expenses into two categories.
After you have sorted out your expenses, you can identify expenses that you can cut to reduce your operating expenses and prioritize your priorities.
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Although it might seem sensible to fire non-essential employees and put their salaries in your emergency fund, this could be a costly decision for your company.
It costs $4.425 to hire an average employee, and it takes weeks to train them. Retrain your employees and adapt their duties to your business model to avoid this expense later.
Also, you should consider ways to increase your employees productivity (the amount of their work) or efficiency (the quality and quantity of their work). You can increase productivity and efficiency in your business, which will result in increased output and lower expenses.
To improve efficiency, you can use a productivity formula to calculate your current figures.
Productivity = Total Output / Total Input
Efficiency = (Standard Hours Spent On Task / Actual Amount of Time Spent on Task) x 100
Then, brainstorm business-specific ways to improve productivity and efficiency.
Maintaining good relationships with customers is another important goal. Research shows that customers who are in the top 10% spend three times as much per transaction as those in the bottom 10%. This is why it’s important to maintain good relationships with your customers.
You could use these techniques to maintain a relationship with your customers:
Companies can be very stressed during periods of economic downturns, but these times often lead to long-term growth and industry-wide trends. People often attribute the rapid rise of eCommerce to the 2003 SARS epidemic in China or the rise of click-and-collect to COVID-19’s early months.
Follow these tips to make your COVID-19 experience more successful and profitable.
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