Updated: Oct 25, 2020
Adapt or die! Think outside the box. When life gives you lemons - make lemonade!.What doesn't kill you - makes you stronger! Whatever your mantra during these trying times, as a small business owner, you will eventually have to face the fact that COVID-19 is changing the way small businesses are run. We all know that business models vary and will have different needs, but there are some common challenges and hardships that many businesses are facing right now. Here are 5 tips that should help in keeping small business owners ahead of the competition during this trying time!
1. Ask for Help
Everyone along the supply chain is hurting right now. From the small businesses producing raw materials all the way up to the big retail outlets. Everyone along the supply chain knows that we are in tough times. If you can't pay your bills, try to work something out. It makes a lot more sense for creditors to give you some slack and allow you to pay back the borrowed amount with interest when business picks back up again.
2. Seek for Government assistance
If you can’t delay the fees and debit orders, and the demand for payments are looming, there may be some help available to you in the form of government grants or job keeper/seeker assistance. In Australia, small businesses can apply for help with rent and payroll for employees by visiting the Australian Emergency Assistance page. Make sure you read the guidelines carefully - but financial support in terms of covering a range of small business services like content and marketing strategy could just be what your business needs to stay afloat.
3. Tweak your Business Model
During these unprecedented times - it is obvious that very few companies are conducting “business as usual” right now. It really is the time to start thinking outside of the box, pivoting your usual business style. While some restaurants have closed, others have flourished by adapting and adopting new modes of delivering food and service to people confined to their homes.
4. Use Digital Marketing and Social Media
Marketing has always been an integral part of any business strategy, but during these times, it is imperative to keep your goods and services on the minds of your customers. One of the best ways to do this is to invest what you can in your digital marketing and social media presence.
Hit the computer or smartphone and continue to promote your business on Twitter, Facebook, Instagram and the like. Be creative and offer daily specials, or have a gift card sale. Do whatever it takes to keep customers thinking about you so they will come back en mass when restrictions lessen. Now might be the best time for a website revamp - a bright edgy design and easy to navigate user interface will keep your website visitors coming back for more!
5. Be Safe
The last thing any of us want to happen is to get back to “normal” only to have to close again because of a new resurgence of COVID-19. So, follow all suggestions by your health officials! Wear masks, wash your hands, and continue adhering to social distancing rules. If we continue to follow the guidelines and take the small steps towards the bigger picture our small businesses will up and running at full steam sooner rather than later.