Thanks to the COVID-19 pandemic, the economy has taken a hit. Small business owners know all too well that they are at the mercy of the global economy – one-day business is booming, and the next, you’re not sure if you’ll be able to stay afloat.
The struggle to keep the doors open is real, but you don’t have to sit back and watch it happen. Fight hard for the business you’ve built, and navigate through that financial drama by following the tips below.
1. Look for Opportunities
If you’ve lost your customer base seemingly overnight, it’s understandable that you’re scared. However, it’s important to avoid dwelling on your concerns. Instead, it’s time to focus on finding solutions.
Opportunities abound if you know where to look, and the best place to start is internal. What can you do to lower your overheads? Consider solutions like invoice discounting and telecommuting, if possible, to cut costs and keep a positive cash flow.
Another place to look for opportunities is with your customers. Is there something they’ve collectively complained about? For example, if you’re a clothing designer, do your customers want more sizing options? If so, give it to them now to drum up fresh excitement for your brand.
2. Consider pivoting
If you’ve discovered that what you’re doing isn’t working anymore, it might be time to change the direction of your small business. This is a drastic move, and you shouldn’t do it without good reason, but doing so might be the solution to riding out a tough financial situation.
By enacting a well-researched and logical pivot, you can target a new customer base, turn a successful product into a suite of products, come up with a new revenue model, or get your products from a different manufacturer such as visit Tijuana manufacturing. Just make sure your decision to change direction is level-headed and not born out of panic.
3. Use Slow Time Wisely
If you can’t change the direction of your business, you may want to tackle some of the tasks you’ve been putting off instead. With business being slow, you have time to:
- Update your website
- Start a blog
- Launch a YouTube channel for your brand
- Schedule social media posts
- Re-evaluate marketing strategies
- Take time off
4. Give Back
During an economic downturn, everyone struggles. You’re not alone, so if you have the resources, you can give back to your community during the hard times.
Think about how you can help your customers. For example, with the pandemic, many schools have shut down, leaving parents with their hands full at home. Sending something to help entertain the kids is a small but great way to help your customers weather the tough times.
5. Connect with Other Business Owners in the Community
Business ownership isn’t an island. Rather, it’s a group effort that strengthens the community. Connecting with and leaning on other business owners in the community gives you and them the support necessary to get through tough times. Together, you can come up with ways to save money, cut costs, and give back as a whole rather than individually, which is always better. If you’re not sure where to start, look for a small business group mentoring program in your area.
If your business is doing well at the moment, that’s great! At some point, however, every business experiences financial strife, and following the advice outlined above can help you navigate through the financial dramas and emerge stronger on the other side.
