The disruptions caused by the Covid19 pandemic have severely affected the ways of conducting businesses. Stores cannot attract customers even after re-opening due to partial economic recovery and weakening of the pandemic, which is still lurking around. The biggest concern is the threat of the pandemic making a comeback any moment in a new form as the virus keeps mutating fast that compels business owners to think about new ways of stabilizing their businesses, observes David JC Cutler. Moreover, people are yet to recover from the panic and prefer staying indoors, severely affecting the footfalls at the stores David JC Cutler.
The times are difficult for small and medium businesses (SMBs), especially those in the retail industry that has taken a hard hit as consumers are more comfortable shopping online. However, to keep your business afloat, you can still do some things that might not be difficult to implement.
Keep customers updated, says David JC Cutler
Customers are highly concerned about their health eager to know what changes you have made to your business processes and daily operations to ensure their safety. For example, you might have to curtail the store opening time to fulfill the hygiene requirements of periodical sanitization of the premises. There might be delays in fulfilling orders. However, people would still be skeptical about visiting the stores due to health concerns about contracting coronavirus infection. To regain customers’ confidence, keep them informed about the latest developments that allay their fears and concerns. You can use your website, social media account, and email lists to update customers.
Replace unavailable services with new products
When you cannot service customers with your existing products, offering them replacement products could keep your business running. And maintain the flow of revenue. This aspect is especially more relevant for online companies that sell digital products like online coaching classes, tutorials. And courses, e-books, and video series, to name a few. A lot depends on creative thinking to remodel your business. Which could become the mainstay of your business in the days to come.
Move to online services as much as you can
Reduce the reliance on your physical storefront and devote more time to take as many features of your business online. So that you can stay in constant touch with customers and even cater to their requirements. Small retailers who exclusively relied on footfalls must now recast their business online. And concentrate on driving traffic to the online store. Which will generate a channel for a permanent revenue stream. Interim measures like curbside pickup or local delivery could help to buy time for the transition.
Manage cash diligently
As revenue reduction is impossible to avoid, small business owners must be cautious in managing the cash flow. Being sensitive to inventory will help unlock money and reconsider the existing financing options. An audit of variable and fixed costs is ways to make ends meet with limited cash.
It will ensure that your business stays afloat. And your customers recognize your efforts to serve them in the best possible manner.