Many small businesses endured a substantial setback created by government-imposed lockdowns. Unfortunately, thousands of these same companies could not remain solvent, and some eventually closed. The ones that remained operational are still reeling from the lingering effects. On a positive note, if you survived, there are several ways to recover your losses and put your business on the map.
A New Approach
Businesses that operate solely a brick-and-mortar location discover quickly that if they want to compete, they need to bring their company to a 21st-century mindset. Expanding their business to ship goods along with selling in a shop is essential.
The younger generation knows this and at present has the upper hand. Established businesses need to broaden their horizon. They need to use their website as a tool to advance their cause and bring in more sales. However, your website must be informative and easy to maneuver. People are impatient, they want to find a product or service, read about it, and secure it. If you’re not tech-savvy, ask family members, friends, or other professionals to recommend someone who is.
Drum Up Business
In order to create a company brand, you must get your name out there. Thankfully, there are several cost-effective ways to achieve your goal. If you look around while out eating or walking on a busy street you’ll see that nearly every adult and teenager has a cell phone in their hand.
Social media is very popular and attracts millions of viewers each day. For this reason, placing an ad that appears when it benefits you the most, can increase sales quickly. Despite its effectiveness, this form of advertising is probably the least expensive.
A Member of the Community
If you want locals to use your business as the go-to and remain loyal, you must become an active member of the community. Putting a face behind the company name reveals the human element. You must connect with the local population.
Sponsoring a minor league team, hosting a music festival, and pitching a tent at the fair, are a few examples. Tradeshow displays are also helpful. People pay to enter, so a good percentage of the population is there to buy or invest. The point is to have a continuous presence.
Unfortunately, many small businesses went under because they had little or no savings. No business, large or small, can make it through difficult financial times without a safety net.
A good rule to live by is never to borrow more than you need. Another rule is to have at least an equivalent to 6 months’ worth of bills in savings. When you earn a little extra, don’t look for something to buy. Instead, invest in your company. The stock market is on a roll, reaching all-time highs.
Another form of investment, Bitcoin, is making a tremendous impact on small businesses that had the foresight to invest. It doesn’t matter if you know nothing about the market or bitcoin. Find a reputable brokerage firm and start small.
Taking Care of Customers
Regardless of the type of business, there’s always competition. One way to stand out and enjoy repeat business is to take care of your existing customers. If there’s a problem with a service or a product, address their concerns quickly. A loyal customer does more than offer repeat business.
They also tell anyone they know about your company. Keeping them happy will result in growth with no additional costs. As a small business owner, you can achieve set goals. Take lessons learned from the lockdown and revamp your business plan. Have at least 6 months of savings, a stellar website, a presence on social media, and earn customer loyalty.