There’s no doubt that a lot of small and medium businesses are hit the hardest from the current COVID-19 pandemic.
Small businesses often tend to work through a few months of cash flow (at most), so when something as big as this hit, it can be overwhelming not only for the small business owner, but also for the employees they support.
So, how should small businesses respond to what’s coming ahead in 2020?
There’s no easy answer; However, there’s two option we can look at.
The first is to get offensive and attack. This would mean, rallying your team, identifying opportunities, strategize and innovate.
The second being the on the defensive side where you would cut costs and maybe even layoff your best people.
Which one would you choose?
True entrepreneurs and business leaders, can identify opportunities in any market. As we’ve seen from the past, true innovation occurred during the toughest of times. Could this be time for another?
Here are a few things we’re noticing as of now.
Increase in the number of online Course creators: The best coaches and courses have already pivoted. Financial and skill courses that allow people to learn new skillset is on the rise.
Gyms are taking it online: Though closed, we have noticed a number of gyms taking their schedule online and are taking it to social media to host online workshops. How does it help? Once Covid-19 recovery takes place, they will have a physical sale and can even start with online sales.
Ecommerce is on the rise: Here’s a big trend in the making with the preference of being away from crowd could keep people away from retail spaces. This is encouraging online shopping and online transactions.
These are just few examples among many others…
But the question here is, how can your business stay positive?
It’s going to be different for everyone. But here’s some key insights to keep you running…
Your competition is cutting back.
For the first time in history, your competition is slowing down on their expenses. Many are closing doors and doing nothing online to communicate with new consumers or build up loyal customer base.
But maybe you have to cut back too… and that’s ok. The point here is on who can start with the offence first?
When all this ends (and it will), do you want to have a relationship with all your competitors’ customers? Imagine how much trust you will build with people while they’re at their emotional highs.
Online activity has spiked
With mandates to stay inside has been an issue, what do people do inside? Maybe some chores and cooking. A quick trip to the grocery shop?
But the two things people love definitely do indoors are:
1) Watch TV
2) Use Social Media
The media and online channels are having their best right now. Attention online is approaching a high. And when you mention the virus, everyone’s ears perk up.
Are you going to give in or join the party?
The whole thing is daunting. As business owners, we have to do everything we can to survive. However, the key to surviving is not giving up.