Since the pandemic hit, many small businesses have shut down for good — and many more could close by the time COVID-19 officially ends. If you’ve managed to keep your small business alive for this long, however, all hope is not lost. Elijah Medge knows that right now adaptation is the key, so take steps to improve your chances of staying afloat as you ride out the remainder of the coronavirus crisis.
Small Business Survival in the Age of COVID-19
To keep your small business going throughout the remainder of COVID-19, you may need to take extreme measures — such as cutting nonvital business expenses or even delaying payment on some of your bills. Discipline and adaptation are a must.
- Start by taking critical steps to save your small business during the current economic crisis, like resetting your expectations, seeking new opportunities, and saving as much cash as possible.
- If you’re suddenly working from home, ensure you have everything you need to be as productive and efficient in your home office as possible.
- Request payment upfront, offer payment plans, or charge late fees for overdue payments.
- Chances are you’re relying heavily on your digital records right now, so take steps to keep your data safe.
- Consider working with small business consultant Elijah Medge to discuss various options that can help your business stay the course.
Growth Strategies for Small Businesses
Unfortunately, most small businesses that don’t adapt their strategy during COVID-19 will probably fail. Here are tips to keep your business growing throughout the pandemic, in-house or online.
- Adjust your small business to survive the new normal by cultivating relationships with major clients or donors, thinking and acting innovatively, and creating a strong online presence.
- Invest in a good marketing strategy. Consider paid social media advertising to boost your online reach, find your target audience, and build a customer base.
- Connect with your customers as much as possible — and explore new ways of meeting changing consumer demands.
Business Upgrades to Outsource During COVID-19
To adapt your small business to the new normal, you’ll likely need to make some changes to your e-commerce website and/or brick-and-mortar location. If you can’t make these business upgrades on your own, you could hire a freelancer or two.
- Use online job boards to hire freelancers who can help to make a few worthwhile upgrades to your small business. These upgrades should help your small business to adapt to the new normal, which could include many more months or years of social distancing.
- Optimize your e-commerce website to boost online traffic amid COVID-19, while also preparing your store for a post-pandemic world. You could hire a freelance e-commerce developer to assist you, or you could learn how to make these updates yourself.
- Adapt your physical location for social distancing. If you own a restaurant or bar, for instance, you might choose to hire a freelance architectural designer to assist you in planning and executing these physical changes.
The coronavirus has taken a devastating toll on small businesses, and unfortunately, many will close if they don’t explore new growth opportunities and adapt their strategies. You must stay positive, and the steps you take today will play a major role in whether your small business can survive this economic crisis.
Elijah Medge (Los Angeles, CA) owns and manages direct marketing firms throughout the United States. He is a coach and mentor to budding and experienced entrepreneurs in a variety of industries. Be sure to connect on Facebook and Tumblr.