As a small business owner, you may have experienced a significant revenue loss over the past couple of months because of the economic impact of the COVID-19 pandemic. Even if you’ve been able to benefit from the CARES Act, you might be worried about the future of your business. If you want to make sure that your business stays afloat during this pandemic, the following suggestions will help you remain competitive within your industry, implement new growth initiatives, and outsource certain projects to the experts.
Branching Out With E-commerce
Although some brick-and-mortar businesses have remained open throughout the pandemic, and others will be included in each subsequent phase of the reopening process, many consumers are still choosing to exercise a high degree of caution and shop online instead of browsing retail stores. If you haven’t already ventured into the world of e-commerce, now is the time to do
Before you begin selling your products or services online, you’ll need to research different e-commerce platforms to determine which platform will be best for your business. For instance, a platform that works well for selling subscription boxes might not be suited for selling clothing, and you would also need to look at alternative options if you’re offering digital downloads. You may be able to execute this project on your own, but if you’d like professional input, you could get in touch with a business consultant.
Invest in New Technology
Now is the perfect time to invest in new software programs that can help you run your business more efficiently, like inventory-tracking software. With the right inventory-tracking software, you’ll never lose track of supplies and orders again! ShopKeep recommends choosing software that you can easily integrate with other programs you already use.
You may also want to consider investing in a brand new app for your business that will allow customers to book individual appointments for services or have products delivered to their doorsteps. If you have previous experience with coding, you may be able to design the app on your own. However, you could also hire an app designer to get the job done for you!
Boost Your Virtual Presence
In addition to setting up an e-commerce shop, you can also make it easier for customers to find you online with a sleek website and active social media platforms. For instance, if it’s been a while since you last updated your website, you can use some of your downtime to work on new evergreen content, revamp the user interface, or publish blog posts to keep your customers informed. It’s okay if you’re not too savvy when it comes to web design or virtual marketing. You can always outsource these tasks to a full-service digital branding agency like LiveWebMedia which can develop a custom plan for your business.
Spruce Up Your Retail Space
Finally, you can also use this opportunity to clean up and redecorate your physical retail space. Sweep the floors, wipe down the shelves, and scrub every nook and cranny until all the surfaces are squeaky clean! If professional cleaners in your area are still offering their services to local businesses, you could also hire them for the job. As you set up new merchandise displays, The Balance recommends creating attractive visual display boxes with lighting that highlights the perfect focal point.
For many small business owners, the past few months have been exceedingly challenging, and some have doubted whether they will be able to keep their doors open in the long run. But if you’ve spent years building up your business, do not give up just yet. There is a light at the end of the tunnel, and if you can adjust your strategy and invest in initiatives that will help you boost your profits, you can continue operating for years to come.
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