In addition to its impact on public health, coronavirus disease 2019 (COVID-19) has caused a major economic shock. But it has also impacted especially small businesses in the UK. This is a short guide with some tips on how your business can adapt and overcome the main challenges of the pandemic.
1. Accept the reality and take action quickly
No one saw this pandemic coming and timing is crucial to make the best decisions.
Emotions like anxiety and fear are completely normal, but as business owners, we cannot be paralyzed by those feelings.
Implement and update reports in order to gather all available data to support your decisions.
Map all your business expenses, review advertising campaigns and focus only on activities that directly support your business growth.
2. Connect with your customers
Clear communication is crucial to efficiently engage with your customers.
Let them know if you are still operating remotely and offer easy ways to connect with your team using shared calendars and video conference solutions like Zoom.
If you are not operating, keep your CRM updated and use your social media channels to send special offers for pre-orders using vouchers and gift cards.
[Bonus] Create remarketing campaigns to increase conversions and reduce cart abandonment.
3. Map new opportunities
Challenging times call for innovative actions.
Discover new ways to offer your products or services. The first step is to build your online presence with a professional website and using social media.
Keep your website updated and use GMB to list your business locally. Start a podcast or video series in your niche to engage with your audience, start offering online consulting or set up an eCommerce.
[Bonus] If you are a restaurant, create experience packages delivering a special experience at home. For beauty services, sell online gift cards or consider starting your own line of self-care products.
4. Cut costs wisely
Before you make cuts, run that through your financial projections.
Making cuts to reduce costs looks like an immediate good decision, although this could be detrimental in the long term, affecting business health.
Every cut that you make is going to reduce your ability to generate revenue or keep your business going, which is not something you want to be doing right now. Use resources like the financial support offered by the government to help your business.
[Bonus] Traffic is cheaper than usual, use this time to invest in paid traffic to generate leads and grow your funnel.
5. Ask for help
Engage with people in online communities on LinkedIn or Facebook.
Asking for help as a small business owner or entrepreneur can sometimes make you feel vulnerable. However, it’s amazing what neighbours, friends, and strangers on social media will do when you simply and genuinely ask for help.
Don’t be afraid to share your thoughts or ask questions, either to find a new business partner or to validate an idea, there are a lot of professionals that are happy to help and to build true relationships.
If you don’t know where to start, send us a message at email@example.com and we will be happy to help.