by Naomi Johnson of Life-Based Business
The COVID-19 pandemic hit small business owners incredibly hard and also changed the way we do business forever. As we continue to adapt to this new way of life and work, the most important thing to focus on is how you can start and/or maintain a resilient business that can endure even a pandemic. This is what you need to focus on:
Figure Out What’s Working and What Isn’t
One of the most important things you can do to run your business successfully is to get aggressive with your overall operations and budget. Using software to streamline your financial reporting, you can generate real-time financial reports which will allow you to see which income streams are working for you and where you need to cut your losses. As a tip, choose a platform with a customizable dashboard so you have better visibility of the KPIs that matter most to you.
The same goes for your overall operations. Whether you have an office space or a retail space, you’re going to need to assess which part of your daily operations needs improvement and which operating procedures can be left behind.
Focus on Preparing for Tomorrow
In addition to identifying what works and what doesn’t for your business now, you’ll need to start preparing for each new day by asking yourself what you can do today for tomorrow’s success?
To prepare, you should assess the following:
- Whether or not your customer demand has increased or decreased. This metric can be determined as you team up with the award-winning consultants and a marketing agency like Pinstripe Marketing to tailor your brand and your message.
- Which working conditions and arrangements will work best for your staff.
- Are you experiencing any issues with suppliers, such as delays or out-of-stock inventories?
- Can you enhance your content efforts? For example, as part of your marketing mix, look to a platform like Adobe’s banner maker to create eye-catching banners for social media, which is the choice option when you have something bold to say in your brand’s messaging. When it comes to banner design, be careful to avoid too much wordiness, as you want people to get your general message at a glance. If you’re struggling with design ideas, look at Adobe’s template library.
When you know what works, it’s important to understand what makes these things work and how you can continue to ensure that they work so each day runs smoothly.
Prepare for the Future
Again, preparation is key. We have no way of knowing what form the economy will take in the future — near and far — so Gulf Business suggests it’s necessary to create a plan that will sustain your business, ensuring that it’s future-proof.
For example, if your business went remote, CNN notes that it’s a good idea to keep that option going forward. If possible, you may want to think of downsizing to a shared workspace or going completely remote. This way, if disaster strikes again, your teams are already adjusted to working remotely and can continue to do so without interruptions.
Create a Support System
Many small businesses during the pandemic joined forces to offer each other support, whether it was shared inventory, services, and so on. If you haven’t already cultivated partnerships, it’s in your best interest to start, as new collaborations can open doors to new revenue streams and sustainable resources.
Create a Cash Reserve
While there is some support for small businesses provided by the government, many business owners are still taking out loans to stay afloat. To avoid accumulating business debt in the future or going bankrupt if another disaster strikes, it’s critical to create a cash reserve that can sustain your business for at least six to nine months.
There’s no time like the present to create a plan for the future. Whether you’re starting a new business or picking up the pieces from a current one, you’re going to have to adapt to the new world in which we’re living and take every precaution to ensure that your business not only survives but also thrives.
Pinstripe Marketing is a full-service advertising and public relations agency, specializing in professional services and complex product marketing. Contact us today and learn how we work hand-in-hand with yours to define your objectives and develop a comprehensive marketing campaign that will deliver your message effectively! (727) 214-1555
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