Looking through the current state of the global pandemic, the world will inevitably experience both an economic and financial downturn. At a crucial time like this, it is germane for enterprises, organizations, and governments to either reinvent or re-adapt which could mean a change in strategy.
With what started out as a temporary routine, given some time could turn out as a lifestyle.
Generally speaking, the task before the entrepreneur is an enormous one. Here are some tips on survival and continuity for small businesses.
Your business is still valid
The realities of the current social distancing and lockdown would have a huge impact on small businesses the most. This does not mean that your business dreams as an entrepreneur will become invalid and unrealistic to achieve. As we stated earlier, this is the time to re-invent and change your strategies. While the lot may not come out of the pandemic at all, you will come out strong only if you keep all hopes and dreams alive.
You may have to add more effort and negotiate smarter than your competition, but it’s perfectly alright.
Lastly, create attainable milestones, adjust your business plan, and create fallbacks to cushion the effects of miscalculations.
Escalating the type of business is as essential as the business itself, this period is a perfect time for small business owners to establish an accessible work option for their businesses. You may have to explore multiple channels to reach your target customers this, leverage on social media platforms like Facebook, twitter, LinkedIn, WhatsApp, Instagram to grow your business. Your target customers are open to online shopping now, which you can reach more customers through your constant advertisement this period. Invest in building.
You have to be willing to keep going and moving forward this period.
Digital market is the use of the internet, mobile devices, social media, and other channels to promote and reach customers online. This is the time you have to speak and communicate effectively to your online customers, there are platforms that help you advertise your business online, I suggest you update your business on google. Social media optimization (SMO), help boost your online presence; your business page shows up when people use search engines. SMO is a digital marketing strategy that Small-Medium Enterprises (SMEs) owners can adopt to increase awareness of products and services, connects with customers and potential customers.
There are numerous factors that challenge the survival, sustainability, and growth of new and small scale business firms, finance is the major factor for evaluating the entrepreneurial decision. Financial technology development is helping SMEs thrive. Fintech gives entrepreneurs more options relating to funding, payment processing, and money transfer, there are various platforms that provide these services to SMEs. The digitalization of financial services provides SMEs with long term tools that can be used to unlock future income. This may also require the digitalization of invoicing, helps you to accept online payment, send the invoice to the customer, and track your business expenses and income.
Countries all over the world have moved and created avenues that focus on small businesses considered to be contributing positively to the nation’s output. The Nigerian Government have shown interest in enhancing the survival and development of SMEs, the government has espoused incentives to facilitates successful funds for SMEs that have been put in place. This suggests that SMEs can get funds through incentives and programs established by the government.
People are beginning to adapt to the lockdown, this period. The importance of e-commerce platforms is becoming obvious. These platforms involve distribution, sales, after-sales services, and inventory management. Building a robust e-commerce strategy will enable retailers to be more competitive in the long run.
In conclusion, communication should be at the vanguard of any entrepreneur’s strategy to survive and continuity this period
• Maintain a daily dialogue with your consumers.
• Keep everyone up-to-date about your product any new innovations
• Build creative and educative content on your product and advertise often. Don’t put your business on hold this period, check up on all your existing customers (to help, prepare a list of questions about your product and ask them to answer for you). This will also help you re-strategize.
• Encourage customers, family and friends to help you spread your business, this referral strategy will help boost sales too.
I hope this helped.
I’ll like to hear your success stories.
Please share with other entrepreneurs.