Looking at how many problems large companies have had with rearranging their business dealings, strategies, and structure during the current pandemic, it is safe to say that most small business owners were not, and still are not, ready to deal with the “new business normal”.
Disruption of supply chains, a growing need for remote interactions, and an increase in digital solutions in the areas of remote work, eCommerce, and ad spending have increased due to COVID-19 and will most likely continue for some time even after its dissipation.
While many of these changes will occur to varying degrees on an industry-to-industry and company-to-company basis, some fundamental actions can be taken by small-business owners almost immediately which will help them navigate the waters of these uncertain times and uncertain business conditions.
The following four tips do not require any money or big board-room meetings, only clear-thinking and some time and space from which to reflect upon them and adjust them to meet each business’s current and possible future requirements.
Small-Business Tip 1: Time
Now is not the time to rush things. On the other hand, it is “time” to gather what has happened and what is likely to happen when all of the smoke clears. The coronavirus will present many challenges and opportunities for small businesses to learn and grow from.
However, these challenges and opportunities can not be taken advantage of if the extra time created by the current situation is not used productively. How should small business owners use any extra spare time they have to get the most out of the situation? By building a strategy to deal with the current business environment and using it to stay ahead of the competition.
Some suggestions for building such a strategy are as follows:
- Learn new ways to find more leads and customers.
- Create new services or products to current conditions.
- Make several strategies and business solutions to fit multiple likely scenarios.
- Implement any tech upgrades as needed.
The specifics of each will depend on certain factors and requirements that are unique for each business but they give a general idea of where to start when developing a “pandemic-resistant” business model.
Small-Business Tip 2: Connection
Staying connected means keeping in touch with employees more often.
During the lockdown, it has become mandatory for many employees to work from home and many of them are doing so for the first time. Therefore, small-business owners have to step up their “leadership game” as employees who are new to the work-from-home arena will be looking to them for guidance and advice.
Aside from staying connected with employees and offering them both time and sage advice on how to best perform their work from home, especially when their family is around, small-business owners should also stay connected with their customers.
In particular, the following should be conveyed to current customers to keep them as long-term customers well into the future:
- Give them realistic deliverability expectations on products, services, or projects.
- Offer gifting services or other special promotions to keep them loyal.
- Share ideas and advice on how to keep safe and sane during the pandemic.
Keeping both employees and customers happy and feeling stable during trying times will ensure that the business continues no matter how difficult business conditions become.
Small-Business Tip 3: Empathy
Showing empathy towards customers, employees, and vendors is usually not a common business practice during normal business conditions but these days business conditions are anything but normal so certain uncommon practices may be needed to support financial strength and stability.
Empathy is one of those uncommon business practices that will help small businesses not only stay in touch with the people who keep them in business but also to encourage them to become and remain loyal brand ambassadors.
Practicing empathy is not only important during difficult times but also regular business cycles for the following reasons:
- It helps increase sales.
- It helps increase customer, employee, and vendor loyalty.
- It helps increase the number of referrals a business gets.
- It improves productivity.
- It fosters innovation.
- It increases market value.
- It increases its competitive advantage.
- It fosters engagement.
- It fosters collaboration.
That is a lot of benefits to be derived from such a simple business practice as letting people know that their problems have not fallen on deaf ears and solutions are in the works to help solve them.
Small-Business Tip 4: Future
If there is one thing that is for certain in business it is that business conditions are always changing.
Another certainty in business is that businesses who refuse to change with the times do not stay in business for long.
Without change, businesses would never be able to meet the ever-changing needs of their customers and so lose their competitive advantage.
To help with future business predictions, small businesses can take cues from their peers and even their competition to see what they are doing to meet the needs of their customers during the current COVID-19 crisis and how they are planning to change alongside new business conditions during its aftermath.
Once enough information is gathered, small business owners can look at their products and services and see if they can meet the demands of their market under current conditions and possible future conditions as well.
The good thing about small businesses and change is that it is easier to gather resources, make adjustments, and create new products or services than it is for larger organizations to do. Small business owners can learn from every experience, be it good or bad – to be a successful entrepreneur, one must adapt to the times. Although no entrepreneur could have predicted the current business environment, they can reflect on what has happened, make adjustments, and move ahead to better days.