The world is literally at a standstill as it watches the infamous Coronavirus/COVID-19 cripple the economy, quarantine actual countries, and disrupt our day-to-day lifestyle. COVID-19 may be one of the most disastrous events in our history, but it certainly isn’t the only crisis we have endured.
Depending on your age, you may remember various other intense moments such as September 11, Swine Flu, AIDS, the gas shortage of the 70’s, and many more. Despite how tragic the events may be, now is the time for small businesses to rise up and take the reigns of success once again. Here are 5 reasons why businesses should stand up and fight now more than ever.
Retail is shifting from brick-and-mortar stores to online
The tides of retail have shifted from brick-and-mortar stores to online. Online businesses have taken over and revolutionized how people shop and consume. The recent epidemic has further proved why online businesses must mold and adapt to conditions, albeit a crisis or not. The quarantining of individuals in their homes has not only increased the traffic of online viewers, but also increased the demand for convenient and efficient business practices. This includes online shopping, delivery, curb-side pickup, drop-off, and more.
Businesses that never had a pick-up or delivery service are now struggling to adapt and procure the proper equipment, software, and labor to shift their current business style into a more modern approach. If your business is like one of these doomed businesses, immediately switch gears! Listen to your customers, adapt, and solve a problem. If you already have a system in order, go ahead and start implementing. More people have occupied the internet to pass time during the quarantine. Maximize your funds and time to reach out to everyone online.
Manage the Potential in the Crisis
You, as a small business have even more tools in your toolkit than businesses in the past. You have the internet, the new sector of gig economies, and new software for payment and processing. The current pandemic is not an apocalyptic event. Use this opportunity if your business can help alleviate daily issues for quarantined individuals. Many businesses have started to leverage the crisis to bolster their company.
Now would be a better time than ever to start marketing and operating your business with loans and other financial avenuesSAMBUNO
Tech support has been put into overdrive to help install work-from-home stations; food and grocery delivery services have been working non-stop with the influx of new customers; and healthcare workers still continue to provide to those that are sick and elderly. If your business can help the community like these businesses, begin marketing like crazy! Focus on those immediately near your business and branch out. Put up advertising in social media, start cold calling, and simply put your business out there. The crisis is marketing enough. Leverage the keywords and buzzwords floating around to increase the effect of your ads.
Financing with Crisis Interest Rates
For many people, it seems intuitive that with a crisis and financial distress, you should be hoarding money and supplies to last the unknown tempest. The truth is that now would be a better time than ever to start marketing and operating your business with loans and other financial avenues. The Federal Reserve tends to lower rates during financial distress to increase the amount of loans and thus pumping money back into the economy.
If finances have been your excuse to market and sustain your business then now is your time to shine. Take out the necessary amount needed for your business only. Do not fall into the temptation of extra money and start consuming recklessly. Angel investors and venture capitalists also want to grow their money and may want to contribute small amounts to businesses to grow. Now would be a great time to reach out to those wanting to invest their money since conventional investing has taken a downturn.
Outsource The Hand On Deck
The common theme throughout this article is that a vast majority of individuals are quarantined inside. Human nature makes it hard to endure this sense of boredom and lack of diversity with activities. Take this time to hire others to do some of the menial tasks while you focus on growing the business.
Marketing is very much like an onion and involves many layers. Unless you have training and education in marketing, don’t suffer with doing this on your own. Use the extra funds acquired from the previous tip and spend it on hiring the best help for marketing or other business tasks. This extends to delivery, packaging, virtual assistants, and other tasks that open up your schedule to grow the business.
Leverage your business to be a solution
The last tip is more cautionary than proactive. There is nothing wrong in profiting and growing your business; however, the heart of entrepreneurship is the altruistic nature of solving a problem and helping the masses. There has recently been an increase in malicious business practices by individuals and established companies that have abused the limited supplies and have exploited the suffering during this crisis.
Don’t do that. Leverage your business to be a solution, an alternative, and a trump card. People should look to your business as a beacon and not a shadow of doubt. Market your business as a helping hand, as a reinforcement of troops, and as the lighthouse amidst the dark seas. Follow all these tips and cautions to continue growing your business. People will remember that in their time of need, you and your business stood firm and held out a helping hand.