The Coronavirus pandemic has become the ultimate disrupter when it comes to the global economy. Although both large and small start-up companies have felt its effects, it’s the small businesses that have taken most of the blow.
Small businesses are the foundation of the country’s economy. These companies are responsible for employing almost half of the workforce in the entire private sector. However, during the COVID-19 pandemic ensues, many of these small businesses may not survive. Thus, resulting in a bankruptcy Chapter 13 in states like Utah.
Although there aren’t any surefire ways for small businesses to thrive during these turbulent times, there are a few key points that you can do to help businesses survive the pandemic. So, here are a few helpful tips to help you manage your business for the next year.
Use social media to your advantage
Entrepreneur Magazine says that more than half of the world’s population are into social media. And these people often spend at least 2 hours and 24 minutes of their time each day using various social media platforms and messaging apps. That’s why it’s only practical for companies to use these platforms to connect with their customers. When businesses use this to their advantage, they can help bring value to their customers and even maintain their relationships.
All companies should go the extra mile when posting content. They need to ensure that they capture the audience’s attention while interacting with their followers. Another way to create online relationships with your target market is by following back potential customers on social media. You can even further build your relationship with them by liking their posts and leaving comments. Doing so will make your customers feel validated. Thus, turning them into potential clients or customers.
Although these pointers may seem easy, it’s surprising how many small to medium enterprises only post content on their social media account but neglect to socialize with their followers. Building relationships with customers through various social media platforms is a give and take relationship. So, interacting with them is an excellent way to reciprocate their feelings towards your company.
The value of optimizing your business pending
There’s no better time to reevaluate your business spending than now. Bear in mind that reducing costs can heavily impact your business goals, especially during this trying time. Experts say that you can also consider investing in digital marketing to reduce your monthly marketing expenses. Using this technique can also help you provide you with a better way to target your ideal customers.
Another crucial example of reducing your costs is by shopping for vendors. When companies enable their vendors to know that they’re looking for others who can provide them with better prices, it allows them to give you a better deal. If not, then you can always use this as an opportunity to find better deals elsewhere.
Ask assistance from the local government
Entrepreneurs need to know that they’re not alone during these demanding times. So, you can consider reaching out to the local government to see if there are any resources that you can tap into for help.
Cities across the country are creating websites that business owners can use to access all the information that they need when looking for government assistance. You can also consider joining the local task force while advocating for your company and even the local community.
Running a business is quite challenging, especially during these times. So, you need to do whatever it takes to keep your business afloat until you find ways to adjust to the new normal.