While these are surely unprecedented times, there is no need to ‘throw down the towel’ and stop attempting to make use of the resources your business does have to succeed. While change isn’t always the easiest, it can help your company grow closer as you make it through difficulties together as a team and survive the current economy.
Adapt to New Changes
One way to adapt to current demands is by shifting to curbside pickup or other similar solutions. If you sell food, rearrange the outdoor area to provide for easy ordering and pick up from one’s vehicle. If you sell merchandise or clothing, put together a system where customers can browse your store online and pick up their merchandise or clothing outside of your physical location.
However, businesses need to ensure customers stay six feet away or more from each other by putting up physical barriers when possible. Be sure to abide by these rules. However, there are many ways to continue business like normal—it just may take a bit of flexibility and creativity.
While foot traffic is down, online traffic is only increasing. Now more than ever, your business needs to prioritize your online platform. If you haven’t already done so, ensure that your customers have a way to purchase directly from your website. You may need to update your website to guarantee that customers are able to easily navigate your online platform, as well as pay with a credit card. Now that your online presence is extremely important for success, make it a priority to revamp and renovate your website.
Reduce Cash Outflow
While there are many ways to encourage customers to continue purchasing your business merchandise or services, it is nearly inevitable that your business will experience at least some downturn during this time. However, there are plenty of ways to mitigate costs so that a decrease in business won’t severely affect your company’s financials.
First, make sure that you are saving money in every way possible to reduce cash outflow or costs. You can do this by leasing rather than buying and cutting unnecessary costs. Second, improve customer loyalty. Focusing on your star customers will keep your company relevant and mitigate net costs to the company.
While COVID is a difficult situation for most businesses, there are many ways to keep your company afloat amid the chaos. Following this advice will greatly minimize costs and improve customer traffic—and, not to mention, strengthen your company’s ability to deal with change as well.
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