By: First Union
Reinventing Your Small Business Following a Global Crisis
As we start to emerge from the months of lockdown and shuttered operations, many small business owners could very well find that to stay relevant and competitive in a post COVID atmosphere they may have to make some big changes. Some companies may even discover that they have to reinvent themselves given the situation that we are in. And while overhauling your business especially as we start to recover could be challenging, some may find that they become stronger for it. Flexibility is going to be key; the ability to pivot quickly if need be will also be of paramount importance. Below are a few things small business owners might think about doing by way of reshaping their companies in the weeks and months to come.
1. What will people need?
A pretty basic question, and yet coming out of a pandemic, a very important one. Many are in survival mode. That said, you might want to spend some time thinking about what people are going to need. What necessities will they be searching for? Is there space for your company to provide the types of goods/services that fulfill more basic human needs?
2. Delivery Updates
In a very practical sense, you may want to reconsider how you're delivering products and/or services. There are going to be increased restrictions, such that did not exist pre coronavirus. There is also going to be an increased demand for at-home delivery, as especially in the early phases of reopening, people are going to be hesitant to enter storefronts and shops. If you haven't already, it might be time to reinvent your business model as one that offers direct to consumer services. No-contact models are also going to become necessary; not to mention the need for increased protective gear for employees and staff.
3. Adapt Your Strategy
During the crisis, many consumers were forced to switch brands or products given the lack of availability. Recent surveys suggest that over ten percent say that they will not switch back as they are happy with the substitute. The takeaway here is that companies need to adapt to expectations now. Customer acquisition will be everything in the interim, so this might mean that you have to switch up your overall commercial strategy. Revisit your product offerings, reconsider your pricing plan. Leave no stone unturned as you try and figure out a way to not only attract customers but keep them for the long term.
4. Make Dynamic Changes
This has been a time of major commercial and economic disruption no question; this may also be a great time to implement some bold new changes. This could entail changes to how tasks are done, to your overall company culture, to your communication system. Just because times are turbulent doesn't mean your business has to stay stagnant. Shaking things up and implementing new strategies could be exactly how your businesses survive.
At First Union Lending, we are invested in every one of our small business clients. We want to see them not only survive but come out of this even stronger. Our loan programs can help you weather the storm. Call today!