What Can Small Businesses Learn from the COVID-19 Lockdowns?
Each day during the ongoing COVID-19 pandemic, more and more small businesses are deciding to give up on their dreams and permanently close their business. Whether this stems from a lack of necessary funds or the inability to receive financial assistance to pay rent or other overhead costs. In this article, we will look at 3 things that small businesses can learn from the COVID-19 lockdowns and some precautions that should be in place if a similar situation occurs in the future.
Communication is Critical
Is your small business considered essential and still operational even though lockdowns are critical? Are you still offering curbside pickup or delivery even though your retail location is closed? Without effective communication, your customers will never know that you are still there to help them. Unfortunately, many people that would still be using your business simply won’t because they aren’t aware the option is there. As soon as a problem occurs that means your physical business will need to close for an extended period, it is important to let people know what other options they have to still support you.
Alternative Revenue is Important
Small businesses that have developed an eCommerce website are finding the most success throughout the ongoing COVID-19 lockdowns because they still have a viable source of alternative revenue. If nothing else, the pandemic has shown businesses who sell products that they need to have a way to sell their products online to reach broader audiences and continue to serve their local areas whenever the storefront is closed or temporarily unavailable. Without this steady stream of alternative revenue, a business can quickly lose the needed capital to continue.
Creativity is Invaluable
Being able to adapt in a time of crisis is what separates successful businesses from unsuccessful businesses. Unfortunately, this is something that many businesses had to learn the hard way once COVID-19 lockdowns began unexpectedly. Finding creative new ways to keep customers engaged or excited can help ensure that you are not only finding support during periods of mandatory shutdown but are also building lifelong relationships with your most valuable customers.
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