I am grateful for Curtis Fisher and his support of young entrepreneurs. This week’s blog post has been written by Curtis and I hope you enjoy it as much as I have.
Small business owners everywhere have dealt with the economic impact of the pandemic. If your small business was considered “non-essential,” you may have had to close your doors for a period of months, only to return to limited operations afterwards.
Now, as the world begins to open up again and restrictions are gradually rolled back, you can slowly prepare for a return to normal. Maybe you need to revise your budget, get in touch with business and leadership consultant Kevin Sidebottom, or change your approach to marketing. No matter what you plan to do next, these tips will help you navigate this period of the pandemic.
Administrative Items
Business might not be back in full swing yet, but you can take advantage of this lull by working on administrative tasks instead. For instance, this might be a good time to go over your business plan and determine how you can tweak it for the upcoming year. You could also spend some time getting your digital files and paper documents organized.
In addition, now’s the time to register your business with the state in which you operate. Choosing to structure as a limited liability company (LLC) is optimal for many small businesses, primarily due to benefits like reduced risk to personal assets, less paperwork and greater tax advantages. You can use an affordable online formation service to get this done quickly and easily. Zenbusiness not only walks you through this process and helps you file, the site provides information on items like getting a statutory or registered agent.
Budgeting and Finances
The past year may have been rather lean for your business. Some sectors have benefitted from the pandemic while others have struggled. And if your business was categorized as non-essential, there’s a good chance that you’re wondering how to make up for lost profits.
First, it’s a good idea to create new financial projections for the coming year to see what you can expect in terms of your finances. Next, you’ll need to update your business budget by cutting expenses. What can you reasonably cut? Clean Tech Loops recommends nixing any software programs that you do not use regularly, switching to paperless files whenever possible, and considering a long-term remote work plan or renting an office space in a cheaper location.
Develop a Safety Plan
Depending on COVID case counts in your area, it might be time to bring your employees back to work in-person. It’s a good idea to consult with your employees before you make this decision. If everyone is on board to come back, Work Design recommends spacing out workstations with six feet in between them, stocking up on hand sanitizer, and having the office cleaned regularly. And if you have a retail space or waiting room where you’ll be allowing customers, make sure to put signs indicating that they are required to wear masks.
You may find that some workers aren’t ready to ditch telecommuting, especially those who live with people who are particularly vulnerable to the virus or those who simply feel much more productive while working from home. If this is the case, you’ll need to develop a plan for permanent remote work. Virtual Vocations recommends working with your employees to establish codes of conduct and decide which communication tools should become standard.
Delivery and Pickup Systems
Even though restrictions on businesses are slowly coming to an end, some of your customers or clients still might not be able to conduct transactions in person yet. Some people may still want to take care of business online or purchase items through a delivery or curbside pickup system. Make sure that you continue making efforts to accommodate this for the foreseeable future so as not to lose any customers.
New Offerings
The world is turning over a new leaf, and this could be the perfect time to introduce new offerings from your business. For instance, you could invite your customers or clients to a series of workshops that are held virtually for the time being and will shift to in-person gatherings as soon as it is safe. If you run a retail business, you could launch products that customers can easily enjoy outdoors this summer, since people will be looking forward to getting back outside.
Sales consultant and speaker Kevin Sidebottom blogs about the importance of knowing what customers crave. “What is the customer really asking us each time they interact with us whether [it’s] face to face meetings, calling customer service, on social media, etc. What is it that the customer is trying to communicate to us? We need to be intentional to reach out to them to figure out what they need. It’s that simple.”
Marketing Strategy
As people continue shopping online while others venture out, you’ll need to focus on combining both digital and offline advertising in your marketing strategy. You can rely on social media marketing, email campaigns, and search engine optimization to bring in new customers through the internet. In addition, set up fun window displays to attract more foot traffic to your store!
As restrictions are rolled back during the recovery phase of the pandemic, small business owners will have some breathing room to expand. You may want to use this time for administrative tasks, reworking your budget, or finetuning your marketing strategy so that you can speak to what your customers need right now. By looking forward with an optimistic attitude, you can prepare for profitable months ahead!