Many businesses are still reeling from the effects of Covid-19. A few have closed permanently, and about 43% say they’ve temporarily halted their operations due to low product demand. They are optimistic that normalcy will soon resume and business will pick up again.
In contrast, some have remained successful and adjusted their processes to adapt. The future is still uncertain, so small businesses must come up with new survival techniques to remain afloat. Here are five ways small businesses are adapting to the new normal.
Rethinking Their Relationship with Customers
The pandemic has changed consumer expectations. Smart businesses are listening more to their customers and meeting their needs. They are conducting surveys to gain valuable insights on how to serve their customers better. Some are making the most of their social media channels, websites, mailing lists, and other platforms to connect better with customers and prospects. They are adding value by offering in-demand products and services that align with newly-passed regulations. Their ultimate goal is to ensure all their engagements culminate into winning their customers’ trust.
Taking Advantage of Technology
Technology controls numerous business activities in the new normal. Companies that had already moved most of their operations online remained in business during the crisis. One manager at 1-800-Car-Title, a company that was already offering fast title loans online before the pandemic hit, says the company didn’t have to make any major adjustments to its internal operations because it had already moved most of its services online.
However, many brick-and-mortar stores have had to invest more in technology to enhance their online presence. They’ve had to update underutilized websites, set up virtual stores, and become more active on social media. Small businesses that have quickly become accustomed to the new way of doing things are profiting in a big way.
Leveraging Their Teams
Smart business owners are communicating with their teams clearly about any new developments or changes. These may be new safety protocols or changes in business operations. Employees understand business operations very well and may give valuable suggestions on how to adopt new strategies or take advantage of business opportunities. They may also possess skills or knowledge that could benefit a post-pandemic business model.
Partnering with Other Small Businesses
Many small businesses were affected by the pandemic. Smart business owners are partnering with other small business owners and forming mutually beneficial relationships. Sharing knowledge and resources is proving beneficial for some businesses.
Many small businesses are focusing on cross-promotion and other co-marketing ideas. They are offering hard-to-find products or services by partnering with the right suppliers. Some have partnered with local delivery companies to help them make home deliveries.
Using the Opportunity to Evolve
Many small businesses have halted operations temporarily as they monitor the pandemic. Others are seeking and finding opportunities in the pandemic. For instance, many U.S clothing companies have started producing surgical masks and hospital gowns due to the increased demand. Some liquor manufacturers have also started producing hand sanitizers. These business ideas have proved to be very profitable for the companies.