The pandemic has by and large impacted every sector of the society and that too in the entire world. This sudden disaster changed the very shape of society. And the sector that has been most impacted is the business, thereby largely affecting the entire world’s economy.
The fall in GDP and the continuous burden on the state income forced people to get a solution that is a long-term one and that may take people out from this situation of crisis. Major impact during this situation was on the small businesses, whose income graph saw a downward turn. Therefore, there are a few ways that these businesses can survive even during these crises.
- Taking example from one of the businesses in the U.S., it can be suggested that going online is a good alternative for these businesses. More and more marketing is involved in this process and that too in a creative way. This way has helped the company once again come back on its feet and benefit from making use of technology at its best. Switching to this mode was the best possible way to make things work out during such a time. Online transactions and online marketing benefited such small businesses to a large extent.
- The pandemic had taken all options of being in contact and offering services. Therefore, these small businesses took to making adjustments like using contact less deliveries, trying to adopt new technology that could benefit their business as well as motivating the employees to learn new skills in order to facilitate changes in the business models.
- Lockdown or quarantine made people more isolated thus turning them towards the internet and some case studies help to understand the work from home factors. Therefore, nothing other than making the best use of social media marketing and promoting business online could have helped these businesses.
- During this time, it became more important to be patient in securing investments. During pandemic, people were lacking funds and therefore it was hard to find someone who could fund our business. But it must be remembered that such options should be properly verified and then chosen so that all possibilities of a misfire are eliminated.
- Planning again was a very important aspect of making things work out properly, in the long run. When you plan your business activity for the future, you eliminate major possibilities of things not turning out well. In fact, when you plan you must do it for a short term as well as a long term basis, wherein different types of goals are required to be met during this time span. Analyze whether you wish to reduce the variable expenses or renegotiate the fixed ones. And also, one must have a continuous track of whether online business benefits more or the in-person one. There is always a possibility of such pandemics stretching for long periods till a permanent solution is figured out for them, therefore we must keep this thing in mind and thereafter be on the process of making changes in our company policies.
- Another important thing that can be followed by these small businesses is that during the pandemic, since most of the things have turned online, it becomes important to communicate transparently to the customers. Be very open to the consumers, about the condition of your company so that it increases the credibility of your business and therefore the dependability also rises.
- Also, we must not forget that the market changes every day, and during this pandemic, one could just expect the worst, therefore one must remember to make policies according to these changing market patterns. Make your business model in such a manner that it is able to adjust to the changing market patterns. It is important for these small businesses to reassess their business models and check whether it is able to fit into the ongoing trends.
- The most important thing to keep a track of are the debts. So if these small businesses want to flourish they must keep in mind the ways to avoid debts, especially at a time when landing in debts might really not be beneficial.
- There had been many small businesses who took to getting into partnership, during this pandemic. The turn was indeed a wise one, reason being rather than sharing the entire loss oneself, the loss was divided thereby lessening the burden on one partner. For example, there were various businesses which contracted with the mask, sanitizer and PPE kit businesses, since these were a few things that saw immense sales during the pandemic. This wise turn made these small businesses benefit by and large. And this collaboration also helped them market their own products. Now, having talked about this contract relationship, it becomes important to state that there must be a healthy relationship between the contracting parties in order to make this arrangement a long-term one.
- In the face of this crisis, team work becomes a must, therefore it is required that such small businesses must stay intact as a team and act as a support system for all. Also, the team should be properly communicated about the major developments and impacts on the business as well as the short term and long term goals of the company. Since things have gone online, it has become important to keep in touch with each other so that these developments are well reported.
- Also, there must be proper communication with the stakeholders. These businesses can consult with the business experts or as a matter of fact, their investors in order to establish this communication. Thereafter, the situation of the business and its long-term developments, in line with the current situation, must be communicated to the team so that everyone can work together towards a common goal. Transparent reasons should be provided for any negative developments in the business.
Therefore, these were a few points that the small scale businesses can keep a check on, in order to grow their sales and enhance their marketing phenomenon, thereby expanding their business.