iversity in STE A M www.diversityinsteam.com
esearch shows that the COVID-19 pandemic has affected 76.2 percent of U.S. businesses. COVID-19 impacted most of these businesses negatively, disrupting everything from their supply chains to their in-store sales. So, if you're one of these business owners, how can you adjust your operation to thrive during lockdowns, stay open for customers and keep staffengaged? Here are five COVID-19-involved business strategies to help small businesses survive the pandemic:
Redefine your business growth opportunities
The COVID-19 crisis and subsequent lockdown measures have disrupted many significant industries, including the hospi- tality industry, retail industry and enter- tainment industry. Naturally, companies in these fields have changed how they deliver their products and services to customers to continue growing.
5 Business Strategies
You Need to Know Today
By Mark Quadros
But redefining your opportunities isn't just limited to companies directly affected by lockdowns. If you want to keep growing during the pandemic, you will need to seek out new ways to improve your profitability, includ- ing: Entering new markets Taking out a bridge loan and investing in new projects Adjusting your marketing and sales approaches Targeting new customers Redesigning old processes with new online business tools Forming new partnerships (especially with local suppliers) Finding new ways to improve your offerings for customers To identify the best opportunity for your brand, you must research potential op- ions, identify the best ones and formalize them with a new business plan. According to this guide to business plans, your busi- ness plan should include detailed product and service plans, a market analysis, a management plan and a financial plan for each growth strategy.
Adapt your current business models
Experts predict that coronavirus will continue to spread around the world for the foreseeable future. Naturally, if your brand wants to survive this new normal, you'll need to crisis-proof your business so you can continue to op- erate in the current economic climate. To crisis-proof your business, you should: Measure the damage to your company regularly so you can adapt to potential problems before they arise Back up your data and embrace digital solutions to help staffwork from home Prioritize the health and safety of your employees with workplace safety measures like social distancing, hand sanitizer and masks Reduce your cash flow to only essential expenses Adjust how you deliver products and services to customers to ensure theirPrevious Page