Besides reopening your business to provide a needed income, you need to avoid some common mistakes that could lead to business failure. Things are a little different now that coronavirus is still here and you need to take some of those things into consideration.
Don’t Count on Immediate Business Sales
Recent days have shown that consumers have stopped buying large quantities to hoard and they have turned to survival buying only. This means that if you do not have some in-demand products along with your regular fare, you are likely to see far fewer sales.
Forget Converting to Online Sales For the Moment
By now, if you were not selling online before coronavirus, you may have missed your chance. Your competitors are and they are raking in your profit. By now, customer behavior has changed and a larger number of consumers have become accustomed to ordering online. This means that you are likely going to see fewer customers enter your store because many customers – even some of your regular ones, may not yet feel confident enough to go into your store.
Don’t Limit Your Product Offerings
Review all your products and determine if they are likely to sell in a restricted economy. Keep good records of how well each product sells. You can also watch the traffic on your web pages to see which products get the most hits. Be willing to alter your emphasis on prize products if they stop selling well. Avoid stocking up on products that have limited demand and focus on hot items that will give you good profit and will enable you to sell all you have quickly. Using a good point of sale (POS) system can help make this process automatic and give you valuable reports.
Don’t Ignore Your Finances
Before you open, determine how long you can keep the doors open with reduced income. Remember that there are more than 20 million people now unemployed and many of them have already spent their stimulus money. Some of them may be getting unemployment – but not all. If you open too soon, you may be closing sooner than you think – having to spend your little profit on utilities, building rent, and your own needs.
You also want to watch your finances so that you do not spend money too quickly. Today’s market is volatile and can change quickly – possibly causing everyone to be locked down again. Find out where your income primarily comes from – such as colleges or workplaces. Remember that if coronavirus closes those places – you are out of business. Expand your customers to create a more stable balance if that is the case.
Don’t Neglect Review Sites
Buyers are more frequently looking at review sites before they visit a business. You need to know what is being said about your business so that you can interact quickly if a negative review is posted. This can help save the day – and your business – if a negative review is given. Google Reviews are becoming a common place to post reviews, in addition to Yelp and Trustpilot.
Alive and Alert Management
A lack of good business management can destroy your business. Neglecting those areas you are weak in will slowly cost you and the success of your business. If you need to, delegate responsibilities that you are not good at, and give them to someone proficient at those things. Trying to do everything is counter-productive and will only deprive you of the time needed for those things you are best at doing. Finances, hiring quality employees, marketing, etc., are some things that you may want to give to someone else – which could give you more time to focus on the things you are good at in your business – leading to even better business success.