Businesses everywhere are shutting down as a result of little or no business. Coronavirus has not only affected small businesses but also ones that have been around for more than a century. While some of them could not easily change, many small ones were able to pivot and are still operating. Some are even thriving.
Many Businesses Are Closing
Several large companies have tossed in the towel, calling it quits. Among them are such well-known names as Neiman Marcus, Gold’s Gym, Pier 1 Imports, Dean & Deluca, True Religion Apparel, Tuesday Morning, and more. This reveals that size, reputation, or longevity (ask Macy’s, Sears, or JCPenneys) is not necessarily a guarantee of survival – although it often helps.
One thing that is notable among some of the companies that are thriving is that they took advantage of innovation. They changed. They looked around and saw that their business model or products were insufficient and could not lead to success under the circumstances of a pandemic without a known end.
Don’t Waste Time Focusing on Things You Cannot Change
If you have been having a pity party over the souring of your business, it is time to stop. Don’t waste another minute with it. If you are thinking that you never did anything different before, you need to realize that it may be time to innovate or let your business die. Instead, devote your energy and mental powers to find a workable solution. You may need to look at new business models or even new businesses that you have not thought about before.
Seek a Mentor
Another way to get business ideas or to test new ideas would be to talk to a mentor. They can help sharpen your idea and tell you what you need to do to make it work – or tell you why it is not a good idea. Either way, it could save you both time and money.
Make Sure the Business Enables Compliance with COVID-19 Rules
Face it – some businesses, such as restaurants, are suffering during this crisis. Many are currently mandated to shut down because coronavirus is spreading in their communities. This is apt to go on for some time. Find another model where being forced to shut down will not apply. Create an essential business that can easily be altered once the crisis is over – if it ever will be.
Select Always in Demand Products or Services
A recent example of powerful innovation is that Uber, the ride company, created Uber Eats when they saw the need for transportation was no longer in demand during the shutdown. This has worked out so well for them that they have just bought out a competitor – Postmates.
Watch the Numbers Closely
In today’s world, things change rapidly. Business owners cannot take a slack attitude toward finances or what is selling and what is not. Money is often tight, especially when starting a new business. This means you need to watch your numbers closely – traffic stats, product sales, inventory, profit, etc., which will enable you to make quick changes when needed. Be careful about borrowing money during this time.
Make Ordering Available Online
The number of people who have ordered something online has greatly increased. It is no longer an option because your potential customers are already getting very accustomed to ordering their needs online. It is a necessity today. Plan on relying heavily on Internet marketing and using various social media sites to promote your website. If you are not familiar with how or where to go, find someone who can help – it is better than wasting precious time.