During the Coronavirus pandemic, small businesses have suffered tremendously.  Most businesses are forced to close, and access to grant funding for small businesses was given to major companies already making a large sum of money.  Small business owners are forced to find innovative ways to stay in business, while competing in a tough economic marketplace.  Redesigning the strategies in the business plan and marketing efforts have become the focus, as well as unfortunately, reducing staffing.  It is a good idea to focus on figuring out what the customers’ need most and find out the safest way to provide such services, because those areas are critical to staying in business.   Stay focused, because this too shall pass. 

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Developing a new business strategy is not a bad thing to do.  So, consider what other products and services you can add or remove that will help you stand out, uniquely from competitors.  If you already have a customer base, send out a survey to your existing customers and ask them what would it take to make them feel comfortable and safe when purchasing your products or services during this pandemic.  Use customer feedback as a guide to developing new ways to reach new customers and earn their business. 

 

Offering discounts and incentives to get customers to return and acquire new customers is key as well.    Watch the video below for more helpful insight from some successful entrepreneurs.

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Source: Goldman Sachs YouTube

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-Jason Torrents