The Covid-19 pandemic brought with it a massive shift in the global markets. Undoubtedly, it was the small businesses that suffered more. About 23% of the small and medium enterprises shut down. The road ahead is still uncertain. Yet 27% of the companies increased their business during the pandemic. It is agreeable that the Pandemic had a detrimental impact on the economy. But, it also gave a lot of opportunities. With the unpredictable Corona waves, study findings are inconclusive on the timeline to economic recovery.
Let’s discuss a few ways which will help you to sustain and grow your business even during the pandemic.
1. Connect more
The Covid -19 pandemic has made businesses realize, the core of any business is customers. As owners, you must value them and get to know them even better. Whilst working on digital spaces it becomes difficult to make these connections personalized. How do we do so?
- Offering special offers/discounts to your old customers.
- Personalized notes addressing the customer’s name.
- Take feedback.
- Invest in a good CRM.
Apart from connecting well with the customers, businesses should value their employees too. Companies who have gone an extra mile for their employees gave them an edge over those who didn’t. With most of the employees working remotely, you must engage with them creatively. Providing them flexible work schedules, entertaining them with weekly activities are some ways to have a strong bond.
2. Be Innovative
Being creative is the key to growth during and post-pandemic. A business becomes stagnant if it doesn’t add any newness into its offerings. From adding a new business line to modifying the existing ones. Both pave the way to improving your business. Michael Alexis, CEO of TeamBuilding said the company started losing business at the onset of the pandemic. The company supported corporate team-building exercises. Realizing the need to bring in changes, TeamBuilding started offering virtual team-building exercises. This change helped Alexis to grow 2x than the pre covid times. An organization can upgrade its marketing strategies as well.
3. Go Online
Shamika N. Sirimanne, UNCTAD’s technology, and logistics director said “Countries that harness the potential of e-commerce will be better placed to benefit from global markets for their goods and services in this digitizing economy, while those that fail to do so risk falling behind even further.” The pandemic has fuelled the dire need to have an online presence. As lockdowns were imposed, astute businesses have digitized themselves. Going online was easier for some industries like software and technology. But, it was a baffling situation for customer-facing industries like retail.
Although, tools like the Bikry app came to the rescue for such industries. Bikry is an application that helps retailers to set up their online store within 30 seconds and grow their business exponentially during the pandemic. People naturally have been turning to e-commerce for their buying needs. This has sped up the need for businesses to go digital. Starting from creating a website, to adding a product catalog, from payment gateways to logistics and pan India delivery, everything is quick and easy with Bikry. The app helps you keep your operations running online, saving your time and effort. By reaching out to more potential customers you can leverage the free app to take your sales to the next level.
4. Optimize budgets
An optimized capital strategy is the easiest way to survive anything like a pandemic. If something goes wrong, your business must have enough contingency funds to keep up with the operational costs till the time you find a solution. The financial fragility in small businesses was a major impact of the pandemic. In 2020, about 50% of the small businesses did not have a documented budget. In reality, budgeting is a prerequisite for determining your goals and challenges. Besides, budgets give you a timeline to track your finances.
5. Grow your Social Media presence
As the pandemic has hit the pockets of consumers directly, mindful shopping is growing. You must focus on showing people the value you provide. Social media is a powerful tool to increase your online presence. At the same time, it allows you to post relatable and engaging content. You can host virtual events, do webinars, and run contests. Educate people on how to cope with the pandemic. These can garner larger audiences and boost your brand awareness.
The pandemic caused the largest global recession since the 1930s. It has evolved the way we do business. The good part is that with the help of the above measures and a growth mindset you can get through and even grow as the world now starts to unlock.