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Three Things That Can Help Your Small Business Thrive Now and After the Pandemic
Businesses of all kinds have suffered through the COVID-19 pandemic. And small businesses deemed nonessential have perhaps suffered the most, as many of them have been the last to reopen. If you are a small business owner who finds yourself in such a situation, there are things you can do to give your business the best chance for not only surviving this pandemic but thriving long thereafter. Here are three examples courtesy of Lighthouse Consulting Group:
One. Revisit Your Strategy. A great place to start is with your business strategy. What adjustments can you make to accommodate the current and future situations?
- Communicate clearly to your clients and customers how you’re responding to the pandemic.
- Address any upgrades your website needs to keep sales flowing.
- Try offering new products and services, as well as special promotions and/or free items.
- Make sure you are utilizing social media to build your brand.
Two. Prioritize Your Physical Location. It’s true that a lot of business is moving online, but people still love to shop at brick-and-mortar stores. Take this opportunity to improve yours.
- Consider any ways that you can improve curb appeal.
- If the flooring in your store has seen better days, consider installing new carpet.
- Work to drive traffic to your physical location with exclusive promotions and in-store discounts.
- And if you haven’t adopted curbside pickup, make that an option as soon as possible.
Three. Find Funding and Ways to Save. Money is also a key part of running a business. Fortunately, there are various resources available to small businesses and strategies for cutting costs.
- Research all of your financial assistance options, including grants, loans and government programs.
- Revisit your budget to see where you can cut costs.
- If you need to reformalize your business as an LLC to protect your assets and gain tax benefits, use a formation service, but read reviews
While this is a difficult time for businesses across the country, you can set your business up to thrive in the short-term and long-term. Also, remember to show your physical location some TLC, and see what funding options out there could help your business get back on its feet.