The COVID-19 pandemic has had a devastating impact on small businesses across the UK.
According to a recent study by SmallBusiness.co.uk. 60% of small businesses in the UK are at risk of failure as a result of the economic downturn caused by the pandemic. Lack of sales and cash flow in the main.
This is a huge number which shows the need for action in your small business.
And to prevent you from closing yours doors for good.
The Challenges Faced by Small Businesses
Small businesses have been hit particularly hard by the pandemic.
Your business has had to contend with a variety of challenges. Including reduced customer footfall, supply chain disruptions, and cash flow problems.
And now increased inflation.
For most of us small businesses. The sudden and unexpected nature of the pandemic made it difficult to adapt and survive.
Government Support Measures
The government introduced many measures to support small businesses during the pandemic.
These included the Coronavirus Job Retention Scheme, which allows businesses to furlough employees and claim a grant to cover their wages and the Self-Employment Income Support Scheme, which provides financial support to self-employed individuals.
However, many of you have found that these measures are not enough to keep you afloat.
The Need for Innovation and Adaptation
In order to survive in the current economic climate, small businesses will need adapt to the new realities of our world as it is now.
This may involve new products or services, new revenue streams, or new ways to reach customers.
One example, a local restaurant that pivoting to offering takeout and delivery services. This allows them to continue serving customers and generate revenue, even when dine-in services are not possible.
Moving online with low-cost e-commerce solutions and joint venture partnerships also work well, online does not mean fully digital.
There are ways of doing this without selling your soul to the internet.
Strategies for Small Businesses to Survive and Thrive
In order to survive and thrive in this economic climate, your small businesses will need to implement plans that will help them stay afloat and grow in the future. Some of the strategies that small businesses can use include:
Building an Online Presence
In the age of the internet, it is essential for small businesses to have an effective online presence.
This means having a website and social media accounts that allow customers to find information about the business. Then make purchases, and stay updated – let’s not forget the promotions.
Building your online presence can help your businesses reach a wider audience. Then generate revenue even when your physical location is closed.
Diversifying Products and Services
Your small business will survive and thrive by diversifying products and services.
This means offering new products or services that appeal to a different customer base or meet new market demands.
Example, a clothing store can diversify by offering online sales, or a small restaurant can diversify by offering meal delivery services.
Cross-selling, offering products that are an upsell or an additional purchase. “Other customers also liked” buttons.
And then there is multipurpose. A raincoat, becomes a “gardening coat” or a “horse riding coat” or a “standing a field watching rugby coat” change the name of it, and you’ll be surprised who else buys.
Offering Discounts and Promotions
Offering discounts and promotions can help small businesses attract customers and generate revenue.
Try This One Thing To Move Your Business Forward.
Build an email list where you can start relationships with new customers and revive not so new ones.
This can include offering discounts on products and services, or running promotions that encourage customers purchase, perhaps even getting them to come back and buy again.
Or even refer you to friends and family
Leveraging Technology
Technology can also play a key role in helping small businesses survive and thrive.
This can include software and tools to automate tasks, streamline processes, and improve efficiency.
For example, using accounting software can help small businesses keep track of their finances and make better decisions.
For example, I offer e-commerce websites which includes social sharing and email marketing, all of these combined means you can be open even when you are not.
The charge for these is a flat fee. No surprises ever.
Building Strong Customer Relationships
Finally, your small businesses will survive by building strong customer relationships, more professional friendships.
This means going the extra mile to provide good customer service, building trust and loyalty, and finding ways to add value for customers.
Building strong customer relationships can help small businesses attract repeat customers and generate positive reviews.
The more reviews you have, the more people that will find your business. Reviews are an asset.
Finally
However, with from people like me, small businesses can survive and even thrive in the post-pandemic world.
Much of what we find in business today has happened before.
The solutions are also the same as before, the use of technology, good customer service and some more action. These seem to solve most problems.
When you are ready to get some of this in your small business, then please get in touch for some honest, hands on support. I offer a done with you service, which means you learn at the same time as getting stuff done.
Use this page to contact me. Small Business Support