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The COVID-19 pandemic has swept through the world, killing more than a million people.
As a business owner, the pandemic is coming at you like a double-edged sword. On the one hand, you have to protect yourself and try not to catch the virus. On the other hand, you have to find ways to keep your business afloat.
In this article, our focus is on the business side.
At a time when people are losing jobs and the economy is tanking, how do you ensure your business doesn’t collapse?
Continue reading to learn the secrets to staying afloat.
Move Your Operations Online
It’s 2020, about 46 percent of small businesses in the United States don’t have a website!
Maybe you think your business model doesn’t need a website. You could be right, but there’s a way you’ll benefit from digitizing your operations.
For instance, if you run a local coffee shop, you might think that the business entirely depends on people coming in and ordering coffee. Now that there are stay-home orders, your coffee shop is basically dead, right?
Well, it’s time to move your operations online.
With a business website, people can order your coffee online. This will keep some revenue coming into your business.
The companies that will emerge out of the COVID-19 pandemic stronger are those that will leverage the power of the internet. Read this article for deeper insight.
Don’t Shy Away from Marketing
Although coronavirus has disrupted lives, the truth is consumers still need to spend money. The major change is consumers will spend less than pre-corona.
As such, your business will still make sales, but don’t wait for customers to come looking for you. You have to go looking for them. And the best way to do this is through advertising and marketing.
It’s understandable if you’re holding off on investing in marketing. You probably want to reserve whatever money you have. Maybe the worst is yet to come.
However, marketing will help you supercharge your sales, especially during this low season. You just need to craft a clever marketing campaign and ensure you’re spending your marketing dollars wisely.
Cut Your Expenses
If your revenues have gone down, don’t hesitate to cut your expenses. If you maintain your daily spend, you’ll run out of cash sooner than later.
Most business owners know this. What they don’t know is how to cut back on their expenses. What do you strike off your expenditure?
It’s not easy, but one of the responsibilities of a business owner is to make hard decisions. Perhaps you need to introduce wage cuts or fire some employees.
Go through your list of expenditures and do away with as many secondary expenses as possible.
Staying Afloat During the Coronavirus Takes Work
Staying afloat during the COVID-19 pandemic isn’t easy. However, you can do it. With this guide, you now have some of the top tips you can use to keep your business going as we wait for the worst to end.
Keep reading our blog for more business tips.