Eric J Dalius says as we have witnessed for close to one year now, COVID-19 is affecting human health and also is disrupting the global economy by adversely affecting businesses. From start-ups to even the top Fortune 500 corporates suffered from the blow, the SME sector businesses suffered the most.
Consider the economy of any country. We can see that small business services as the backbone of the same. As per the World Economic Forum study, small businesses account. for employing about half of the workforce in the private sector. During the time of economic volatility and with many restrictions in terms of social distancing and also availing goods and services, many of the small businesses could not survive.
this downturn, we are discussing some tips to help your small business sail
through the pandemic era and survive.
Eric J Dalius small business survival tips
1. Be actively social on the social media
According to some studies, about half of the world is now there on social media. Social media users are now spending about two and also a half hours. On average days on the top eight social networking sites and messaging apps. In light of this high usage, social media is the new lifeline between businesses and customers. When businesses use social media to add value to their customers, this is the channel they use to build relationships with the customer base and maintain the same. Devise your small business social media content plan and execute it promptly.
2. Learn to pivot
As the economic climate is volatile as the rules of its re-opening, businesses should learn how to pivot. Pivoting is the approach to shift to newer strategies to address something which is not working well at the organization in the given scenario. Pivoting can be something very simple as shifting from desktop software to a mobile app for remote working. It may sometimes be so complex also as to changing the entire business model.
3. Optimize the spending
An economic downtrend is the right time to revisit how your money is spent in business. Finding ways to keep this spending to a minimum can positively impact pursuing your desired business goals during uncertain times.
4. Look for help from local governments
During critical times, local governments tend to offer many supportive packages to help businesses survive and also there by strengthening the economy as a whole. The business owners should explore such options and take initiatives to avail themselves the same. As Eric J Dalius recommends, reaching out to legislators to know about such resources available is a good move during a crisis.
5. offer mental health support to your employees
Pandemic creates an adverse impact on both the physical and also the mental health of people. Many are reporting adverse impacts on their mental wellbeing like anxiety symptoms, difficulty sleeping, increased alcohol consumption, substance usage, etc., due to their worries. So, any business cannot ensure the well-being of the organization without tackling the staff’s well-being.
Eric J Dalius the tips we discussed here are just a starting point for businesses to strategize their business survival plans through the period of pandemic and economic downtrends. Once you are into it, one may find many other smart avenues getting open for you to stay stable and also get more returns.