Small business owners all over the world are currently working to keep their businesses afloat through the coronavirus pandemic. Chances are, you’re curious and a bit concerned about what the world will be like once the outbreak subsides. The good news is that there are some things that you can be doing now to strengthen your small business’ chances of survival and come out stronger than ever in the future.
Here are some valuable lessons that the coronavirus crisis can teach small business owners, regardless of the industry you are in:
The importance of having a disaster plan in place
Being prepared can significantly minimize the risk to a small business in the event of a disaster, and it starts by planning ahead. It is wise to devise disaster plans for anything that threatens your business, whether it be a fire, hurricane, blizzard, flood, earthquake, shooting, cyber-attack, or an infectious disease outbreak. When creating your disaster plans, consider how you will keep your team safe, and how you will remain in contact with your customers, vendors, and employees if you suddenly cannot work from your office. Share your disaster plans with your team, and make sure everyone is on the same page.
Sometimes you must adapt and evolve in order to survive
“If you can find other services to offer, do it,” advised Mark Cuban during a Q&A about what small businesses can do to survive the pandemic. “Since you have holes in your schedule, it’s a great time to experiment with new lines of business and see what sticks.”
Many of the businesses that are still in operation have had to quickly update their business model and literally evolve overnight. For example, dine-in restaurants have shifted to takeout and delivery, and some are even now selling household items such as paper towels, toilet paper and cleaning supplies. Retail stores have hurried to list their products on e-commerce websites, and food distributors that were once B2B are exploring new ways to sell directly to consumers.
Digital is the future
The coronavirus pandemic has also made our world take a virtual shift. Realtors are now taking prospective home buyers on virtual property tours instead of meeting with them in person, and professionals of all types are connecting through video conferencing platforms. What are some ways that you can connect with your customers virtually, and continue to serve them?
You are capable of more than you think you are
The current state of the world is certainly challenging and stressful for most people. While it’s natural to want to hunker down and wait for things to clear up, it will be the business owners who believe in themselves and take risks that will come out on top after the quarantine has lifted. Look at this time as an opportunity to push forward, think outside the box, explore new ideas, and try things you might not have otherwise. If this situation has shown us anything at all, it’s that anything is possible!