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COVID-19 continues to pose a challenge for many industries around the world. The number of cases remains, and there is no indication that the virus will disappear very soon. Social distancing protocols and stay at home policy has shuttered the business operations of many industries.
Impact of COVID on the Small Business Industry
The small business sector is among the industries badly hit by the pandemic. It had been challenging for them to keep their business stay afloat. The majority of them are struggling to keep the financial viability of their business. Nowadays, they have fewer customers, which means less revenue. Some small businesses are at the crossroad as they face whether they will shut down temporarily or closed permanently.
Statistics would show more than half of the private-sector jobs in the United States that are vulnerable to COVID-19 come from the small business sector. It only revealed the vulnerability of small businesses to significant business disruption.
Tips for Small Businesses
Most small business owners want to reopen their businesses even though the threat of COVID-19 is still imminent. They are anxious that prolonged suspension of operation could spell the end for their business. Hence, they are striving to restart their business as soon as possible.
Here are some tips that entrepreneurs could implement to keep their small business and survive the pandemic:
1. Nowhere to Go But Online
Small business owners must admit that the pandemic has become an eyeopener. COVID-19 amplified the need to build an online presence for their business. The future of the industry will revolve around digital platforms since online is the new normal. It is inevitable for small businesses to rethink their marketing strategy and adopt a digital marketing strategy to keep their business running despite the pandemic. Small business owners should notice that right now, companies with e-commerce are still thriving. Hence, a small business should explore putting their business online.
2. Customer-Centric Business
Customer engagement is a critical element in creating loyal customers. Customers are the lifeblood of a business. It is essential to establish a connection with them. One of doing this is by designing a customer-oriented marketing strategy that focuses on creating meaningful customer interactions. For example, small business owners can convey to their customers the protocols they are imposing to cope with the pandemic, like what they are doing to keep their workers safe. Another way is by doing excellent customer service. It has always been the best tool to create loyal customers. Small businesses can strive to enhance the customer experience when dealing with the industry amidst the pandemic.
3. Offer a New Product
Top companies showcase their innovative qualities during a crisis like the pandemic. It does not denote that they will abandon their core products or services but offer new products or services that now meet customer needs. Some examples are companies that diverted from their core offerings and started selling sanitizers or face masks.