5 Ways Small Businesses Can Stay afloat during this Pandemic
On Friday the 27th of March, we had a webinar with Karen Ubani of Karen Ubani Apparel on ways that small Retail businesses can bulletproof their business during this Coronavirus pandemic. From our short but insightful conversations, we are able to bring you 5 practical ways small businesses can stay afloat during this Coronavirus pandemic.
Keep engagement with your customers on top gear: This is not the time to dwindle on engagements with your customers. Send them a newsletter about how your business will be operating during this pandemic or if you won’t. If you won’t be operating, let them know when you will be back and how they can contact you if the need arises.
This is not the time to dwindle on customer engagement. Let them know how your business is doing
Revisit your cash flow for the year: Now that business will dwindle or maybe come to a halt, now is the time to revisit your cash flow and restrategize on ways to pull in more cash
Renegotiate payments terms: If your owes loans or other forms of financial support, now is the time to reach out to whomever who you might be owing to renegotiate payment terms, especially if cash flow into your business will be put on hold during this pandemic.
Communicate clearly with your staff: Your staff is just as important as a cash flow to your business so let your staff know upfront if the business will be continuing as usual or not. Let them also know when and if they’ll be receiving their salaries or not
Leverage social media for advertisement: Now is the time to double your efforts on social media. As the country is on lockdown, a lot of your potential customers will be online so now is the time to go to them.
Are there other ways that you’ve been planning to stay afloat? Share in the comments sections and let’s learn from you!
Remember to stay safe, wash your hands and social distance when you can!