Business after Corona. Can we come back after being locked away with our business just hanging in the balance and the world upside down? I think so.
COVID-19 and the aftermath.
I am an old man by any measure and have survived business through six decades and have neve hurt for so many before.
Everyday I get stories of grief based mostly on uncertainty as the world tries to manage a virus that has a massive destructive opportunity if let go.
It will be finger-pointing for years to come at those that made the wrong decisions trying to calm the health and manage the business. It is a fine balance and a difficult road to tread.
I am not ignoring the health aspects of this but I want to talk about your business. What can you do and where can you build from here?
One big lesson has been in communications
The country's leaders have constantly been on TV telling the story as it is. They may not be right all the time but they are consistent so no one remains unsure of what is going on.
Some are great orators, others not so good. However the main thing is consistency and repetition.
This should also be applied to your business and let your customers know where you stand and that you are making plans for the post Covid times.
Coming back after this mess is going to be no easy matter.
Staff may move on, customers might change, foot traffic is likely to be slow for a period.
In the meantime, you have had to manage your expenses and continue to pay rent and outgoings that won't wait.
Some businesses will falter early, others may struggle longer
As I work with small businesses I hear about their struggles every day and can only offer minor glimpses of clarity.
One contact has five shops in high rent areas that have all closed. Income has ceased expenses continue so the chance of survival rests on Goodwill.
Another house sitting business built up over 6 years and destroyed overnight. The future is bleak.
What can you do about your business during Corona?
First of all sit down and write out a plan. This should include all variables and what you can do about each one of them. For example a rent holiday may still mean you need to pay it later. These payments need to be factored in.
Gather any or all Government relief available to you. Jump into the queue early because the payments will flow slowly.
Keep your staff informed so they understand the position and can follow you through to the bright side. Don't give them reasons to hold a grudge because they fail to recognise the difficulties you face as a business owner. They are hurting as well so make their pain as soft as possible. Where you can assist and advise on welfare support.
COVID-19 and business
Consider the online world
Many businesses can build an online service that will gather a percentage of sales.
If you are lucky enough to have set this up then hammer the customers daily with offers and ideas. If you have time to send them then they will have time to read.
What you can sell online
The list is endless: One customer has eye care centres, eye testing is gone and so have spectacles but contact lenses need to be replaced, an opportunity, particularly as your customers, are known.
Many service industries can be done remotely and I am thinking mechanical repairs, battery replacements, car washing even haircutting.
Retail is easy: clothing, shoes, stationery, flowers, cosmetics etc.
Food is happening as we speak with many restaurants making meal packages and door sales of coffee.
Business communications and Covid an in-depth look
How do you set up to sell online?
You will not do this overnight and solve all your problems but you can set it into place without a lot of trouble.
First of all, get someone to do it for you, there are lots of website people around looking for business so negotiate before you buy.
You will need an online store and payment portal as your first project. This can be done through Shopify or if you are on WordPress, a Woocommerce plugin.
The ideal is to link this back through your point of sale software so that stock levels are all visible.
Next, you will tell your customers how they can shop with you, by phone, email or SMS and finally remain consistent in sending daily info.
Business after Corona will need the support of social media
Use Social Media
This is the time to make Facebook and Instagram work for you, post everyday to keep followers entertained and ready to grab any offers coming their way. It is competitive in the trenches so keep firing shots that will bring the customers in. It costs little and returns big.
Furthermore, think about doing some videos to showcase your items, it is easier than you may think
You will need a dispatch service and a return policy
Make the rules early so you don't fight the battles later. Offering free delivery is a great incentive and a way to upsell.
My wife ordered some bathroom products recently but to get free delivery she had to spend $10.00 more, the order was increased and the sale accomplished.
In general terms you must take back the faulty product or unfit for purpose product, a change of mind or better price does not meet the terms.
Use the best form of delivery, not just the cheapest and offer insurance supplied by others.
Buy now and pay later offers
A great incentive to get stock moving and increase sales, the risk of payment is moved to others and really builds sales.
Clear your slow-moving stock
Always a great move at any time particularly in the change of seasons. It is better to quit at cost and replace it with new seasonal products than have it lingering on a shelf.
Conclusion
You can not solve all the problems but perhaps you can help your own way forward. Be inventive and change the rules to suit your business.
Being proactive is the name of the game and will help to build a better platform going forward.
COVID-19 is not the only distraction although it is the most pressing at this time. Business is about change and adapting to a new environment so leading the way forward and challenging the future.
Business after Corona by Peter Hanley
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A bit of humour goes a long way
