Coronavirus and the nationwide lockdown has changed a lot of things this year. Small businesses or local level businesses are not left untouched from that either. As the days are passing, the structural core of all the local business models is changing. There are a lot of new problems arising in the lockdown period which everyone is facing probably for the first time ever since they even started their business.
We all know that with business there comes a lot of ups and downs. But leaving aside the problems let’s get on an optimistic side and talk about the survival tips which local businesses and MSMEs must follow to ensure that their local business could run smoothly.
The most important tip for small businesses would be initiating and maximizing their online reach. You see, everyone around you would be connected with the internet somehow, either directly or indirectly.
This pandemic has proved the value of getting online. All the business work ranging from retail to delivery has shifted immensely to online mode.
So during this period of lockdown, if you make sure to reach the local customers or the potential customers and suppliers through online digital marketing tools, then that would definitely affect your demand-supply chain multi-folds.
Data, whether small or big can be a big gamechanger. Getting a track on the expenses and doing smart investments while keeping in mind the revenue generation would be the most ideal thing any local businessman can do during the lockdown. They must :
• prioritize the necessary expenditure
• cut down unnecessary spending
• creating a budget
• searching for multiple sources of revenue.
With the growing uncertainties in the market and changing priorities in demands by the customers day by day, a local business owner must ensure how his business is going to frame out for the next 3 to 9 months. They must keep themselves ready for any upcoming uncertainties in the market and prepare according to that. An ideal plan would be to fill up the most demanded products with accurate supply.
Being flexible with your business would be the best thing during this lockdown. A small business that usually lacks multiple payment gateways and one to one interaction with customers on a daily basis, must facilitate these options with their business models and also consider them in future business-oriented planning. They must also ensure that their commodities and services reach their customers through the installation of services like home delivery.
Maintaining healthy relationships with the suppliers and product manufactures would not only help to build a strong trust with sources of the products you sell but would also maintain a consistent availability of it. Not only this, but a frequent connection with the customers would also impact your business brand value a lot.
So try to get in good terms with every person you need for your business survival.
This pandemic has left many people out of cash and contained them to live within a limited number of resources. If your business can provide even a little discount or satisfactory offers as compared to the pre-lockdown era then that might improve your business trading.
‘Each problem has its definite solution’.
Implementation of the tips mentioned above can surely make a big difference in your local business during the lockdown and in the future.
