Updated: Mar 24
Because of the uncertainty of the coronavirus, and the progressive impact on small businesses, many are saying their business will not continue operating relative to the economic strain. The acute effects on Main Street often illustrate the essential lifeline to the health and wealth of wall-street.
It's time to retool in preparation to generate a significant opportunity that empowers success; small businesses should be doing that "now" to be all the wiser. According to Goldman Sachs in a current survey of 10,000 businesses;
· 96% say the outbreak has already impacted them.
· 75% say fewer sales have affected their business.
· 13% are confident about their contingency plan to maintain.
The objective remains - how do we create more sales in a crisis while developing a definite progression to stay relevant while preserving market share.
The real question should be - how do we adapt to increasing imposed restrictions, shutdowns, and limited communication with our customers. It's no secret that entrepreneurs are quick to create a way to adjust at times in need or facing the concerns of the virus and ongoing challenges in the business community - there is more we can do.
Grocery stores are beginning to adapt rapidly by the implementation of new store hours. They recognize a need to protect senior customers and apprehend the need to implement safety-relevant procedures to the underlying severe medical conditions that present a high-risk. The thoughtfulness conveys moral values and beliefs essential to the company mission. The outcome suggests that company's focus on strengthening retainable and loyal customers instead of mere profits.
Many are developing intelligent websites to guide the local community to various restaurants and breweries who are struggling by offering gift cards to support them in the present situation. Restaurants are providing curbside pickup to assure a level of cash flow while building customer relationships, extending personal support, and demonstrating their sensitivity to the current circumstances.
Hair salons are hosting five to eight appointments a day while securing sanitation, and preserving the customer experience. In larger cities, hair salons are launching multiple pop-ups to serve customers in hospitals as a calling card to build their business and equally building brand awareness.
Traditionally, business activities are face-to-face, and events are frequently in-person for the vast majority. Today, we are moving events online - launching new opportunities to interact with clients, maintaining a relevant brand, and providing workshops as a method to be persistent and appropriate to advancing client relationships.
Marketing is another instrument that remains at the forefront to obtain relevance with the target market, providing the ability to stay connected and generating an exclusive invite to secure interaction. Many business owners are implementing a new e-commerce website, reconnecting to customers through new channels, creating opportunities, and strengthening customer relationships.
Several are retooling their knowledge and developing new skills to advance innovation, strengthen market position, and establish additional market share. Online classes are providing the opportunity to pass the time while increasing both individual and company value. The time is now to review individual weaknesses, get organized, become well equipped, and enhance professional development while dismissing the procrastination. The objective is to advance value to create an opportunity, collectively with improving the ideology that prevails with an exceptional foundation of delivering innovation.
The direction is to focus on the customer experience, develop new relationships, find new channels to expand, and enable a new foundation to interact and remain relevant. In the meantime, increase knowledge, implement new skills, develop personal value in pursuit of innovation and sustainability.
Review our online courses to begin your development of value - click HERE