While 2020 started out a year like any other, it has been far from it. The global pandemic, COVID-19 has swept across the world, leaving businesses struggling to remain afloat amidst the restrictions and lockdowns imposed.
Australia has seen an easing of restrictions, seeing many businesses go back to normal, with the recent exception of Melbourne. But what exactly does this new, normal life look like? And with the threat of a repeat lockdown always looming, how can your business make it work? Here are 5 business survival strategies to help your business through COVID.
Business Survival Strategies
1. Pivot Your Business
Now more than ever you need to pivot your existing business and ensure it is still relevant in today’s market. While restrictions have been eased and people are slowly heading out into the country again, there are still conditions in place. These include the wearing of masks, social distancing and more. Plus, there are plenty more people who are still working from home and haven’t, and may not, ever return to the old normal.
So, where does your business fit in this new normal? Is there a way you can change your offering that better meets the needs of today’s society? For example, as a catering company that provides services for large parties, you may find yourself without much work these days. Instead, could you pivot your business to offer special occasion food boxes (think Mothers’ Day, birthdays, etc), or to cater to small gatherings of just family and friends (within the restrictions).
Your core business is still the same, it is a simple act of reconsidering the products and services you are offering. Being able to adapt and pivot your business is one of the best business survival strategies during the ongoing COVID pandemic.
2. Take your business online
Another one of the key business survival strategies in this climate is taking your business online. If you haven’t already, there has never been a better time to do so. With more people working from home and spending time on their computers and phones to connect with the outside world, you have a vital opportunity to capture your audience. The online world has so many opportunities to offer your business and allows you to reach a much larger audience than you ever thought possible.
The pandemic has actually brought an opportunity to businesses capable of going online. Offering a new direction for existing businesses who before didn’t put energy into their online presence. Consider setting up a company website, along with a few key socials (such as Facebook and Instagram). Start posting and find your audience. Facebook has some great options for paid advertising that comes at a fraction of the cost of traditional advertising. You can spend a couple of dollars a day and reach your target audience with specific ads for your business.
3. Take a look at your cash flow
Once you have pivoted your business and joined the online world, it’s time to take a look at where your business stands in terms of its finances. Of course, your cash flow is likely to have taken a severe hit in the past 6 months. We are in the middle of a global pandemic after all. The best thing you can do is go through your finances and see where you can cut some dollars and save a little.
When considering business survival strategies, it is important to think about your finances. Are you spending money on anything that isn’t necessary right now? The important thing is to be smart about it. While it can be all too tempting to cut out advertising dollars at the moment, this is the way you can get your business seen and add some much-needed cash flow. Instead, consider playing it safe with advertising and not experimenting with anything new and expensive until you are able to increase your cash flow.
4. Consider a loan
Depending on where your business is at, you may want to consider taking out a loan to get you through these next few months. As Australia reopens again and we go about finding our new normal, you may need to give your business a little boost to offset what we have just been through. This could be the cash injection you need to get back on your feet once again and find your place in the new normal that has been created.
At ALC Commercial, you can choose from a number of different business loans from between $5000 and $500,000 to help your business get back on its feet and grow. Contact us today for a speedy, competitive loan to get you back on track once again. A loan can provide the cash injection that your company needs, making it one of the most effective business survival strategies.
5. Don’t give up
After the hit your business has taken through COVID-19, it can be all too tempting to throw the towel in. While this year has been extremely challenging if you can make it through to the other side with your business, you have the opportunity to see it grow and flourish over the coming months.
Just remember, you aren’t alone with your disappointments and frustrations that have come with the pandemic. Speak out to family and friends, and many will be all too willing to share a Facebook post, or in some little way help your business out. All you have to do is ask.