Ideas for Small Businesses to Survive the Economic Effects of the Coronavirus in 2020

When Coronavirus hit our planet earth, one of the aspects to be affected was small businesses but it came as a surprise that big businesses began to thrive due to the same pandemic. Was there something big businesses effected that small business owners failed to do?Amazon for instance, has moved swiftly to accommodate the challenges […]

When Coronavirus hit our planet earth, one of the aspects to be affected was small businesses but it came as a surprise that big businesses began to thrive due to the same pandemic. Was there something big businesses effected that small business owners failed to do?Amazon for instance, has moved swiftly to accommodate the challenges that came with Coronavirus crisis.

While the innovation and creativity of small business is something intriguing to watch, the Coronavirus crisis has pushed Small and medium-size enterprises (SMEs) to a corner. People had to social distance and stay away from work for prolong periods, money to pay workers or keep the business alive runs out.

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According to a research, 40% of UK businesses are SMEs and owner of these businesses are concerned about defaulting on loans, the ability to retain employees and doubts in sustaining their supply chains.

How can Small Businesses Survive in Periods Like This?

Go online and take your market to the place everyone visits every day. Leverage on the Internet and use Google My Business to reach people in your locality.

Use ads and promotions. Everyone likes to get something for free and value at the same time. You can run organic adverts on your website or leverage on paid ads. Request for customer reviews on your website and make posts about your satisfied customers on your social media pages. It encourages others to patronise your business.

Offer virtual assistance to your customers. This virtual assistance can range from a solid customer support, social media management to email marketing and it is not restricted to this.

Open the communication lines. Ask your customers to refer you to clients by word of mouth and sharing your website link on their social media handles. People tend to believe personal experiences more than what you tell them you can offer. Attend to the complains of your customers. Don’t allow them to call you out on social media before you attend to them. Direct interaction with your customers is the key.

When people patronise your business, make sure you mention them on your social media posts, appreciate their patronage. This does not only make your customers happy but it is a big reminder to everyone that you are very much in business.

Delivery Channels. Have you ever thought of making deliveries to your customers? If you are offering products and if your services can be taken to their doorsteps, don’t hesitate to do this. Many people prefer to be served from the comfort of their homes. With the ongoing pandemic, it is even safer to get goods and services in the home. It aids a good rapport between you and your customer. This is good for sustaining your business online.

Surviving the economic effect of Coronavirus might seem challenging but if you put the above mentioned in place, your business will thrive.