How Your Small Business Can Have a Strong Rebound in a Post-Pandemic Market
According to research by McKinsey & Company, 85% of business executives believe that COVID-19 will significantly impact consumer behavior and buying patterns over the next five years. However, less than 25% believe that they have the expertise and resources for making necessary adjustments. In this article by Honolulu Payroll LLC, we explore 3 effective ways small businesses can adapt to future market conditions and shift their attention from survival to growth.
Expand Product Offerings
A common change that most industries experienced during the pandemic is the shift to online selling. While the popularity of online selling was growing even before 2019, the pandemic accelerated its growth tremendously. Whether you sell a product or service, try to find ways for customers to purchase or use your products digitally. Here are a few examples:
● Businesses in the food industry can list themselves on delivery platforms. Even if in-person services can be re-started, having a delivery option safeguards you from future risks and increases your customer base.
● For businesses selling products through physical locations, a pivot to e-commerce is key. According to Shopify, by the year 2025, e-commerce will contribute to approximately 25% of all retail sales. Hence, consider hiring professionals who can design a great online store and a business website through which customers can make purchases.
● By utilizing telecommunication applications (Skype, Zoom, Google Meet, etc.) service-based businesses such as tutoring, education, healthcare and more can continue to serve their customers and even reach larger audiences than before.
Build a Digital Presence
In 2020, Edelman surveyed 12 major markets in Asia, North and South America, Europe, and Africa and found the following results:
● 84% of customers expect advertisements by brands to explain how their product/service can help deal with COVID-19 related challenges
● 77% expected brands to communicate that they’re conscious of the pandemic’s impact on customers' lives
Businesses can utilize this information to create new lines of communication to be used for the daily posting of content and advertising campaigns. An increase in customer engagement on social media can lead to higher conversions and growth.
Your new communication strategy can be complemented with key design changes as well. Rebranding is an activity with the power to grab customer attention and create a buzz on social platforms. This can involve adopting a new color palette, creating a new logo, or both. Rebranding does not need to be an expensive process, there are various online tools using which you can make a logo for free. Additionally, hone in on platforms used by your target customers and channel resources towards growing those accounts.
Keep Costs in Check
It is safe to say that the pandemic has taught business owners a lesson or two in frugality. The learnings from this experience need to be implemented in the present and the near future because, while markets are recovering, uncertainty still looms large.
Compared to managing finances manually with spreadsheets, using accounting software provides complete clarity regarding business performance and financial standing. For instance, even the best accountant can take a few hours to create important financial documents such as a balance sheet. In comparison, the software can create one in just a few minutes.
Additionally, with the use of APIs, all financial data such as credit card statements, business bank account activity and more can be synced to the software. This data can be used to find inefficiencies and take corrective actions promptly.
Another successful method to cut costs is moving business operations online. With the increase in inflation, affording a physical location is more expensive than it’s ever been. Adopting a digital approach can save the business thousands of dollars a year.
The market is ripe with opportunities for businesses that are willing to make changes in line with new customer demands. While expanding product offerings and adopting new business practices will pose a challenge at first, in the long-term it can help position your business as a strong player in the market and experience consistent growth.
