Whether you are a start-up or a small business, chances are you have a set of goals to achieve. It is also likely that the COVID-19 pandemic has thrown a spanner in the works. Whatever goals you set for yourself at the start of the year may no longer look achievable. So how can small business survive during pandemic?
That’s why we are here to help. No matter what industry you are in, and how badly you have been affected by the pandemic, we want to help you get back on track. We can’t guarantee you will make the cover of TIME magazine, but follow these business ideas and your company will certainly reach its full potential.
How Can Small Business Survive During Pandemic?
So here are 10 key goals to set for your business so that you may easily survive through this pandemic.
Goal #1: Hire the Right Employees and Keep ‘em Happy
Your employees are the backbone of your business. Unless you are running a solo show, chances are you’ve got a team. If you are thinking of filling the gap, then it’s important to remember to hire the right employees.
Take your time and thoroughly vet each candidate. You need to ensure their goals align with yours. Once you’ve found your team, ensure that they have a happy, healthy environment to work in. That’s great not just for employee motivation, but also productivity.
Goal #2: Value Customers
Remember that customers are king. Set up a memorable customer service experience that they won’t forget. If you value them, they will value you. The best way to do that is regularly interviewing them and get feedback.
See how you can go beyond to give them everything they need. A happy customer won’t just be back, they will bring a few more to you!
Goal #3: Go Trending and Hash-tagging
Social media is your golden goose. It’s cost-effective, has a wide reach and is the most efficient way to market. So, if you’re not already on the social media train, this should be your next goal. Increased website or social media traffic will translate to better sales.
Research what platforms work best for your industry. Then set up a plan that involves regular posting, and engagement. Remember, social media is a two-way street. Respond to customers directly, and interact with similar business. A great social media network will pay dividends in the long run.
Goal #4: Boost Productivity
When working from home, it is common for employees to lose focus and motivation. You need to ensure your team is as productive as it can be. To do that, set daily and weekly goals. Have followed up sessions and listen to what your team has to say.
It’s also worth taking time off every week to engage in a team activity, like meditation, yoga or just a game. Invest in a fitness reward scheme or employee wellness program.
Goal #5: Plan Your Financial Strategy
Make sure you create a foolproof plan that includes budget, forecast and goals. Decide where you want to see your business a year from now and set milestones. Planning your finances also includes reducing ongoing business expenses.
As you set your goals for every year, look for loopholes where you can save those extra bucks. Lastly, reduce business costs by working frugally and saving at every opportunity you can.
Goal #6: Try Something New
It’s always good to switch things up once in a while. So why not try a new product? That’s an easy way to attract attention. Consider the market need, so that you can create something that people will want.
If you can’t create a new product, why not give your branding a facelift? Try a new logo or website design. That’s another good way to attract attention.
Goal #7: Incentivise Like a Pro
It’s important to provide incentives to your customers to keep them coming back. It’s also equally important to incentivise your team. It’s a great way to motivate them to strive for bigger things.
Incentives don’t have to be financial. Why not offer them a certificate or recommendation for LinkedIn? Upgrade your “employee of the month” scheme for the digital era – Amazon Gift Cards and tagging on social media. Sometimes, even a word of praise can go a long way.
Goal #8: Do a SWOT if You Haven’t Already
A SWOT analysis is effective in identifying the strengths and weaknesses of your business and product/service. A SWOT analysis can be used at any stage of the business, so do one regularly to see how far you have come!
SWOT will also help identify untapped opportunities and your competition. It’s an effective way of getting ahead.
Goal #9: Focus on Your Personal Brand
Small businesses and start-ups thrive on their ability to stand out in the crowd. Personal branding is the process of creating a public identity for the target audience. It includes conveying your beliefs, purpose, values, and goals.
To really stand out, have a unique logo, colour scheme and visual design. Use your company brand all over social media, and everywhere your brand is present.
Goal #10: Keep Track of Setbacks and Failures
As important as it is to keep track of your success, it is equally important to keep track of your failures. Richard Branson himself said, “Do not be embarrassed by your failures, learn from them and start again.”
It’s a great idea to keep track of your failures and learn from them. They will only help you move forwards, and not back. We hope you get to learn something new from our how can small business survive during pandemic?
We here at Onsurity love to see small businesses succeed. That’s why we’ve built a comprehensive healthcare plan that allows owners to not worry about employee healthcare. That way, your team can focus on doing their best, while being healthy!