While Covid-19 resulted largely in the complete shutdown of major portions of the United States economy, the businesses that continued to operate saw stagnating profits and declining numbers of customers. To make ends meet, small business owners need to navigate through the rest of the pandemic with financial savvy and dedication to their businesses.
The first step to saving money as a small business owner during the pandemic is to identify areas where you can cut back, and find opportunities to invest in your business that could lead to greater profits in the future.
Outsource Vital Functions of Your Business
An easy way to save money as a small business owner is to outsource vital functions of your business that do not require full-time employees. For example, many small business owners choose to outsource their hiring, HR, and accounting to avoid spending too much money on in-house employees.
Additionally, outsourcing some functions of your business will allow you to focus on the areas where you are strongest so you can spend more time growing your business and doing what you love.
Encourage Online Sales and Focus on Digital Marketing
Online sales can help your business continue to turn a profit even if your main brick-and-mortar storefront is closed. To help drive increasing online sales, you should focus on a digital marketing campaign that will help you increase traffic to your website and market your goods or services at little to no cost.
Making a social media post that shares updates with your customers about new offers on your online store, a link to your business’s blog, or extra information about your business is free — take advantage of the tools you already have to help your business succeed through the remainder of the Covid-19 pandemic.
Perform a SWOT Analysis
A SWOT analysis, an analysis of your business’s strengths, weaknesses, opportunities, and threats can help you make a clear plan on how to move your business forward through the pandemic. Taking the time to write down and analyze the different components of SWOT analysis will show you just how great a threat Covid-19 truly is to your business, and the best ways you can mitigate and outlast the damage.
Get Creative — Find Ways to Make More Money
Creativity is one of the greatest strengths of any savvy business owner. If your traditional methods of advertising and selling products are no longer working during the pandemic, you can find new opportunities to use the assets you already have to develop new sources of revenue.
For example, if you already have an online store for your business, you could try selling exclusive online-only products that encourage more of your customers to shop online. While it may sound unintuitive, you can also offer deals and discounts to your online customers that will make them more likely to purchase additional products from your store. Some businesses also offer classes or paid demonstrations online that can help make ends meet as rising vaccination numbers bring the pandemic closer to an end.