COVID-19 has been declared a pandemic by the WHO. Small businesses across the world are struggling to keep the lights on as financial pressures mount. It is a time of unknowns. We don’t have all the answers. But here are a few strategies that can help businesses manage the seismic shifts they’re experiencing and come out at the other end successfully.
It is a tumultuous time. It is important that you communicate consistently with clients about changes in business operations, delivery schedules or products that are out of stock. Provide refunds or flexible reschedules to customers. Offering as many relief points as possible it is essential to build trust and customer loyalty during this volatile phase. Offer extended support hours, reduced shipping charges and credit offerings.
Do a cash flow forecast
It is time to take stock of the situation. A complete cash flow forecast can help you identify blind spots. Calculate wages, taxes, rents, supplier payments and cash in hand. The COVID 19 crisis will be over and demand will take off again. But it is important to create a revenue forecast to maintain stability and sustain in this uncertain climate.
Be prepared for changes in consumer search patterns
It is vital to stay on top of changes in search trends. Current changes in the market are having a strong impact on paid search accounts. Click and impression volumes are going to change. People’s priorities and search trends have changed. This can, unfortunately, result in a drop in conversions.
On the upside eCommerce experts predict a sharp spike in online buying over the next few weeks.
Monitor your campaigns. Most companies are adding more negatives to prevent queries related to COVID 19 resulting in clicks. It can have an adverse impact on your ad spend.
Market opportunity for independent sellers
As Amazon cancels nonessential shipments it offers a window of opportunity for independent sellers. The eCommerce giant recently announced that it’d only ship medical supplies and household staples. If you’re an independent seller you can use this opportunity to expand your customer base. It’d be helpful to people and your business. Also, consider providing access to a product that may be unavailable from a retail store at this time.
Keeping an ear to the ground…
The COVID -19 outbreak has resulted in health scares and loss of lives. Keeping communities safe should be everybody’s top priority. It is also important to keep abreast with recent changes to remain profitable.
At The Commerce Shop we continue to keep tabs on the situation and markets. Expect more details and analysis in the days to come.
Here’s a link to a webinar we conducted recently for small business owners to survive the financial impact of COVID-19. Thanks for reading. Stay safe.