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Be prepared to change your small business strategy

by | Sep 16, 2020 | Personal Finance

The disposable income of society has changed drastically during lockdown – and small businesses will continue to face an uphill battle for many months to come as they try to rebuild the momentum of their clients spending patterns, pre-lockdown.

Cash-flow is the lifeline of every small business. Without cash-flow, there isn’t much of a business. It is now more important than ever to re-evaluate your business – and discover ways and means of getting people to spend money on your products and services.

Every small business must be open to the idea that the big plans and dreams you had pre-lockdown may no longer serve the needs of your business right now.

You must be aware that you might have to completely change your strategy to adapt to your customers needs.

There are some points to consider when evaluating your business in this “new normal”.

Does your business have a competitive advantage over similar businesses?

Your business needs a unique selling point and you have to make an emotional connection when selling your product. It might take some time, but it will be worth your while to dissect your product and find out what makes it unique, what makes it competitive, how affordable it is – and how you can make it more accessible to your potential customers.

You must re-invent/revive your brand

Your brand is your baby – and one can easily get over-emotional about babies. This is a mistake you must not make with your brand. From a name to a tagline — keep it simple. Make sure that when people hear your name and tagline they know (or at least have an idea of ) what your business is all about. Now is not the time to get over-creative.
A common test tells us is that if the name is creative and catchy, then the tagline must be straight to the point, and vice versa. A good measure is to test if your brand can be understood in under five seconds by somebody who isn’t connected to your business.

You have to be prepared to drastically adjust your marketing strategy

Analyze and dissect your target market as it stands right now. Taking into account disposable income now available after payment holidays, retrenchment and overall income interruption.

Realign your advertising and marketing to match their needs and wants. You might not immediately make the connection to your customers that your business needs. Just make sure that you at least adjust your strategy in the correct direction.

Do not forget to include a comprehensive social media marketing campaign into your business.
Do your sums and carefully consider investing in an on-line sales platform, as lockdown has seen a huge increase in on-line shopping.

Work hard to get the sales

Small businesses are in a do-or-die situation. If your business is still standing, now is the time to do what you have to, to ensures that it survives.

Competition is tough.

  • Work outside of “office hours”
  • Do home deliveries
  • Always give good quality products and services

 

As an entrepreneur and business owner, lockdown would have tested you like very few things before it. If your business is still around – then give yourself a huge pat on the back. You are awesome!

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