27 / October / 2020 : 09-56
7 Strategies to Help Small Businesses Stay Afloat During the COVID-19 Pandemic
The COVID-19 pandemic has had a significant impact on businesses of all sizes. For small businesses, the impact has been particularly challenging. Many small businesses have had to close their doors or scale back their operations, while others have had to pivot their business models to survive. In this article, we'll discuss some strategies that small businesses can use to stay afloat during the pandemic.
Embrace digital: The pandemic has accelerated the shift to online and digital channels. Small businesses can take advantage of this by embracing digital platforms and tools. This can include setting up an e-commerce website, using social media to promote their products or services, and leveraging online advertising to reach new customers.
Explore government support programs: Many governments have implemented support programs to help businesses during the pandemic. Small businesses should explore these programs to see if they are eligible for any financial assistance, tax relief, or other forms of support.
Cut costs: In times of crisis, it's essential to control costs and conserve cash. Small businesses should review their expenses and look for areas where they can cut costs without impacting their core business operations. This could include reducing marketing spend, renegotiating contracts with suppliers, or reducing non-essential overhead.
Communicate with customers: Small businesses should stay in regular communication with their customers during the pandemic. This can include updating customers on changes to business operations, offering promotions or discounts, and soliciting feedback to understand customer needs.
In conclusion, the COVID-19 pandemic has presented significant challenges for small businesses, but by embracing digital, exploring government support programs, cutting costs, focusing on core offerings, communicating with customers, considering alternative revenue streams, and supporting local, small businesses can stay afloat during this difficult time.
Published on 27 / October / 2020 : 09-56
Published by
Liana Aloyan
Journalist, columnist. Liana studies at the Faculty of Russian Philology of Khachatur Abovyan State University. She has been working at Yelaket (Yelaket.am) news agency since 2019 as a journalist and columnist. Writes articles about business and marketing. Liana is a member of "Media association" since 2020.
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