As businesses are able to re-open their doors following lockdown, many owners are finding it hard to adjust to our ‘new normal’. Although online operations have continued throughout lockdown restrictions, working practices have had to be amended to account for social distancing. Now that physical premises and workplaces can also re-open, even more changes are afoot.
While large companies may have the budget and resources to facilitate the necessary modifications, smaller businesses are at something of a disadvantage. If you want to ensure your business can operate safely post-lockdown without blowing your budget, take a look at these top tips now:
Buy in bulk
If you want to re-open physical premises, there are going to be some essentials that you’ll need a constant supply of. Hand sanitiser, medical masks and cleaning products will be in constant use, for example. By buying in bulk and decanting in smaller receptacles, you can reduce your costs and have a steady supply of the products you’ll need.
Increase outdoor operations
If any element of your business operations can be conducted in an outside area, this could be a pretty safe way for you to re-open your enterprise. Sports coaches, personal trainers, pubs and even cafes and restaurants are making the most of outdoor spaces and inviting customers and clients to use their services in new environments. By doing so, you can serve a larger number of people at once while still adhering to social distancing guidelines, thus maximising your revenue and keeping yourself and your customers safe.
Reduce your costs
During your lockdown, your income may have been significantly reduced or dwindled to nothing. As a result, you’ll need to cut your outgoings to make up for this shortfall and keep your business afloat. Of course, reducing your costs without impacting the quality of your service or products takes some innovative thinking. However, negotiating better interest rates, securing longer payment terms and streamlining your processes are all viable ways of minimising your expenditure. With increased automation, for example, you could operate with few employees or freelancers and save a substantial amount each month.
Respond to the market
Lockdown changed the way we live, work and communicate, which means people’s priorities, needs and wants have evolved too. What’s more, the disruption to supply chains resulted in people being more willing to experiment with new brands and service providers. Understanding how the market has changed is key to successful post-lockdown trading. By researching your existing customer base and learning more about your target audience, you can modify your practices to serve their interests and increase your profitability in upcoming months.
Overcoming Economic Adversity as a Small Business
There’s no doubt that businesses will face significant challenges as we adapt to a post-lockdown environment. By monitoring your finances and determining your eligibility for government assistance, you can ensure that you’re getting as much help as possible. Similarly, a proactive and innovative approach will help you to modify your business practices and operate successfully in a post-coronavirus landscape.