COVID affected so many industries, it’s difficult to even begin to list them all. From travel to hospitality, any industry that wasn’t almost completely online was affected by it. However, with a vaccination programme and declining numbers, there may be hope in site, which could mean businesses can start to recover. It’s not going to be easy, but there are some things that may be able to help with the process.
Up your marketing budget
When you’re tightening the purse strings, it’s tempting to cut down on your advertising budget, but ultimately this is counterproductive. If your budget does get reduced, you may want to look at more cost effective advertising methods such as Google Ads, which allow you to target the right demographic and more. Moving to more of a digital offering can potentially give you a better ROI and means you make the most of every cent you spend on advertising.
Review your shipping methods
If you ship internationally, you may have noticed some changes due to COVID. International shipping has been affected in a number of ways:
- Customs delays have increased
- Shipping has been slower
- Countries that have been particularly hard-hit have seen big delays getting parcels through the area
You may have also noticed changes to your costs, usually as an increase. If you look at recent international shipping rates, there have mostly been increases due to a lack of staff and slower transport. That’s why you may want to look for alternative providers, or even better ways to handle your businesses’ logistics, so you aren’t spending a fortune just getting your parcels into peoples’ hands.
Consider a relaunch
If you were doing well pre-COVID, but finding business a little slow now, it may be time to consider relaunching your brand. Firstly, think about how the consumer landscape has changed and whether your business needs to adapt. For example, many restaurants haven’t gone back to their pre-COVID numbers, but they are still doing well with takeaways and meal kits, so may be selling more of these. You can then consider a brand makeover and maybe even a grand reopening to bring people back.
Find out if there’s financial help available
Small businesses have suffered a lot during the pandemic, which is why there are a number of schemes to help them get back on their feet. It’s worth looking into coronavirus recovery loan schemes, or at any grants that are available, as they can give you cash flow or money to invest back into the business. Government loans often have much lower interest rates and more favourable terms than bank loans, so if you need additional funds this might be a much better way.
The road back from COVID is going to be long and it’s certainly not over yet. That’s why it’s important for businesses to have a recovery plan and know where they are going next. You should look into starting thinking about how your business can recover and what might be ahead in the coming months and years.