Now is the time to get out of the Covid-19 slump
The current pandemic we are currently experiencing has had a devastating impact on the economy, forcing businesses to close and leaving a lot of people out of jobs. By now you would have noticed that our economy was not in a very good position before the pandemic. We will discuss the 5 Practical Tips For Navigating The Pandemic below.
From poor GDP growth to poor leadership from government, we as retail businesses are in a very difficult position. We also have to navigate through the worst pandemic of our time, but other influences as well. Making business very difficult in our current climate.
We can work and get through this, with new ideas and new ways of doing business we can survive and continue to be a going concern.
Out with the old and in with the new
One thing the corona virus pandemic has taught us, is we need to come up with new ideas. Create new revenue streams, improve services to customers and reducing expenses.
We have had to make hard choices this last year and have learnt from this pandemic, that we can grow our products, improve our services and create new opportunities.
Look at new ways to market your brand and products. Use of digital marketing and networking channels will definitely help you to reach new audiences.
Your customers are king
Your customers are your best friend, you have captured them from previous dealings, you have built up a relationship and trust. Now is the time to up sell your other products and service, most of the hard work has been done, probe and see what other pains your customers are experiencing and nurture them and get more sales.
Reclaim lost customers, this is also an avenue which can help you to grow your business. These customers have dealt with you before and most of them are approachable again as they were lost not due to poor service but other factors such as pricing.
Future Proof Your Business
Now is the time to look at new revenue streams ” do not keep all your eggs in one basket” look at new products and services that you can sell. When one product goes down you have others that keep the cash-flow coming in. Make sure that you are not under capacity with staff and keep expenses low. We have leant a lot with the pandemic when it comes to cutting back on costs, this is full proof to improving your cash flow.
Maintain Relationship with Your Most Important Customers and Suppliers
Keep a close relationship with your most valuable customers. They are the ones that keep work coming in and usually give good references to others (word of mouth).
Keeping good relationships with your suppliers is always beneficial to you, as you can negotiate better pricing or terms to help your cash flow.
Do the hard work
Go out and look for new business, do not be shy, rather be proactive and boost your chances of gaining new opportunities. Longer hours and weekend work maybe required to steer your business out of this current situation.
With our instantretal solution we can help you manage your cash-flow with our tools we will keep you up-to-date on your daily operations.
