The pandemic has taken a toll on small businesses and entrepreneurs in the UK. The uncertainties surrounding this period have left many business owners feeling helpless as they remain unsure of what could happen the next moment. With over 250,000 businesses at risk of collapse this year, several small businesses have called for more support to survive in the pandemic. While these numbers may cause you to be concerned, you can help your business thrive with these five tips.
- Social media is the future
Social media became essential for many when they were forced to isolate themselves from their personal and business relationships following lockdowns and social distancing. According to statistics, more than half the world population uses social media, with this figure expected to reach a third of the population by 2023. Social media has offered a lifeline for many businesses and their clients. However, companies must not limit their roles to post creative content but engage their audiences as well. Platforms like Facebook and Instagram offer a medium to offer value to potential clients, build and maintain relationships.
- Collaboration is vital
The pandemic sparked a global recession leaving businesses to explore creative ways to stay relevant, add value to their services and satisfy clients’ needs while on an economical budget. The main goal for many business owners now is survival, which may seem impossible for small businesses with stringent budgets. However, collaboration is an effective solution to this; this is a formula for achieving success without a big pocket or resources.
Brands must come together, cross-promote and utilize collaborative marketing as a business approach. It requires them to leverage their already existing resources for win-win value exchange. For example, suppose you’re a modern technology firm and considering business mergers. In that case, you can consult GHB Intellect for advisory resources in building solid mergers and acquisition strategies to drive decision-making.
- Optimise your spending
It’s crucial to re-evaluate and optimise your business spending in a period of rising business costs and dwindling revenue returns. Ensuring proper cost management is vital to attaining business objectives during these challenging times. For instance, rather than sticking to print ads, consider investing in digital versions. Digital marketing offers an excellent opportunity to significantly reduce your marketing costs while providing a platform to reach a precise and broader audience for conversions. Additionally, shopping vendors are another way to optimise your business costs, as they offer improved prices when they’re aware that businesses will shop around for better deals.
Other ways to improve your spending include closely monitoring your expenses to appreciate those items that cost you more and managing them effectively.
- Prioritise yourself and your team’s health
The health and well-being of your team are crucial for advancing your business. It is easier to get overwhelmed with anxiety and other mental health issues under current conditions and isolation due to remote working. Ensure to check in with your team regularly to understand how they’re faring using face-to-face technology. Encourage them to remain physically active, take scheduled breaks, and limit the amount of news content they consume. You may likewise offer them a support contact should they have any personal concerns.
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