By Sonja Bethune
Now, more than ever, small businesses need to develop effective strategies to survive during the pandemic while adhering to a budget. According to Bartik and colleagues (2020), over 5,500 small business owners throughout the United States were surveyed. Due to COVID-19, 45% of small businesses had to be temporarily closed, and most had less than two months’ worth of cash on hand which could barely take care of the monthly expenses. Some of these businesses weren’t very optimistic about reopening due to the loss of employees which equals no services being provided. This blog post should look at the positive side and highlight strategies that small businesses have utilized that have kept them from going bankrupt and having to close their doors during the pandemic.
Small Business Marketing Strategy
Many small business owners are struggling to manage their finances during a time in which their loyal customers may have lost their jobs or are cutting back on spending to prepare for an unstable future. They are losing revenue on a daily basis. But there are strategies that small business owners must be aware of to overcome the unpredictability of the future. For instance, they can decide which products and services perform the best and scale back on ones that don’t yield the best profit (Lundlin, 2020).
Also, they should continue marketing their business, but on a budget. If business is slow, then this would be a good time to follow up on past customers and consistently post updates and articles on all social media platforms. This lets the followers know that they’re still surviving. This is also the time to reach out to vendors to see if a better price could be established for specific products, because most likely, the vender may be hurting financially as well.
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. (2020, April 13). A way forward for small businesses. Harvard Business Review. https://hbr.org/2020/04/a-way-forward-for-small-businesses
Lundlin, K. (2020, May 5). 5 strategies to help small businesses survive a recession. CPA Practice Advisor. https://www.cpapracticeadvisor.com/small-business/news/21136921/5-strategies-to-help-small-businesses-survive-a-recession
Category: Blogging, Social Media Marketing 201