The COVID-19 pandemic is dramatically changing the face of the small business landscape.
Economists are estimating that there are over one hundred thousand small businesses have shut down permanently in the United States alone already. 3% of restaurants operators may have gone out of business and shut permanently. Other industries have been impacted to a greater or lesser extent. So if you are still going, well that is good news but now is no time for complacency. Now more than ever it’s important to be aware of what going on in your industry.
The first question to ask is how are your customers doing? Do you expect their needs or buying patterns to change? Could that have a knock-on effect on your business? There has been many businesses unaffected so far that may be caught up in second wave of business downturn. The ones that will be best positions to survive and thrive are those that take the time to plan and consider market changes.
We also recommend that you keep an eye on your competitors. In small business there is much to do and it is hard to be innovative and come-up with all the good ideas yourself. Watch how competitors are adapting to change and don’t be afraid to replicate their good ideas. But be bold, try new things yourself then measure the results so you know how customers are responding, what’s working well and what’s not working quite so well.
Many years ago Michael Gerber wrote about the importance of working on your business rather than just in your business. Never has that been advised more than right now.
Please reach out if you want and external perspective and your thoughts and plans, we are here to help you build a resilient business.