5 Practical Business Tips during COVID-19
Business are closed and their sales are down. What are great time to be alive, isn’t it? NOPE. We might even get into recession again! The COVID-19 pandemic has caused great damage to the modern-day economy.
Yet, a lot of businesses and individuals are thriving, because there’re nothing else to do but to stay alive in this situation. These tips aim to help you stay on track of your goals and adapt to the changing behavior of the market.
- Manage your sales expectations
This is by far the most important yet hardest fact to accept that has affected every business all across the globe. Whether or not you are in the online marketplace, chances are you will experience a great decrease in sales. Prepare yourself to get used to this situation for a while until the economy can bounce back from the losses that has happened.
This may be the perfect time to revisit your strategies and determine how you can sustain what you have accomplished so far. Set realistic expectations when it comes to your profits because the situation is still not getting any better. Apart from the traits of a successful reseller that we have mentioned in the previous article, you must also be tough to be able to withstand all possible effects of the pandemic, whether negative or positive.
- Take advantage of discounts happening
Because business are selling everything at a discount hoping to get at least some sales, you should take advantage of these instances in order to stock up on your inventory. Look for discounted lots from trusted liquidation companies. This will surely help you score good quality items for just a fraction of the cost. You can buy shoes, clothes, cosmetics, and other general merchandise items at a low price which in turn you can sell online or in other traditional selling avenues.
- Adapt to the Changing Norm of the market
Don’t be surprised when you get customers who are inquisitive during this time. People will start to ask more and more questions so they can be sure about their purchase. They might ask questions like shipping time, origin of goods, delivery options, and others. As annoying as they can be, they are probably just making sure that their packages will be safe once you ship them out.
Aside from that, they might also ask for more discounts, because who doesn’t want more discounts, right? TIP: if you are not comfortable with giving monetary discounts, see if you can give free shipping or giving a free item instead, such as nail polish or cosmetics!
- Donate and get involved with charity work
Now is the best time to practice your corporate social responsibility by getting involved in charity works. Not only will you be giving tangible help to charities in your community, but doing this can also be beneficial for you. In fact, volunteer works has been associated with positive outlook and makes you more driven.
On the flipside, you can also use this technique to implicitly promote your business. For example, instead of listing your name in the donor’s list, you can list your store’s name instead. This way, your potential customers will always remember you as the good guy who did good works, even in the midst of an economy crash.
- Stay in touch with your previous customers
Most importantly, get in touch with your loyal customers. Ask them how they are doing because this will give them the hint that you really care for them. You can even start your customer loyalty program as a way of showing your appreciation for them! This will definitely make them feel secured in their relationship with you. Try to engage them and know how they are affected by the pandemic, and then reassure them that you’d still be glad to partner with them even after this.
We hope that you learned a thing or two, because we know that this situation has taken its toll in all of us! Got some tips for our fellow Honchos? Drop them in the comments below!