Last month’s small business marketing topic was about planning and tracking for 2021. I hope you got a lot out of that article. Be sure to get the free resource that goes with it. I also went in detail through the resource in our facebook group.
Today I want to share with you 6 resilient business strategies that you can put into practice to keep you afloat in uncertain times.
Specifically, I want you to look at what you offer for sale – your product or service. Does what you offer for sale resilient to uncontrollable outside market forces (ie 2020’s Covid-19 virus and lock-down). If not, then perhaps you need to reevaluate how you make your money. In some respects, 2021 could be a repeat of 2020.
6 resilient business strategies for these uncertain times:
1 – Cut out unnecessary expenses
Cash is king right now. If you haven’t already done this yet, get your costs down to the bare minimum.
2 – Have more reserves in the bank
6 months of operating expenses is the recommended amount to keep on hand. The Small Business Association just opened the PPP program again. Consider getting a low interest loan to put in the bank.
3 – Expand and/or shift your business offerings
There are a few ways to do this depending on what you currently sell.
Offer location independent services
If you sell physical goods, you need to develop a website and shift to selling more online. A lot of retailers made this shift in 2020 in time for the Christmas season.
For service providers, make your services available online. This could be online classes and workshops. Get friendly with technology so you can serve your clients. Get familiar with Zoom or Google Meet conference calling. If you want some practice, schedule a time to chat with a friend.
Offer more shippable products
This doesn’t apply so much to service providers. But for physical goods, select products for 2021 that are easier to mail. Select smaller items or items that aren’t as heavy.
Sell from your website
If your business doesn’t sell from your website, this is the year to do so! If you need help or guidance here, then we need to talk. There are many different options available.
Example on how business owners are regrouping to survive
There is a new thing called ghost kitchens… many restaurants have shifted to pickup or delivery only services… and might not ever go back to traditional sit-down meals.
4 – Use out of the box thinking and be resourceful
One creative thing to do is to partner up and share space with a complementary business. Flexible and creative businesses will more likely survive. They will be able to act faster too… Plus you might be able to turn these “turn-around” initiatives into great PR/marketing pieces.
5 – Create redundancy
What areas of your business could be easily disrupted? One way I had a client prepare for this was to have two internet service providers. One was the primary service and the second was for outages. The second one wasn’t as robust as the primary, but it kept the business running.
Perhaps you need back up suppliers. In 2020, many of the farmers I worked with said there was a glass jar shortage (for canning or for their other products). Other farmers had meat processing delays of many months.
Another common redundancy area is if you lose power. Are you able to sell products? Many companies can’t. Having supplies standing by for a handwritten receipt and the ability to process mobile credit card payments is very helpful in this situation.
6 – Good financials
Make sure your financials are up to date and that you have a good financial advisor. They can help you when opportunities arise to help your small business (ie last year’s paycheck protection plan).
I hope these 6 resilient business strategies give you some ideas. What creative ways have you employed in your small business? I’d love to hear.
