As we round the curb of the Covid-19 pandemic, we stagger at a loss. WHO reported over four million deaths. The leaders of the World Economic Forum said that economic loss was equivalent to $3.7 trillion. Although these numbers are devastating, our government has sent out both medical and financial relief.
The government gave a lifeline to small businesses. It was in the form of the business stimulus aid. The question here is how you can make the most out of this financial assistance.
The decision can be overwhelming. But we can break it down for you. Doing this will help you make an intelligent decision.
Leasing an Equipment
Your business has a better chance of survival if you reinvent your business. You may think of creating a new product to create a new niche for you. Or you can also boost your online presence. You can also do both.
You will be more successful in creating a new product if you have new equipment. This is especially true if your machinery is almost fully depreciated. The question now is whether you should purchase or lease a piece of equipment.
Let us make some comparisons here. For example, the parents of a three-year-old child are thinking of throwing a party for her. Should they plan the party themselves and buy all the party favors? Or should they ask for help from a party planner and go for party rentals?
The obvious choice here is the latter. Doing this will not only allow the parents to focus more on the birthday girl. It will also lessen the stress of planning the party themselves.
This analogy is true in your business. By leasing equipment, you do not have to worry about the maintenance of the machine. You can focus your energy on your business. Another good reason for pushing through with your decision to lease a machine is that the qualification for renting a piece of equipment is not as strict as financing a machine.
Premises
You must consider renovating your premises, especially if you are a restauranteur. An article published earlier this year stated that outdoor dining has recently become fashionable. You should take advantage of this fad.
This Covid-19 innovation is not only stylish. It will also decrease the risk of contracting Covid-19. You may even choose to create a semi-permanent structure outside of the main building. If you decide to build one, you must make consult with experts.
Before you confer with these specialists, you have to do some research. Doing this will help you formulate the right questions to ask. Here are some of them:
- If we rearrange our tables to allow social distancing, would this limit the spread of the virus?
- Is it better to build a gazebo because it has no walls? This type of structure will allow air to flow freely.
- How about a structure without a roof – will this help prevent the spread of the coronavirus?
Having the information handy will also help you understand the technical answers of the expert. During your conference, you would get as many answers as you can.
Marketing
After all the changes you have made, you must have a platform to entice customers to visit your store. People often use social media for this. This platform is an effective method to get more people to come. But have you heard about the Word-of-mouth marketing strategy?
Several marketing gurus have pointed out that word-of-mouth marketing strategy works. A person is more likely to believe a family member or a friend than a traditional advertisement. You should take advantage of this.
You can start by personally engaging with your customers. You should converse with them and candidly ask for their feedback. If you get a good reaction, you should encourage that customer to tell their friends and family. You might even sweeten the deal by giving a freebie.
You should encourage your customers to take selfies in your shop. This strategy will increase your online presence for free.
You should also ask your family, friends, and neighbors to visit your store. You can ask them to support you by spreading the word. They are likely to bring more customers than a traditional advertisement.
A wisely crafted strategy will help your business. You should not only think about how your company will survive the pandemic. But you should also think about how you can expand your market.
This type of thinking will help your business succeed. You are also ensuring its perpetuity.
