COVID-19 Game plan for SMEs and Franchises
Sep 10, 2020 09:50 am | Franchising
Due to the COVID-19 pandemic, businesses of different sizes and industries had to completely transform their operations and quickly shift to business continuity plans. This may be difficult for many, especially SMEs and franchises which don’t have the funds or manpower to sustain the shift.
Here are some tips from industry professionals on how SMEs and franchises can survive the COVID-19 pandemic:
1. Shift your business online
If your business handles all of its operations physically, you will quickly fall behind the rest in the digital age especially during this pandemic. There are many cheap or free options for your business to shift online and can even start from the simple point of online selling on social media or other online platforms.
2. Learn your consumers’ communication needs
Consider that your consumers may not always be in the mindset to spend and balance your messaging. Use this time, where your audience is constantly on their phones, to build your relationship with them so they’ll continue to be loyal even after the crisis.
3. Offer promotions for beyond the quarantine
Even if your business cannot earn revenue during this time, think of ways to sell services and products that customers can use even after the ECQ. An example of this is a discounted gift card for a service which doesn’t expire–meaning, they can purchase it now, but use it after the ECQ.
4. Be vocal about your safety standards
For businesses that are in operation, it isn’t enough to have safety standards. It is equally important to reassure customers that you’re going to great lengths to ensure that their products and services are clean.
5. Think of new sources of income
Although your 2020 plans didn’t include some products or services, now’s the time to think outside of the box for other ways your business can earn revenue. As long as your idea is within your branding and your operation’s capabilities, your revenue plan is most likely to benefit your business.