Small Business Post Pandemic
If your small business has survived this pause in the economy, how do you get your business back on track again. How do you start your business back up after the pandemic? Here are some tips to help you.
Take a Look at Different Services/Products You Can Offer
If post pandemic your core product is in a free fall, what can you do to add different products and services. This is called a business pivot and many businesses will be pivoting at this time. Some will have product line or service extensions, while others will move in a completely different direction with a whole new slate of products.
Before you launch into a completely different area, it’s best to map it out with a business modelling tool called a business model canvas. Check out our popular blog that explains the whole process mapping.
After you have figured out what your new business model canvas will look like, now is the time to map out on a spreadsheet your forecasted sales and costs for getting this new product/service off the ground.
If you have a product that can be purchased online whether for direct shipment or pick up at your retail location, then it is a good idea to pursue putting your products online. Although you might not be tech savvy, we offer a free 30 minute consultation to help you get your online store off the ground.
Product/Service Line Extensions for Different Customers
You may have a core group of products/services, that can be tweaked to find a whole different group of customers. For example if you are a home staging company you could expand into
- Specializing in the Seniors downsizing market
- Offering de-cluttering services
- Repair services
- In home interior styling services
- Rental of home staging inventory
If you are a flower shop perhaps you could start to specialize in succulents and bring back terrariums and sell both of these products online?
Service providers also have unique opportunities to expand their markets by considering
- Online training on Udemy or via your own website
- Start a YouTube channel with teaching videos
- Hosting Virtual summits in your area of expertise and collaborating with other professionals to offer a wide variety of experiences for the audience
For more tips on how to keep your business alive during the pandemic, check out this article
There are many Government programs to help small business survive the next few months. Here is a link to the Government website to check out which programs apply to your company. Not sure which programs apply to you, your accountant will be familiar with all these programs and can best advise you.
Strapped for money or need to re-organize your finances, then connect with Joanna or Oraine of the Blackmore Levy Group. They specialize in helping women with their financial challenges.
Reach out to Independent Women in Leadership if you need help and we will direct you to someone within our group to help you, with no strings attached! We have a wonderful group of business professional women who are just a call away.