For many small business owners finding success during COVID-19 was challenging. While promising, the outlook for life post-Covid remains slightly uncertain, but luckily, there are simple steps to set your small business up for success. Like turning to small business financing solutions to help boost business.
After all, challenges can inspire growth and innovation. If your business focuses solely on the things within its control, your business will be better equipped to rebuild during difficult times.
Here are eight simple ways to grow your business post-Covid.
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1. Apply for a Small Business Loan
Small business loans, as well as several other small business financing solutions, can be great options for businesses that need financial assistance to help with cash flow issues, payroll needs, or to grow their business.
Line of Credit
A line of credit is a flexible financing option that can be accessed by small businesses as revolving working capital that works similarly to a business credit card. Your business will be approved for a set amount of credit which then allows your business to draw on that amount when needed, only paying fees on the outstanding balance.
This type of small business funding is a great option for small businesses that need fast funding to overcome gaps in cash flow during slow times or build up a cushion of working capital to grow their company.
Term Loan
A term loan is an option provided by an alternative lender, with both short and longer-term lending options. Once your company has been approved for a set amount, it will then be deposited into your business bank account for immediate use.
Small business loans are an excellent option for businesses that need a set amount of working capital quickly.
Merchant Cash Advance
A merchant cash advance is an alternative business financing option that gives businesses access to funds in exchange for a percentage of their future credit/debit card receivables. This allows the payment timeline to be tailored to the flow of business sales.
Merchant cash advances are great because they can allow your business more flexibility in how it spends its working capital, making them a good choice for seasonal lulls, business expansions, or equipment repairs.
SBA Loan
SBA loans are small business loans that are backed by The U.S. Small Business Administration. These loans are funded through partners, usually, banks, who can distribute the funds when needed. SBA loans are repaid monthly with flexible terms and low-interest rates; however, they have strict standards and businesses must meet certain requirements to qualify.
2. Revamp Your Marketing Strategy
Analyze current business communications to ensure your business is conveying the right message and putting your business in a position to succeed post-COVID-19. Your business may have marketing materials that no longer make sense as the economy starts to regain normalcy.
Keep your communications relevant, succinct and meaningful. Through social media, your business can communicate any last-minute changes in hours or staffing to your customers directly. It’s best to keep your clients/customers as up-to-date as possible with your business operations.
Being proactive with business marketing strategies and communication to help gain trust and grow your business is a smart move right now.
3. Offer Online Experiences & Events
Now is a great time to start utilizing some of the many available online tools if your business isn’t already doing so. Although retail shopping is down, customers are online more than ever. So, move as many of your services online as possible to ensure your business’s long-term success in a post-Covid economy.
Create targeted ads and post on social media to gain a loyal customer base. Make sure your brand stands out by getting creative with your social media posts and Facebook/Instagram stories. Be sure to provide links to your business website.
Find unique opportunities to help your customers remotely.
Create webinars and Facebook live videos, or engage with your customers in virtual conferences. To position your business for success post-Covid, it’s best to use all the online resources you can.
Yoga studios, gyms, and other businesses have taken advantage of this opportunity to deliver their services via live stream. How can your business provide value online?
4. Stay Connected with Your Customers
Customers make your business thrive. If you want your business to succeed in a post-Covid economy, stay close to them. While not every customer may be buying from your business at the moment, it’s important to retain them for future sales.
Send your customers emails
Let your customers know what they can and can’t do right now. If you’re a restaurant or retailer, do you offer curbside pickup? Are you shipping your products? Are you offering any virtual consultations or services?
Update your website and social media
Not everyone will be on your email list, so update your business website and social media channels regularly. Make it clear what your business’s current offerings and hours are.
Survey your customers and ask for ideas
Customers know what they want, so it may be wise to simply ask them what they’re looking for. They may tell you something you haven’t thought of that could help grow your business.
5. Empower Your Employees
Remember that your employees could probably use some support right now. Prepare your business for success post-Covid by showing your employees you care:
- Offer training opportunities to empower team members and put your company in a good long-term position.
- Check-in frequently with your employees, see how they’re doing, and ask if they need anything to improve their process.
- Provide your employees with services like new certifications or important industry information.
- Make work hours more flexible to accommodate your employees’ needs.
- Engage in virtual “coffee breaks” with your employees and encourage them to do so with their teammates.
6. Get Involved in Your Community
Serving the common good can show generosity and improve your business’s chances of success.
Your business could end up attracting new customers, increasing your popularity, and boosting profits in the long run, just by pivoting your business towards your community’s needs.
7. Create New Content
Write high-quality, SEO-friendly content to boost your business’s reach in online searches. The great thing about creating new content is that it pays dividends for your business well into the future.
Your business can also share content on social media to generate buzz for your brand.
8. Stay Informed
Staying up to date as much as possible on the latest news is essential to running a well-informed business.
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