If you’re a small business owner, you undoubtedly felt the impact of COVID-19. McKinsey reveals that many entrepreneurs were affected by the economic fallout of the coronavirus. Some sectors, like tourism and food services, were especially vulnerable. As normal life ramps back up, it’s time to focus on growing your business so you can position yourself for maximum success in a post-pandemic world. Saturation Media shares the following insight to help you maintain a thriving business.
Take the downtime to handle pesky admin tasks
Despite an almost full return to normalcy, many businesses are still a little sluggish. So use your spare time to handle administrative tasks you may have been putting off. For example, if you haven’t yet established your business as a formal legal entity like a limited liability company, this could be the right time to do it. An LLC may offer tax advantages and can help protect your personal assets in case your business runs into legal troubles.
A break in business is also a great time to implement new systems and processes. Messaging Services provides tips on how to streamline operations. For example, you can set up a virtual receptionist, move your data to the cloud, or go paperless. Taking all your hard copy documents and digitizing them via scanning is a time-consuming process. Smooth Solutions notes that you can use document imaging services to digitize paperwork.
Also, don’t forget to file your annual report! Note, you have to do this through the state’s online business portal; you can’t send it in the mail. Late reports can see a penalty of a $400 fee, so it’s always best to add this to your calendar well in advance of the deadline. Getting this done early helps you avoid costly mistakes and keep a handle on things for future reports and filings.
Seize the opportunity to grow your digital community
People are spending more time online than ever before. Shopping, socializing, learning, and even working out — all of these activities can now be done from the comfort of your own home. Since people are spending more time in front of their electronic devices, it’s a great time to grow your digital presence.
If you don’t yet have a business website, make one now. Matthew Barby recommends updating website content regularly as a means of driving traffic and boosting business. You can also take the opportunity to expand your social media presence. Through sites like Instagram and Pinterest, you can generate increased website traffic.
Move whatever business you can online
As you expand and solidify your digital presence, look for ways to move your business online. This will depend largely on what products or services you provide. If you are a food business, you might implement a delivery option to bolster takeout, for example. If you’re a clothing boutique, this is the perfect time to set up an e-commerce site.
CED Commerce offers a guide to moving an offline business online. They note that the spike in online shopping isn’t just a COVID-specific trend and is likely to continue in the long run. By shifting your focus to online, you are thus setting yourself up for big-picture success. Curatti notes further trends that will continue to impact the future of online business, such as blockchain technology (which is used for cryptocurrencies like Bitcoin).
While your business might not yet have totally bounced back from the pandemic, you can still take steps to ensure a thriving enterprise. Adopt the above tips and you will be able to maintain — or even grow — your business as the world adapts to a new chapter.