Survive an Economic Downturns

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Evaluate how you might need to adjust the way you do business to fit the current model of shelter in place. Outline a plan and prioritize action items depending on your business. Maybe you need to identify alternative suppliers, prioritize customers or temporarily suspend some of your operations. Work up a cash flow forecast. Partner with a6 Ways for Small Businesses to Survive an Economic Downturn financial professional if necessary.

Consider applying for an IRS tax extension, or maybe look into rent and supplier deferment programs. And if you are in danger of losing your business, explore emergency funding options. Also, consider how these changes are going to affect your customers and your employees. – Yeah, and if you haven’t already, develop a customer-first mindset. And this is our second strategy.

6 Ways for Small Businesses to Survive an Economic Downturn

Guiding Light
Guiding Light

Reach out to them, and communicate your plan. How is your business going to support your customers during this time of uncertainty? And this is not the time for the hard sell. Empathize with their challenges and offer your support, and together.

. together, you can work through this crisis. The same goes for your employees, right? Offer remote work solutions so you can continue to support the business. Review paid time off and sick leave policies, and maybe they can use some vacation time or take a leave of absence.

– Our third strategy is to make it easy for customers to contact you. Have you tried to contact a bank lately? Most banks have call-wait times of hours. Do you think your customer has time to wait for hours on hold to speak with you? – Oh, that reminds me of when I call Comcast.

They have this cool feature where they keep your place in line and then they will call you back when it’s your turn.6 Ways for Small Businesses to Survive an Economic Downturn

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So this way, I can get on with my day. The company comes to me when they are ready to address my concern, and that is great customer service. – See, the technology is there. Be sure your contact info is up to date with online business listings, like your website, Google My Business, and Yelp.

And include links to your social profiles and all of your communications, so that customers know they can also connect with you on Facebook, Twitter, Instagram, and the other networks where you have a presence. Maybe you can use chat apps like Facebook Messenger or your Twitter chats, letting customers know that you’re available on messenger during certain hours. Or use a dedicated business phone number. The key is letting your customers know that you’re not ignoring or hiding from them.

6 Ways for Small Businesses to Survive an Economic Downturn

– Yeah, so.

.. Great points, Darlene. And strategy number four is to engage on social media. You mentioned this briefly, but so important.

Many people are turning to social media for information and a sense of connection to the world, especially as they are practising social distancing. So update your social media profiles with any changes to your hours or what services you’re providing. For significant updates like reduced hours or closures, be sure to pin that post to the top of your profile so it’s really easy to reference. Or you could place it in your bio. I’ve seen some businesses do that on Instagram.

But beyond just email messaging, you can connect with your customers on social media to give them real-time updates on how you and your business are handling COVID-19. And you can share helpful content, including– Ooh, my favourite… blog posts and videos.

And then you can build community through asking and answering questions. And then leveraging automation and scheduling tools to keep your social presence up to date. – That’s right. And number five. You’re gonna wanna craft smart emails to communicate with your customers.

6 Ways for Small Businesses to Survive an Economic Downturn

Even though every country is handling the crisis differently, one thing remains certain. We’re all in this together. And anything you can do to bolster that sense of solidarity with your customers is appreciated. So the emails that you send your customers should address the crisis immediately. In these messages, you have the opportunity to talk about how it’s impacting the world and your company.

Discuss what you’re doing differently to meet this challenge. And be upfront about what you plan to do for your customers during this trying time. And discuss how COVID-19 might impact your ability to serve your customers if that’s relevant.

This is your chance your reassure customers that you’re handling the crisis internally and that you ensure the safety of your product for your customers. – And finally, strategy number six.

Take care of yourself. Reach out to your community for support. Fellow entrepreneurs and local business owners may give you a sense of connectivity and lower those stress levels. So also try to limit your consumption of news and social media about the pandemic. Use that time to participate in physical exercise daily, even within your home.

But you can do what I do, even in here. You can stretch, do yoga or follow along with an aerobic fitness routine from YouTube. And be sure to eat a balanced healthy diet, get enough sleep, dedicate time to relaxation when possible, and participate in an activity that you enjoy.6 Ways for Small Businesses to Survive an Economic Downturn

Maybe that’s puzzling. There is so much power in finding joy during this difficult time, so take time to talk with friends on the phone or through video chat, like FaceTime.

And these are all things that you can do to look after your health. But you should extend these concerns to your employees and business partners as well. – Thanks, Emma. During this time, we wanna support you with content like this. And if you need help, you can always call our customer service line and speak with one of our GoDaddy guides.

Until next time, stay safe. – And stay healthy.

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Total Reading Time: 5 minutes 15 seconds


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