In this blog post, we’ll dive into some common business strategies that companies have adopted in order to survive and maintain profitability during the pandemic.
The pandemic swept the globe faster than we could have anticipated. Because of the nature of the virus, it closed many businesses around the world. Dining establishments, concert venues, and many other small businesses were forced to shutter their doors, sometimes ending their reign of success. However, as difficult as it has been, you’ve made it this far, and there is a light at the end of the tunnel. Here are a few quick tips from Being Wela on how to help you regain and maintain your profitability during and after the pandemic as we continue to brace for what may come.
Communicate with your clients.
As in any relationship, communication is essential when you have clients. Make a point to reach out to your customers periodically to keep them up to date on your operating schedule as well as changes to your business. Stay active on your social media accounts and email marketing campaigns, and answer customer inquiries quickly and thoroughly. Here are some tools
Update your systems to run more efficiently.
If you still haven’t picked up full speed since lockdowns, you can take this time to update your company’s systems and operating procedures. If you haven’t already, make sure your CRM is up to date, which, as SuperOffice notes, will further strengthen your relationships with your clients.
Here’s a bonus profit-boosting tip: invest in robust accounting software. Your financial software will help streamline your team management and ensure that business performance is monitored in a timely fashion so you can make better on-the-fly decisions. When integrated with payroll, you’ll also ensure your employees have accurate timesheets and that they’re paid on time, every time. Also, utilize reporting functions and your software’s mobile app to stay on top of business when you’re not there. Look for time tracking software that integrates with your CRM and, if applicable, workflow platform.
Keep your staff remote.
You can save on overhead and enjoy a more productive staff by keeping your knowledge workers remote. Since you have likely already moved much of your business online, keeping it that way makes sense. A word of caution here: you should take measures to ensure that your business information is safe. VPNoverview.com suggests using a virtual private network (VPN), multi-factor authentication, and other cybersecurity tactics to prevent hackers from accessing your systems.
Use your home for inventory storage.
Unless you drop ship or provide a service, you likely have inventory to maintain. If you do not want to go to the expense of renting a warehouse, consider installing extra shelving in the garage so that you can hold inventory at home without an added monthly fee. Homedit shares information about some of the best garage storage systems, which you can mix, match and adapt to your needs.
Shop vendors often.
Like you, your vendors are likely trying to keep their doors open. This means many – if not all – will be more than happy to negotiate pricing and terms of service with you. Don’t be shy about shopping around for a better deal. Something to believe here is that you simply want to perform a risk assessment whenever you change vendors to make sure they’re going to be compliant with any regulations.
Doesn’t matter what you do, earning a profit isn’t easy. Toss in a global pandemic and widespread political unrest, and you had a perfect storm of scenarios that likely impacted your business negatively. But, you have weathered all of this, and can now move forward. The tips above will give you a solid foundation upon which to build or rebuild your empire.
Also Read: 7 Ways to advertise your business free of charge
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1 thought on “How to maintain profitability during the pandemic”
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