As business owners we are all optimistic. I know I want to believe in the shortest date they tell us we might be back to work. But, as that date gets further out, it is time, if you haven’t already started, to get proactive about preserving, and maybe even growing your business.
The first step is to review all your numbers on a monthly basis. Not just the expenses, but the projected income also. This way you will know how much you need to generate and/or cut to make it through the next few months. This is not fun, but knowledge is power, and you can’t make good decisions without real information.
Next, go through each expense line item and see how you can
reduce it. Hopefully you have already
applied for all the moneys to be had through the Covid package passed by the
federal government. All the info can be
found at www.sba.gov/covid.
If you have subscriptions automatically paid each month with a credit card, decide which ones you can live without for a few months. You may find you don’t miss these conveniences or weren’t even using them, and every dollar is important right now. Or, decrease the option of the service you were subscribing to. I mention these as we don’t really pay attention to them as they are automatically paid. You don’t see them. Contact all the utility companies, banks and your landlord. Ask them what they can do for you. If they have no idea, have an idea to present to them. It can’t hurt to ask for extensions, discounts, or even something more that may help you as soon as you can open, for instance, prime space on the letter board out front for 3 months.
And lastly, and much more fun, start to plan how your store will look different when we all go back to living a new normal. It will be time to evaluate the product mix. Will you need less expensive inventory that produces repeat sales? We happen to have a complete line of pet treats and products that are a perfect fit! Look around the site and see if we can help you out. The one thing people can still get great satisfaction out of purchasing and not break their bank are products and treats for their pets.
What can you do to bring attention to your business once you are open again? You have time now to tweak your website and make it more interactive, easier to purchase from and up to date. This is on our planning list. Make sure your social media presence is also getting its fair share of attention from customers. This is always on our planning list. Plan an event that doesn’t require people to be in your location at a certain time, like a month long promotion who’s goodie isn’t redeemable until the fourth quarter or, a promotion that does require customers to be there at a certain time, like maybe a back to shopping or back to school event. Maybe it is reorganizing your departments and move one from the left side to the right or from the back to the front. Make sure you have a new front window. Maybe it’s time for a new wall color?
There are many business ideas you can do or at least plan right now. In addition to making sure you and your family are adhering to all the orders and suggestions and eating well and being physically active. We will get through this! Use this down time to the best of your abilities!