The pandemic has really shaken a lot of mom-and-pop businesses. Here are 6 things you can do to bounce back.
Entrepreneur.com has a few ways (6, exactly) businesses can recover from this pandemic.
Although panic, in and of itself is probably a survival mechanism, it’s obviously not good to stay in a state of panic for a prolonged time.
The good thing is that, at this stage of the pandemic, hopefully, most of the panicking is over.
If you’re still in a state of panic, just acknowledge it, and do what the best people do in the worst of times: they thought with a clear head and met their challenges.
I know that taking government aid, not matter how available it is, raises it’s own issues, so I’ll just state that it’s an option.
How can the local economy help you?
Lately, I’ve noticed a bit of a push to help local businesses. Though I’ve always favoured helping local businesses, since the pandemic started, I’ve tried to be even more conscious of where I put my dollars.
No one says you have to re-open at 100%.
Perhaps, to be at 100%, you’ll have a lot of overhead that you might not be able to afford.
That’s fine. Open with your best-selling items.
That’s where the Pareto Principle, or the so-called “80/20 Rule” can come in.
The Pareto Principle basically says that 80% of your sales come from 20% of your products. (Of course, it’s not going to be an exact 80-20 figure. It may be 90-10 or even 95-5, but you get my point.)
Open with your best-selling products. That will help to minimize overhead while maximizing your chances of making sales.
This makes sense.
Next.
This is a tricky one: you’ll want to do everything you can to improve the productivity of your current staff, without burning them out.
This is going to be different for every business. But basically, you want to try to reward your most promising staff.
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