03 March 2022
Surviving 2022 As A Small Business
This handy guide explains how small businesses can thrive despite rising operating costs.
According to government statistics, there were around 5.6 million active small businesses at the beginning of 2021. Such firms employ approximately 61% of the UK's workforce, so SMEs (small to medium enterprises) are a big deal to the economy.
The problem is that COVID-19 happened, resulting in more firms than usual closing their doors for good. If you run a business, you undoubtedly want to survive through the pandemic and beyond. But, how can you achieve that objective?
Take a look at the following inspirational tips to help keep your business afloat during these uncertain times:
Build Up A Cash Reserve
Many small businesses will face periods where there are fewer sales than usual. As you can imagine, such times can cause unprepared firms to close - especially if they make the mistake of relying on only one or two key customers.
Avoiding the "eggs in one basket" syndrome is undoubtedly one way to help your small business survive. But, another is to ensure you've got a cash reserve to help your firm stay afloat during quieter times.
Sell Your Products And Services Online
It's no secret that the Internet offers a wealth of sales opportunities for small firms like yours. If you aren't selling online already, now is the time to get started by building an e-commerce website.
You should also offer your customers easy ways to contact you if they have questions during the checkout process. Live chat for small business is one way to make it easy for your customers to ask questions in real-time.
Make It Easy For Customers To Buy From You
The above example is one way to make it easier for your customers to buy from you. However, it would help if you looked at other ways to simplify the purchasing process.
One way is to offer several purchasing methods, such as debit and credit cards, credit or finance facilities, and digital wallet options like PayPal, Google Pay and Apple Pay.
Another is to set up an e-commerce store on Facebook and Instagram so customers can get directed to the right store pages on your site from any social media posts you create.
Identify New Opportunities
One thing you should never do is be complacent about your business. It would help if you always look for new sales opportunities, markets, and ideas to sell your products and services to new audiences.
Collaborating with brands that complement the things you sell could be the perfect example to help you achieve that goal.
Keep Your Costs Low
Lastly, the golden rule of any small business is to keep operating costs low to maximise profit. If there are cheaper ways of doing things without sacrificing quality or effectiveness, it's worth looking into them for your firm.
The above tips and suggestions will help your business float above water, both during the COVID-19 pandemic and in other times of economic crisis.