Business

COVID-19: Small business survival tips

The world has been plunged with coronavirus. All spheres of life have been affected greatly and countries have imposed restrictions to contain the outbreak. Businesses are no exception. Small business owners are at the mercy of the pandemic and are wondering what to do next. No one knows when this will end. In spite of all that is happening, life goes on.

Research suggests that small business owners operating between the last one to two years stand the risk of losing their business.

The steps below are ways suggesting how small businesses can still run in the midst of this pandemic

1. Inform customers about business decisions
Call or text your customers on the actions your business is taking; whether you closing temporarily, switching to doorstep deliveries or operating limited opening hours. Let your customers know if you require them to wear a mask when they visit your store etc.

2. Support from government

President Nana Addo Dankwa Akufo-Addo on Tuesday, May 19 launched the Coronavirus Alleviation Programme (CAP) Business Support Scheme at the Jubilee House, as part of measures to effectively manage the social and economic recovery of the country. The National Board for Small Scale Industries (NBSSI), has outlined the categories of Micro, Small and Medium Enterprises (MSMEs), which qualify to benefit from the Coronavirus Alleviation Programme (CAP) Business Support Scheme. Check the website of NBSSI (nbssi.gov.gh.) on how to apply. You can also find out from your local assembly, church or mosque if there are any funds to support small businesses

3. Leverage on social media platforms
Most businesses use social platforms like Facebook, Twitter, WhatsApp and Instagram to promote their products and services. Join various groups on social media and for a small fee you will be able to advertise your products on these pages, thereby reaching a wider audience. Social media platforms offer a vital connection to the outside world. Even if you’re forced to stop trading temporarily, don’t stop posting! Use your profiles to show solidarity and keep in touch with your customers instead, and you’ll have an even stronger relationship with them when things are back to normal.

4. Offer new service
Many people are complaining of low sales of their products. Add a new product. For instance if you are into the sale of luxury essentials, You should take advantage these changing times and sell products like nose masks, veronica buckets, hand sanitizers etc. since they are in demand now. If you are in the service industry, offer more home services so that you will not lose your existing clients.

It is during crisis that business owners make tough business decisions and changes which will go a long way in ensuring business survival.
Remember, tough times don’t last. Keep hope alive…

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