Current pandemic has fundamentally changed the way we conduct business on both sides of the transaction. The adaptability is required both from the consumers and customers on one side, as well as businesses on the other side. Small businesses are especially vulnerable in this situation, so some steps need to be undertaken in order to remain profitable. Use this time to focus on your costs and how you control them. Plan for this to become the normal way of conducting business, and when possible rely on your community.
- Change your costs if you want to be profitable. You can cut contracts you don’t need during this time. You want to get rid of overhead.
- You may have to sell your product for lower as well. Because people are more willing to try new products or brands you want to keep people in your network.
- Lean on your community for help. Don’t feel afraid to ask for help or for feedback from people who believe in what you do.
“For instance, according to one Consumer Pulse survey, stockpiling and product unavailability have forced 30% to 40% of American consumers to try alternative brands or products during the pandemic. The expected post-crisis recession will likely continue to motivate consumers to try more affordable or more available product options.”