"“We’re finding that you can’t save businesses by just allowing them to reopen,” Mills says. “Until it’s safe, their employees don’t want to come back. Their customers don’t want to come back. There’s no one out shopping on Main Street.”
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three recommendations to cash-strapped business owners:
Focus on social media and email to reach customers. The coronavirus pandemic forced many analog companies to embrace digital technology, such as contactless payment tools and online booking software.
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However, businesses don’t need a comprehensive digital strategy—or even a website—to succeed online. An Alignable survey found that 25 percent of respondents were turning to social media to reach customers while 18 percent were engaging them through email.
The key is to harness the most effective outlet for a firm’s products and services,
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Scrutinize every cost. Every dollar matters now. Companies hanging by a thread should try to renegotiate contracts with suppliers and landlords, and refinance debt. Is there a new supplier for a key item the company uses? Would opening only during high-traffic hours reduce electricity bills?
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Concentrate on the best profit opportunities. Small-business owners must identify their most valuable products and services and eliminate everything else. If a restaurant’s tried-and-true burger has a stronger gross profit margin than its artisan cheese platter, it’s time to dump the cheese, at least for now.
It’s equally important for firms to understand their most loyal and profitable customers—who they are, what they buy, and how to engage them. Beyond their purchasing power, loyal customers can become a company’s best advocates, providing powerful word-of-mouth advertising that’s authentic and free."
Trechos retirados de "How to Help Small Businesses Survive COVID's Next Phase"
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