Business Survival is the name of the game when you’re attempting to re-open. Before COVID-19, the business was thriving. Recapturing that scenario after being shut-in for seemingly unending weeks seems like starting all over again with an added handicap. Aa small business specialists, at Bullhorn Media we are concerned about such businesses, and what they face at the economy gradually reopens. Thus we introduce Part Two of our series on Getting Back to Business.
Business Survival: Directives and Guidelines
Great To Reopen. Deciding How is Hard.
Have you noticed we have guidelines from the Oval Office and directives from the Governor’s Mansion? And to make matters even worse, the guidelines and directives don’t always seem to match. What to do? Where do I begin?
For example, one small business owner was struggling to re-open her barber business. She had applied for a “small business loan. But she hadn’t received approval. She stated that she was burning through her savings just to pay rent.
One of her barbers had small children and had been denied unemployment and was obviously becoming desperate.
The shop owner pondered, “What should I do first?” Finally, she chose to begin the process by ordering capes and cleaning supplies in order to adhere to new safety protocols.
In an interview with Time Magazine, she stated, “I’m torn between what’s the right thing to do and what I have to do for my business and my future.”
In the case of conflicting guidelines, some owners are in confusion not only on which guidelines to follow but trying to decide exactly how to apply them.
Business Survival: Back to Business Tips
We believe that for many small business owners, it must begin with communication.
First comes the Big News:
- You must let your customers know when you plan to open.
- Then comes the big love:
- You must thank your customers for their loyalty, support, and previous patronage.
- Now you are ready to face our Top 6 Tips for
Resuming Business Life.
Business Survival Could Well Depend on Serious Planning Before Re-opening Your Business.
In our previous blog, Bullhorn Media began a series of suggestions called, “Small Business Tips: Escape the Tentacles of COVID-19.” In that article, we presented 3 tips geared toward getting back to business or “Reopening.” And now Bullhorn Media brings small businesses 3 more so you will have our set of 6 Tips for Business Survival. And it is remarkable how many of the tips we can help you with through the power of video and photography.
A Quick Review
Those first 3 tips included several ideas that you might like to review. As an overview, they were composed as:
- Know your burn rate. Or reduce non-essential cost and work on a “bare-bones” approach.
- Adapt to Current Market Trends. In this section, we looked at incorporating new trends in like businesses, considering changes in product or servicing areas. Also, Bullhorn media suggested ways that video could be helpful in current and future business operations.
- Use Time Now for Profit Later. In other words, consider using the time to maintain health and evaluate strategies that could be employed later.
In this blog, Bullhorn Media looks at the additional 3 tips for surviving re-opening and perhaps gaining an advantage over your competitions.
Small Business Survival Tip Number 4: Competitor
Check out your competition. It’s a fact that some companies are surviving while others are failing. Why? What are they doing right?
Study the companies that seem to be surviving the crisis. Then, try to ascertain what they do differently. You can study both your direct competition and indirect competition to gain the most understanding.
Saving a Declining Car Manufacturer During Coronavirus Called for Versatility and Flexibility.
Which strategies seem to be the best? It’s true, some strategy seems to apply almost universally to any business. Still, others may be limited to certain industries or business areas. You can find some principles that are useful to you.
For example, look at the automobile industry’s plight. Who was interested in buying a new car during the COVID-19 crisis? The industry almost shut down.
According to the U.S. Industry’s 1st quarterly sales reports, the crisis shut auto plants and crippled sales. Additionally, the last week of March showed declines of up to 61 percent as revealed by the forecasting firm of J.D. Powers.
However, Ford and GM were sufficiently flexible to recoup part of their losses as they teamed up to produce ventilators and respirators.
Ford also announced it would work with 3M Co. to “accelerate production of the respirators and have United Auto Workers members assemble more than 100,000 plastic face shields per week.”
Bill Ford is the automaker’s executive chairman and the great-grandson of Henry Ford. On NBC’s Today Show, he said, “We’re just going as fast as we can.”
Business Survival 5: Value of Business VS Time
Before you jump into the fire is an excellent time to re-evaluate your business. Is it worth my time? Here are a couple of questions you might ask yourself.
- How much money does the business generate?
- How much is my time worth?
- And finally, could I spend my time better on other efforts that offer better returns?
For example, if you are spending 10-12 hours a day, 6 or 7 days a week, and you only manage to clear enough to resupply your stock with a very little leftover, is this business worth your time.
Tough Love and Three Choices
The Smart Decision Might Not Always Be a Happy One. However, It Could Save Pain and Dollars Later.
1. In the short term, it may not make sense to continue putting the bulk of your time and resources into your business.
2. If you can temporarily reduce your cost to zero (or near zero) it may make the most sense for you to look at other areas to make money.
3. If your current business makes the world go around for you, you may be able to re-open at a later time, when the conditions are more favorable.
4. Perhaps we can bring you fresh eyes to show you how you might be able to diversify—and we can make it part of your company’s journey, your story, your corporate video.
Survival Tip 6: Changes in Your Customer’s Attitude
There is no doubt. COVID-19 has changed many of the attitudes and habits of your customers. This is the time to evaluate those attitudes and decide on the necessary changes for the survival of your business.
Has the fear of the virus and the consequent precautions such as only going to the drive-thru for food changed the way your customer thinks?
Owners of movie theatres, cruise lines, amusement parks such as Disney Land, or airplanes will undoubtedly think about how the pandemic has altered their customer’s attitudes and desires.
If you own a restaurant, how long will it be until your customer feels comfortable sitting at a table surrounded by a packed dining room? There is no certainty that the traditional business model will work.
These attitudes and resulting problems may be short term or long term. How will you handle it?
- Will your restaurant be a collection of small private booths or carefully spaced tables?
- Will outside dining become more desirable?
When You Are Ready, Bullhorn Media Can Add to Your Success with Business Videos.
The point is that you must make these decisions now before you invest the last of your savings reopening your previously successful business.
Coming Attractions
Bullhorn Media originally began these suggestions or tips with only the six in mind. However, as the time gets closer, the number of complications and problems of reopening a business keep multiplying.
As a result, it is entirely possible that you may see more hints or suggestions in the Bullhorn Blog, as time goes on.
Thank You for reading our blog and good luck with re-opening your business.