- Published: Thursday, 09 July 2020 10:47
The smart approach to business today is different - and more elusive - than it has ever been before. COVID-19 restrictions have rocked every industry. As a result, many small businesses have been pushed into figuring out their eCommerce plan. This may be a stressful change for some, but there’s a lot of good that can come from it, as well. Here’s how to embrace the transition and find success through - and after - the pandemic:
Get Your Bearings
Before you can figure out how to make the most of this moment, you need to accept and adjust to it. Many small business owners have been so busy adapting that they haven’t given themselves time to reflect. However, that time spent in reflection is absolutely crucial for moving forward. Designate a specific time each day to journal or practice a meditation designed for small business owners. This will give your mind space to fully process your business’s current state.
You should also set aside time in your day for research and continued learning. The market is changing rapidly right now, and you need to stay well-informed to keep up. Whether it’s updates on ecommerce business and statistics or business news in general, find and follow trustworthy sources to make sure you have all the info you need to nurture your business through this moment.
Evaluate Changes You’ve Made
At this point, your company has already started to adapt. You may have enhanced your eCommerce presence, or boosted your online marketing. Perhaps you started a delivery service or have implemented a curbside pickup service. These gut-check changes may have helped you get over the initial COVID-19 hump, but it’s important to look at them critically, as some may not serve you well in the long run.
For example, say you expanded your delivery fleet. Eventually, traditional shopping will be safe again. When that happens, will your fleet still be profitable, or will you be sinking money into infrastructure you won’t actually use? Something like curbside pickup, which requires fewer resources, might be easier to phase out down the line.
Pay close attention to any business decisions you’ve made since the pandemic began. If a change isn’t serving your business, you have to be decisive about whether it’s worth clinging to. Don’t fall prey to the sunk cost fallacy: decisions aren’t right just because you’ve already made them, and the savvy business owner knows how to recognize - and fix - mistakes.
Looking Down the Road
On the other hand, some changes may actually carry you into the future. For example, setting up an online shop through a platform like AbanteCart allows you to expand your customer base as far as you’re willing to ship items. And digital marketing efforts, especially targeted advertising, will get your service or products seen by exactly the people who need it most.
However, creating an online business isn’t enough. Once you have it, you have to use it, and use it well. Inventory tracking mishaps, poor user experience, low social media engagement, and other online mistakes can do more harm to your business than good. If you have the budget for it, consider hiring a dedicated individual or team to oversee your digital efforts.
The pandemic is changing the way we do business, and companies have to keep up. What you do now will absolutely define your company’s future. By staying informed and looking critically at the changes that are - and aren’t - helping your business thrive, you can be a post-COVID success story.