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Did you read that part one? I mean of course you did right? Why would you read part two before you read part one…
Anyway read part one if you havn’t yet.
Now that we have stream lined your business, and reduced its expenses during this difficult time of uncertainty what is the next step?
The next step is… Try to get through now.
That’s right, we need to get through right now. Now this article has a bit of a twist for it. You need to think in regards to your own business how to solve your problem.
Every business is different, they all have different focuses and do different things. I will have a few examples of basic businesses and what they can do to try to survive a bit longer.
Can you make your business “Essential” ?
Is there something you can add, or do differently to make your business more essential. So you are allowed to stay open, and generate some income? If legally allowed in your area you live in, you might be able to pivot or change an aspect of your business. Even if its just for now. To make some money.
If I ran a bakery or café what I would do…
If I ran a bakery for instance, where normally my customers came in, bought a scone and a muffin, and a tea. Sat around for an hour playing on their phone then they wandered on with their life. I would change my business, where I would for instance offer a weekly bread delivery. I have found bread and milk to run out before anything else, and despite not really wanting to risk my life going food shopping, I am forced to go because at some point you want some bread!
If a bakery offered to drop off a fresh loaf of bread at my house once a week, Sterile and safely handled of course, with no direct contact. I would gladly pay for it. Despite many advancements in the digital era, we still can’t get bread by mail. A possible opening for an internet start up? I doubt it.
I know this system actually works, because locally there is a milk delivery company that I have met through work. I contacted them about getting milk delivered to my house. As I didn’t want to go out, get COVID-19 and die, and I was informed that their route is infact FULL. They are at max capacity. They have never reached that level before. Honestly I would kill for some eclairs delivered to my house right now. To a bakery where their only other option might be going out of business Why not try it?
If I ran an advertising business.
Now I am going to assume that thankfully most creative businesses such as an advertising business can infact still run, without direct customer interaction, so they might have actually managed to stay open although they might be working from home.
But there are still bad times all around. Most businesses have cut their advertising budgets. Since nobody can actually come to the businesses anyway no doubt these types of businesses are going to suffer.
In fact I believe I actually advocated cutting expenses such as advertising in part one. Well now I am on the other side of the trade. Although your customers might not want you right now, They have never needed you more.
You are kind of like the parent picking their kid up walking down the street , after they were embarrassed in front of the whole school at high school prom. (No I am not talking from experience. )
Your customers need business more then ever, and you can bring it to them. But they don’t want to pay you. You will have to be creative to solve this problem, Can you make a deal with them that the ad is commission based? The chance of income is better then no chance of income, I think both parties would jump on that.
Can you help advertise their changes due to COVID-19 effectively? Can you let their customers know they are still open and how they plan to deal with this crisis at a lower cost, or longer terms then normal? Can you alter your usual advertising channels so you can reach people stuck at their home better? Direct mail seems like it would be effective now, so would face book ads.
You own a non essential retail business.
Do you sell dresses? Maybe nick nacks to tourists? Maybe you sell ice-cream down at the beach.
Many of us appear to not really be that important to the actual running of the world. But if we all go out of business at the same time, boy I bet they will miss us!
This is the hardest one to write, because I really don’t know what your business does.
But nomatter what you do, you should try to do something. Maybe you can get a special product that helps people during these times that you can sell? How can I remain fashionable and safe in this “New World?”
Can you repurpose a product already in your inventory for a new use during this crisis?
Can you provide your product safetly some how to the public? I still want an ice cream cone! But how can I get it without it killing me? (From COVID-19 anyway)
These are problems you need to solve, and if you solve them you might just make some money and your business might just survive.
Our pal big goverment
As business people we of course have hated the goverment for years, they have been annoying and mildly tortured us. But kind of like how that stepdad you always use to argue with, showed up in your time of need, showing that deep down although you might have had your differences he was really a good guy and cared. The goverment turns out to be the same way!
Now of course your mileage is going to vary on this one depending on where you live, and how wealthy your government is. But a lot of governments have taken many steps to help people and businesses during this time of need. You might just be eligible if Shake Shack doesn’t steal it all first!
I would check out your local governments website for information on these programs, some governments are offering interest free loans, tax deferrals, grants or basic income supplements. If you aren’t stinking rich already, you might just be eligible for some of them. In a situation like this I think we could afford to take all the help we can get.
Your friend in business,
Rich E. Cunningham.