As businesses reopen and the economy starts to recover after the pandemic and lockdown over the last few months, SME's and small businesses across the UK need to adjust to the new requirements of their current and potential new customers. To capitalise from this change and to solidify market position businesses may need to make multiple changes such as marketing methods and even business investments. The SME club has put together some more tips to help you manage and survive this difficult period and come out fighting and stronger than ever.
Many customers are now getting tired of the continual updates from businesses about their response to COVID-19 and what they are offering and how they are adapting. So as lowdown eases and companies begin to reopen across the country could be worth considering leading the way and not talking all things COVID and exciting your customers by discussing normal business and life.
Increase advertising budget
As lockdown eases you may well be seeing an initial surge in new and returning customers, but the economic impact of the lockdown is unfortunately very likely to continue beyond your grand re-opening. Often the reaction from businesses is to cut costs and reduce spend on advertising but as the economy shrinks it actually makes better business sense to increase your advertising and marketing budget BUT ensure it is focused and to the right audience. Check out our online advertising advice in our Digital Hub
Keep an eye on your competitors
There’s much to be learned from your industry, peers and competitors so allow time to research other businesses and organisations to see how they are adjusting and surviviing.
For businesses that are fortunate enough to still have funds available in the current climate, it may be the perfect time to invest your funds to increase your business reach or production.
Even with businesses opening back up, many large scale events are still on hold for the foreseeable future. This means you may need to pivot any upcoming events to digital.
Efficiency is key
Many, if not the majority of, UK SMEs have lost a huge amount income in recent months, so you may need to make adjustments to increase operations without increasing costs. Look at your operations and costs and start to build a plan to maintain or increase output whilst keeping costs down.
Many businesses aren't prepared for a rainy day and the current pandemic has shown that when it rains it definitely can pour. Therefore as part of your plan moving forward you should look at budgeting for an emergency fund to give your business the security to survive a future rainy day.
Coronavirus has probably meant a change for your business and therefore your old brand content may not be right . So if your old content doesn’t apply to the current situation, it may be time to adjust your brand or even rebrand. Check out our Digital Hub for more information and advice on this.