Whether it’s a global pandemic, a major recession, natural disaster or any challenge that steps in your way…..there is always an opportunity to overcome if you look for it! Let’s look at 7 key Small Business Tips & Strategies for Battling Through Down Times.
Each challenge we face is an opportunity to pivot, and those pivots can transform our business like nothing else can.
Throughout the COVID 19 pandemic, we have been sharing insights on how to pivot forward, including numerous YouTube videos, Facebook lives, or our complete list of ideas, discounts, playlists and resources on our Corona Retail Resource Center.
But there’s more.
Let’s talk about 7 things you can do right now to pivot forward and become stronger because of the challenge we are all facing.
We each have a choice daily….to be the thermostat that sets the energy in the room or are you going to be the thermometer that reacts and reads it.
It’s up to us if we’re gonna live in this idea of feeding off of everyone else’s negative energy and anxiety or are we gonna set our own. How are we going to choose to react progressing forward?
Opportunity is there, but only if you look for it.
Stars shine brighter on the darkest nights. Any challenge we face is the chance to show up in new ways for our customers, stronger than ever before.
This is a chance to get to know your business inside and out. Things like knowing your numbers, where you reach the most engagement, how to segment your email list
This will not be the last time there will be economic downtown or some sort of disaster. You are training yourself, your staff, and your reaction time for the future obstacles you will face. Look at this as an opportunity to get better and train for when the season rolls back around because it will.
Here they are, 7 opportunities to grow your small business through a crisis.
Opportunity #1: Assure Your Customer.
Amidst so much fear and panic, the best thing you can do is eliminate some fear in your customers. They have needs that you can fill. You can inspire them, lead them, and build confidence in them!
You have a captive audience to show up and serve, be there WITH them in this time, they are looking for authentic leadership!
Opportunity #2: Giftcards.
Now is the time to build revenue even without inventory. Rewards programs or discounts on gift cards go a long way! Just remember to put money away for inventory to cover those cards so it’s not all gone and you have to go in debt for future inventory! Give them a reason to shop with you again soon!
Opportunity #3: Beware of Discounts.
Don’t jump into blanket sales. The only thing 50% off everything says is “I’m panicking so I’m slashing all of my prices.” This is an opportunity to run sales on some areas of your business overstocked, but remember there is a difference between a promotion and a blanket sale.
Use this time to dig into your numbers, know your top sellers, brands, and sizes, and where you can trim the fat to build revenue!
Don’t sell your diamonds with your dirt.
Opportunity #4: Go live!
Do a closet cleanout challenge, beauty tutorial, how to wear certain pieces, cooking show, workout video, or good old fashioned live sale and try on session! If your customers aren’t in the mood to buy this is a great way to keep them engage and still refer to your products.
Remember to include as much education as possible! The more education you give on your products and keep things light, there more likely they are to keep coming back to you.
Opportunity #5: Clienteling.
Segmenting out your customers is critical right now. Who are your top 100 customers and how can you serve them in a new way? Whether you’re doing styling sessions from home and then using clienteling to create bundles or specials you are creating an opportunity to serve that customer on a really individual basis.
Reach out to these customers via phone call, text, postcard or invite to a virtual styling session. The opportunity you guys have to show great customer service right now is unbelievable. She will remember you and the way you led her long after this crisis has ended.
Opportunity #5: Video and more video, don’t waste it!
IGTV, Youtube, Facebook Lives, Insta stories and try-on sessions, right now is the time just show up for your customers and reuse video content again and again. This is your opportunity to really get familiar with video and the apps to help you created it – InShot, Adobe Spark, TikTok, iMovie and more. Create great video content, cut it up and reuse it again!
Opportunity #6: Customer engagement.
Not everyone is ready to buy at all hours of the day, so mix up your product content with engaging content to keep your audience consistently engaged! Build some recipe engagement threads, Netflix engagement threads, ask your customers what they are doing to keep their kids busy, what’s their daily schedule going to look like, or their best health and wellness routines.
Relate to them where they are and stay in their newsfeed!
The Boutique Hub has a complete engagement graphics library of threads, memes and both holiday and everyday content!
Opportunity #7: Know your numbers & get lean!
Remember, you can not grow a business by cutting expenses. I repeat….you can not save your way to prosperity. You MUST focus first on growing revenue.
One opportunity that always comes from a crisis is that gut check moment with our numbers, knowing our breakeven, and while finding new sources of revenue also reviewing where we are spending our money or investing it.
Here are 7 ways to save money in your boutique business:
- Clean your email list! Plans are based on subscriber counts, so eliminate what you are not using based on who is not engaged!
- Subscriptions. What subscriptions are investments that make you money? Which don’t you need any longer? Or where can you upgrade to annual to save in the long run?
- What fancy extras are building positive brand experience & revenue, and what can be saved? The fancy stickers, packages, and extras. There’s a fine line in cutting expenses and things that are unnecessary. This is the time to maximize those handwritten notes and thank yous!
- Delete the apps that you may not use anymore or don’t have time to figure out at the moment are was to eliminate an extra charge.
- Everything’s better local. If you have a local banker that can help you get a line of credit, this may be the best option. Your local bankers are the people that are invested in your community, they’re invested in your business and they want to see you succeed. When times get tough they are there for you more than Shopify or PayPal Capital. Shop your rates!
- Here’s your opportunity to negotiate rent, your lease, insurance policies, credit card fees, your phone or your internet.
- Can you trade out your services for someone else’s services? Where can you trade your expertise or your services or your clothes or your products for someone else to help you in a time where you have to get lean?
Looking for more ways to get lean? We created a full list of 25 of them here for you. FREE DOWNLOAD: 25 Ways to Cut Costs in Business Now
We’re in this together.
Your business is the lifeblood of your community, and our community at The Boutique Hub. Together throughout this time, we’ll be updating this resource page daily to provide you all of the tools you need to keep thriving through this challenging time.
We’ll be here whenever you need us. Keep going #BoutiqueBoss, this is #CommunityOverCorona
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