Covid Pandemic effect on small business

An Insider’s Account Of Starting A Small Business During The Pandemic

small business

Work hard, survive, succeed

In the light of the fatal novel coronavirus, we have experienced a lot of psychological, physical, social as well as economic changes around us. The most affected sector among all would be the private sector which includes innumerable small businesses all around the world. In order to start a small business and survive the drastic downfall in the economy, entrepreneurs had to strategically pivot from their traditional ways and adapt with the new norms.

While running a start-up one has to be ready for the downfalls in the economy and take the leap of faith. When most of the world’s economy shut down in March 2020, smarter and more efficient tactics were used; thus, staying true to

“Survival of the fittest”. 

Charles Darwin

In order for smaller, privately run businesses to survive there was no other option but to go from the conventional word-of-mouth publicity to digital marketing. It not only helps expand the awareness quicker but also helps in cost-cutting through a larger audience. We saw an exponential increase in usage of social media for publicity of online stores or Instagram-run handcrafted businesses. 

Revising your traditional business model

COVID has been a catalyst for change in the traditional functioning of several businesses. Operations had to be modified and adapted to meet the need of the hour. Taking employee safety into consideration more emphasis was placed on worker well-being. Utmost care was taken to maintain high standards of hygiene before dispatching goods. Cashless money transfer became inevitable and every business, big or small, adopted it. Apart from that, contingency planning became a major part of strategy designing as the ‘golden quarter’ failed to lift consumer’s dampened sentiments. We also saw several major businesses fall into ‘hibernation’ as they saw a significant slump in customer footfall. 

Amidst all these hardships, many businesses still manage to stay afloat and engage customer’s attention by making vital changes to their fundamental business models. Some improvised their packaging; adding catchy phrases and innovative animations as a symbol of our fight against the deadly virus; while others tweaked their business offerings to the changing customer needs – suited more to a life-at-home.

There have been numerous changes in rules and regulations in the last few months given Brexit, amended trade rules and redefined business legalities. Keeping up with the ever-changing norms is essential. The resilient ones who survived did so by recalibrating and redrafting their strategies. They learnt a valuable lesson and are now fully equipped with techniques if tough situations arise in the future. It is a rocky path where being flexible is the only way to survive.

To learn more about gaining traction and hacking innovative strategies to grow your venture, the following are a must-read:

1. Traction – How any start-up can achieve explosive customer growth

by Gabriel Weinberg and Justin Mares

This book will introduce you to nineteen different channels that you can exploit to build your customer base. Apply the lessons learnt from this book to your start-up to drive and sustain the growth it desperately needs. 

2. Growth Hacker Marketing – A Primer on the future of PR, Marketing and Advertising

by Ryan Holiday

This book is ideal for the current times when the most crucial factor is to grow with a marketing budget of zero. Seems impossible, right? Teaching you to create something from nothing, ‘hack’ your company’s growth to sensational success. 

3. The New Rules of Marketing and PR

by David Meerman Scott

Now is the time to speak directly to customers and establish a personal link with the people who drive your business. Precisely suited for the current times, this book compels you to explore and leverage the potential of web-based communications. 

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