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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How to Add CBD Drop Shipping to a Profitable Business
It’s safe to say that the new decade didn’t quite start as expected. Most of the world has come to a standstill as consumers and businesses alike struggle to overcome the monumental challenges posed by the novel coronavirus. National restrictions have led to a sharp decline in spending, leaving many organizations uncertain about their future.
But this is no time for panic. Lockdown is temporary and your business will open its doors in due course. When it happens, your preparedness can mean the difference between kicking back into high gear and being outsmarted by the competition. To avoid the latter fate, consider the following 5 tips for reopening after COVID lockdown.
Keep in Touch
Do your employees know when to come back to work? Are they familiar with the protocols they have to follow? What about your customers? This is a good opportunity to strengthen your brand image, as your stakeholders will remember how you handled the crisis.
Keep your customers in the know about what your business is doing. Perhaps you can run a few special offers to generate interest ahead of time. Many people are facing financial difficulties, so making your products or services more accessible is a wise move.
Plan Ahead
How have your suppliers been affected by the pandemic? Will they be able to provide enough stock in time? Try to estimate the demand that you’ll face when your business opens up and look into how you can meet it as smoothly as possible. Negotiating smaller volume orders or reduced rates can help you stay afloat.
Drawing up a new budget can prepare you for upcoming cash flow difficulties. Determine where you can reduce expenses, identify what needs to be prioritized, and search for additional revenue sources.
Innovate
In the spirit of entrepreneurship, it’s a good idea to do some brainstorming and figure out how you can make a stronger comeback. Your competitors will likely have a trick or two up their sleeves, so now is the time to get creative. What can you do to stay on top?
For instance, a custom face mask manufacturer can give your customers something to remember you by after their first visit. Equipping your employees with custom face masks can keep the workplace safe while improving your brand image. Another idea is to implement online orders and delivery to accommodate self-isolating customers.
Leverage Digital
Have you considered allowing your staff to work remotely? What about your digital marketing strategy?
Maybe your website or social media profiles can do with some touching up. Perhaps your employees can use their spare time to learn new project management or customer support software that can speed up operations when they come back into the office.
Now is an ideal time to solidify your cybersecurity defenses. Moving your IT infrastructure into the cloud can save time and reduce your expenses. Implementing an email marketing campaign will allow you to quickly inform your customers about updates and special offers.
Think about the challenges that you’ll face in the coming months. The best solutions are often digital.
Stay Conscious
You’re likely entering a stressful period. This can lead to rash decisions when it comes to staying afloat. Whatever you do, remember to stay on the right side of the law, as well as ethics. The latter is especially important for maintaining a strong value proposition.
Making sure that you’re up to speed with current laws and regulations will help you stay clear of unwanted trouble. Everyone will appreciate some empathy during this time, so be the one to provide it.
The best thing you can do is prepare. Get it right and your business can reopen stronger and more prosperous than ever.
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