Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

How Some Small Businesses Thrived During the Pandemic

 

It’s unfortunate that several businesses decided to close due to the pandemic. Given the restrictions in movement, most people decided to stay home. Several businesses got destroyed due to the lack of customers. The tourism industry is virtually inexistent. Restaurants couldn’t have dine-in services. Many people tried to save money due to financial instability. Despite these problems, some small businesses manage to thrive. These are the reasons behind their success.

The move to online operations 

Once it became clear that some customers couldn’t visit local stores, these businesses immediately went online. Restaurants offered takeaway services that people could order through online apps. Retail stores offered their products online and even offered fast shipment options. Since everything happens online, there's no need for people to leave their homes. It allowed businesses to continue making money even if they couldn't have in-store customers.

Focused on market research

Some small businesses used the opportunity to focus on market research. They spent the first few months understanding the behaviour of their target audience. They knew that it would be difficult for them to compete given the current economy. However, instead of dwelling on the problems, they decided to focus on market research first. Hence, they became more competitive. They knew how to get a bigger share of the pie even against established businesses.

Utilized government aid

Some small businesses were eligible for government aid. Many business owners took it as an opportunity to keep the business going. For small business owners who already spent a lot of money, keeping things going was difficult. Without government support, it would be impossible for them to survive. They didn't only use that amount to support employees but also spent money on office operations. The goal was to keep everything running. Others also took it as a chance to prepare the offices once everything gets back to normal. They looked for better suppliers and even invested in quality office stationery online. The government aid might not be enough, but some businesses managed to make the most out of it.

Downsized operations 

Some companies had plans to expand their operations. However, it became clear that 2020 was a terrible year to do it. Therefore, they decided to suspend those plans. They downsized the operations and reduced potential profits. Despite that, these businesses didn't have to spend a lot on overhead expenses. Therefore, they managed to have a positive net profit. It was a smart idea since expanding operations doesn’t necessarily have to happen quickly. Some small business owners were patient enough. 

The point is that even if 2020 was generally a terrible year, some businesses didn’t fail. With smart strategies and plans, they survived. It also means that even if there will be more health and economic problems in the future, these companies will most likely survive. 2020 was probably the worst year for businesses. It’s time to move on from it and change strategies moving forward. However, it’s important to learn from what happened and prevent the same mistakes from happening again.

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2021, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.