Changes small businesses could see post Covid
There’s no mistake that the situation regarding the Coronavirus pandemic has really caused a lot of fear and uncertainty amongst the whole population, but even more so for small business owners who are really struggling to stay afloat right now.
Even with government grants being offered to small businesses, the situation is still nowhere near the place it needs to be for people to feel confident in going back to the shops right now, and throw into the mix all the confusing rules and restrictions, it’s almost too much hassle for most people to even be bothered with.
Of course, this is bad news for so many small business owners across the country who rely on customers coming in for them to be able to sell their products or services.
Unless we see things change quickly in terms of restrictions being eased and people feeling comfortable to go shopping again or businesses receiving the financial support promised to them, then this will mean one of two things: either they’ll have to close their doors, or they’ll need to embrace the changes to business in a post Covid world in order to stay open.
Obviously nobody will be rushing to close their doors, so this will be a last resort, but not everyone will be able or willing to implement changes that may come in after Covid.
It’s also not certain what these changes will look like, but based on what’s been happening over the course of the year since the pandemic hit, then we’ve compiled some that are likely to be facing small business owners.
Moving online:
One of the biggest things we’ve seen happening since the beginning of the pandemic is the massive shift to working from home when all non-essential businesses had to close their doors for months during the initial lockdown.
Whilst many companies have been embracing home working for a long time, either fully or partially, for a lot of people it’s a completely different way of working compared to what they’re used to, and for some businesses, it’s not even an option to work from home depending on what kind of business they run.
However, lots of small business owners who have never before considered going online or working remotely may be forced to reevaluate this thinking after the pandemic in order to survive.
You may even find that if you’re in this category, moving your business online could actually benefit you.
For example, say you own a small, local clothing boutique in your town that specialises in baby and children’s clothing for events such as christenings – the overheads of running such a shop will be quite high, especially when in times like this less people are going shopping and many events are being postponed or cancelled completely.
Moving online, even partially will give you the chance to offset your overheads by expanding your customer reach to areas other than your local one.
Diversified offerings:
Another way that businesses may have to change things after Covid is to look at the products and services they’re offering and what kinds of things can be brought in to diversify this and encourage customers back.
Being able to adapt in times of change is something that is really important for the long term success of a business, and although that doesn’t mean you need to completely shift from one business model to another or give up on what you’ve been selling until now, change is just part of the process.
A good example of this has been some pubs and restaurants in the UK who used the most recent restrictions and ban on alcohol sales to their advantage by diversifying their offerings and starting to take bookings for people who wanted a place to work during the day.
They charged a small fee per person of £10 and each person could get their own corner of the pub with a table to work from and some food and tea or coffee included.
Of course, this is just one example, and it’s entirely dependent on you and your business how you would look to diversify your offerings. If you’re unsure about how to approach this, then you might want to consider asking your existing customers or even compiling an independent survey or using market research panels.
If you’re new to market research at this level, then a good place to start is reading Pollfish’s guide to market research panels. This will help you understand how to use these to gain a deeper insight into what might actually work for your customers and your business going forward.
More local production:
Even at the height of all the panic buying craziness we witnessed at the start of lockdown, supply chains were never the problem, and for most of us living in places like the UK and Europe, we’re lucky enough to be in a time in history where even if all borders were to close, the supply chain isn’t something that would be affected in a way that would really impact our lives or cause shortages of essential items such as food
However, that doesn’t mean that supply chains will be completely un-affected – especially if it comes to prioritising things like food over other non-essential goods. There could also be higher costs for importing goods, so this could see a rise in demand for more locally sourced goods, which isn’t bad news for British companies and manufacturing.
Less use of cash payments:
For at least 20 years now, many people have been relying on credit and debit cards for making payments in shops and online, and we all know just how disgusting cash can be, so since the start of the Coronavirus outbreak, businesses have been asking people to make online or contactless card payments where possible to minimise the risk of infection.
Depending on your stance regarding this, it could be a good thing for the future if we move towards a cashless society, not only from a hygiene perspective, but less paper money also means less paper being needed, and less trees being cut down.
There are potentially many more things that could change for us in a post Covid world, and we simply don’t know enough yet to predict what it’s going to look like, but for now, we at least hope that you’re able to get some ideas on how to prepare your business for life after the pandemic.