Keeping the doors open during the next shutdown
We can all agree today that business is no longer what it was a mere nine months ago. Limit on traffic size, social distancing, face coverings, periodic sanitization, nonessential shutdowns, unemployment, stressed customers, and the ubiquitous small business crusher "Amazon". Needless to say that if you haven't done so, you need to re-engineer your business ASAP in order to stay alive.
What must you do now for the sake of keeping the doors open:
First, if you are considered nonessential e.g. retail store, become part essential by making shelf space for essential goods such as paper goods, drinking water, can food, pasta, healthcare uniforms etc.
Second, know your cashflow breakeven. This is very important in order to have realistic cash management. Cost of goods, labor, rent, and utilities are essential to keep the doors open. This is where your accountant or business management consultant can play a key role. Go over those numbers with her, and ask for details. Your local SBDC is also a good source for assistance.
Definitely not your business as usual. Therefore, you must do the above and the following:
Online presence for Anytime, Any Place, Anyway, Anywhere shopping.
The following online platforms are great for DIY websites:
Convenience trumps safety:
BOPIS, buy online, pickup in store.
Post your Covid-19 store procedures because consumers shun perceived unsafe business.
Shopping reservation like we do at restaurants. Dedicate a day for reservation shopping.
Be a concierge for your customers.
Figure more revenue streams, to quote Warren Buffet: "No one can survive on one income stream."
Showcase your fast moving inventory to your best customers. 20% of your customers generate 80% of revenue.
Shipping and execution must be awesome.
And world-class personalize customer service that Amazon and Walmart are not capable to deliver. That's how we beat them!
These are just a few steps you can take to remain afloat and survive the crisis. Regardless of what happens in the future, this new normal is here to stay. Therefore, the sooner you adapt and overcome, the more likely you will survive and thrive in the future.
Review, modify, adapt and flawlessly execute. Remember you are not alone, and the dedicated staff at Ljosr Consulting is always there to help with your questions. Do not hesitate to contact us at 347-365.1410 or fill the contact form.
Stay Safe!
