Most small businesses were completely caught off guard by the coronavirus pandemic. Unfortunately, many have been forced to shut down permanently in the wake of such a significant business disruption. But some businesses have managed to adapt to these changing times.
Now more than ever, small business owners need to find ways to maximize profits—without sacrificing ethics. If you own a small business, check out the tips in the following article brought to you by Principia, which can help boost your online presence and continue turning a profit during the pandemic.
Essential Tools for Tourism-Driven Industries
There’s no doubt that one of—if not the—hardest hit segments of the economy is the tourism industry. Tech tools can help restaurateurs and hoteliers up their game, though. Business owners in this segment have access to numerous digital tools that can help them cut costs and increase their bottom line, such as for training purposes and digitizing menus. Maximizing efficiency by relying on electronic options that reduce paper consumption and man hours is a solution you can feel good about.
Along that same line of thought, if you own a bar or restaurant, maximizing profits can be a challenge. Inventory management tools can save you time and labor while freeing up cash by reducing your standing inventory value. This type of app helps you track important analytics about your stock so you can optimize your reorder strategy, minimize inventory shrinkage, and phase out products that aren’t selling.
Many other industries, including casinos, hotels, and retailers, can take advantage of similar tech tools. Accommodation management tools like Cloudbeds and Frontdesk Anywhere can help hotels avoid overbookings and ensure that rooms are clean and ready on time.
Customer accessibility is similarly enhanced. Retailers can use online ordering systems to enable customers to shop from home. Casinos can use CRM software to track the value of repeat customers and manage promotions to maximize return. There are industry-specific tools for virtually any business sector, so explore your options.
Innovation in the Digital Age
When your business faces new obstacles, it’s time to innovate. Shifting your strategies to the changing times is essential for surviving and thriving through major upheavals, like the current coronavirus pandemic. For example, Econsultancy points out companies that are enjoying the greatest success during the pandemic are those that are actively engaging with their customers on social media.
With that in mind, consider shifting your marketing strategy to focus on your social media presence. Besides cultivating more genuine relationships with your target consumers, social media marketing is an extremely cost-effective way to increase brand awareness and promote your products.
Tapping into Professional Expertise
The best business owners know that they can’t do everything on their own. Outsourcing time-consuming tasks will free up your time for more important things, like pursuing new sales channels or fine-tuning your product selection. In many cases, it pays to hire freelancers. For example, if you’re new to the world of e-commerce, you can hire an e commerce specialist to help establish and grow your business online.
Business owners and managers can also turn to online education opportunities to enhance their own skills and management practices. Expanding your own leadership capabilities and delving deeper into proven practices can help you refine your professional expertise.
Enhancing the Customer Experience
Keeping your customers happy is vital to the ongoing success of your business, especially during a time when people are struggling with stress and uncertainty. There are several different ways you can go about improving the shopping and service experience for your customers.
First of all, Marketo says to make sure your website is easy-to-use and mobile-friendly. An elegant and intuitive site is much more likely to convert visitors into paying customers. If your website visitors can’t find what they’re seeking, they won’t hesitate to visit your competitors.
As your business expands into the e-commerce world, make sure your customer service strategy can keep up. Use a combination of live chat apps, chatbots, and freelance customer support assistants to ensure customers’ needs are met quickly. The last thing you want is to lose a sale because an inquiry falls through the cracks!
Innovation is key to keeping your business moving forward during the pandemic. Online tools and digital growth strategies will help you maintain your revenue and reduce business expenses while embracing positive ethics. The best part? The changes you make today will continue benefiting your business long after the pandemic ends!
Look to Principia for more ideas and information that can help you take your business to the next level!
Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist at Business Pop. Her goal is to demystify some of the technical aspects of business ownership. She can be found at: businesspop.net.