Can your small business survive a crisis?

Did you know that 99.9% of all businesses in the USA are ‘small businesses’? 

While corporate giants dominate the news, small businesses are the backbone of our economy, providing jobs for millions of Americans. This means there are plenty of opportunities out there for those considering starting their own business – alongside consumer demand. In fact, studies suggest that consumers are more likely to support small, local businesses over bigger brands if given the choice.

However, this does not mean that running your own business is not challenging. In fact, 50% of small businesses close in just five years. In most cases, they’ve also been harder hit by the pandemic. This is due to the fact that many did not have the structures in place to navigate prolonged closures. Finally, the Great Resignation is sure to play a role in business survival in the coming years.

Focus on sustainability

There are many different factors that contribute to a good business from the customer perspective. However, in recent years, the push towards sustainability means that many consumers prefer to support brands with strong eco-friendly policies. This helps them feel as though they are spending their money wisely.

As such, it’s clear that sustainability should be part of your business plan. Thankfully, there are various ways in which you can move towards becoming a greener brand. This may include tasks such as by upgrading your packaging or putting together a strong waste management policy. 

Have emergency contacts on hand

There are various different problems you can run into during the daily running of your business. Some of these can set you back considerably. For example, if you run a trucking or delivery company, a broken-down truck could halt your services, resulting in customer complaints.

It could also present as a severe health and safety issue. As a result, you should ensure you have an emergency number on hand, such as that of M&L Truck Service, which can assist you by repairing the truck quickly or by sourcing important truck parts and components required to maintain your fleet. 

Focus on the customer

Customer satisfaction is key to keeping your business afloat, especially during turbulent times. As a result, you should invest in strategies that will improve the reputation of your business and brand.

One way you can achieve this goal is by working directly with your customers. This can include asking for feedback on areas in which you can improve. By taking your customers’ opinions on board, you increase brand loyalty as they feel as though you genuinely care about them. 

Mix up your business marketing campaigns

Failing to market your business properly will undoubtedly lead to business failure. You may find it harder to put your brand on the map or connect with new customers. As a result, you should ensure that you work on your marketing campaign frequently. Pay attention to current trends that you could use to your advantage.

For example, if you’ve noticed that your social media campaigns are not performing, it might be time to try a new platform, such as TikTok. While TikTok is a fairly new platform, many businesses manage to increase their visibility considerably since posting content here. 

Work on employee retainment

As mentioned previously, the great employee resignation is still underway, which means that many small businesses are currently dealing with a staffing crisis. While losing a few employees here and there may not seem like an immediate issue, it can only cost you money in the long run.

Not only can the hiring process be rather expensive, but you’ll also have to increase your team’s workload to cover gaps. If you want your brand to survive, it’s time to start taking employee retainment seriously. To do this, you might want to develop an employee assistance program that offers them additional support in all areas of their life, alongside providing them with plenty of training and opportunities to progress in their career. 

Be creative and stand out

Whether you are trying to generate extra profit for your business or grow your customer base then you need to find a way to stand out from your competitors.

The key to this? Creativity. Try and identify what makes your brand unique. Use this to your advantage in your marketing campaigns. 

Set regular goals

Growing your business means working towards goals. It’s only natural to feel as though they are sometimes out of reach. Thankfully, you can combat this by breaking down your larger goals into smaller, manageable ones.

For example, if you want to reach 1,000 sales by the end of the quarter, you could break this figure down into weekly or even daily sales targets. If you continue to fall short, you’ll be able to implement changes that put you back on track.

Furthermore, setting smaller goals means achieving them more often. This will give you a much deeper sense of workplace satisfaction and prove that you’re on the right path.

Remember why you started your business

Running your own business can be stressful, especially when the future is so uncertain. However, if you want to succeed, you need to be able to maintain a positive outlook, as this attitude will propel you forward in your chosen industry.

After all, when you are not in the right mindset you’ll notice that your productivity and efficiency rates drop considerably, resulting in more mistakes. Conversely, when you’re driven, happy and focused, you’ll complete tasks to a higher standard.

When things get too much, take a step back and remember why you got started on this path in the first place. Instead of thinking about how far away your long-term goals are, think about how far you have already come.