Why this is the perfect storm for SMEs to outpace larger businesses

You may be reading every COVID-19 article as doom and gloom, but if you are a small-business owner then you are looking at this all wrong. You are in the perfect position to take advantage of the fast changes and find the pots of gold hiding within every news announcement.

Think like a start-up

Start-ups move rapidly, set in place decisions for now and today, not next week or next month. Use this mentality to understand that an action you take today may be different tomorrow, but train yourself to move, adapt and adjust quickly.

Read the news for opportunity

Look for the opportunities in every change and announcement. Think about how outdoor gathering limits are higher than indoor, how can you then market yourself as an outdoor business. If offices are closing, can you market a work-from-home solution?

Grow your database, it is going to be your most valuable asset

Now more than ever your database is going to be the one thing that you can keep using, no matter if your doors are open or shut, your location is busy or quiet, your product stays the same or changes. Having a database of who your customers are is the single most important tool you can use to generate opportunity through this crisis. I’m biased, but can honestly tell you, offering free Wi-Fi in exchange for an email address and some other basic contact detail is a fair trade and the fastest way to build your database.

Leverage your database

Think about how your customer database can be used to generate income. If you are forced to close for a period of time, appeal to your database to pre-purchase “bonds” so with each month that they don’t redeem the voucher, 10 per cent of the face value is added. That creates a win-win scenario no matter how long these trading conditions last.

Get some rest and stay positive

For business owners, this is no doubt a stressful time, but the last thing you want to do is lower your immunity due to stress. Number one, get some rest, sleep more. If you are working from home, go for a walk in the middle of the day and grab yourself a coffee or pastry or some flowers from your local shops. You need it and they need it.

Michael Jankie, Co-Founder and Chief Executive, PoweredLocal

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