5 Helpful Tactics to Leverage during an Economic Downturn

yes
5 minute read

More than 50% of the US population is now under lockdown. This means all non-essential businesses are closed, and folks have to stay at home. Your customers and your revenue might have vanished overnight! You’re not going to let that stop you.

The economic situation you find yourself in is not ideal. The good news is that the lockdown won’t last forever. It’s time to dust off your business strategy and use the time you’ve been given to unleash some new tactics. Let’s make sure your SMB bounces back after COVID-19 is done.  

Here are 5 tactics that will help you accelerate your business reach, growth and profit-generation once the global pandemic has passed. Put these on your whiteboard, and get to work.

 

Baker checking his business plan 

Tactic #1: Reimagine Your Business Plan

 

The first thing you need to do is review, revamp and expand your current business plan. If you’ve fallen on hard times because of COVID-19, it means that there are gaps in your business strategy.

According to a recent Goldman Sachs Survey, 51% of small-business owners said that they can’t withstand more than 3 months of the current economic climate.

Restaurants, salons, freelancers, yoga instructors and other small businesses that have ignored digital transformation have been hardest hit by the health crisis. And the reason is – cash flow.

Some 82% of small business failure is because of poor cash flow. Living from month to month means if you skip even one, you end up in crisis. The lockdown has plunged many SMB’s into to this reality. 

 

Your business plan should focus on continually sourcing, creating, and storing cash. 

  •   Trade in the real world, and online to improve customer reach
  •   Your plan should look at a better digital model to supplement your real-world income
  •   Consider new ways of doing and maintaining business in the current climate
  •   Try saving at least 20% of your net income every month to weather bad times
  •   Have an accessible 3-6 months of reserve operating cash on hand
  •   Carefully track and manage your debts, and your existing inventory

 

Spend some time reviewing your business plan, and expose the gaps in operations that have put your company in jeopardy this year. Rework, revamp and reimagine!

 

 

ux Graphic designer creative sketch planning application process development prototype wireframe for web mobile phone . User experience concept.

Tactic #2: Redesign Your Website

 

Once you’ve revamped your plan, your next move is to invest in a website redesign. Depending on your situation, you can invest money, or time, into getting this done for yourself.

 

  •   Get reliable WordPress hosting and design done by professionals
  •   Pick a powerful website builder and DIY the upgrade

 

There are so many benefits to having a modern, functional and well-maintained business website. You can automate marketing, sell directly from your site, get new customers and find new markets.

 

  •   Your website acts as a central command center for online marketing initiatives
  •   Make sure it’s able to handle the uptick in site traffic by choosing a good host
  •   Use it as a way to keep in contact with customers & employees during lockdown

 

Having an eye-catching WordPress design isn’t as hard, or as expensive, as it once was. With 75% of consumers judging your businesses credibility based on your site – it’s time to upgrade.

 

Yahoo WordPress Hosting gives you everything you need to create a strong business website. Pick a domain, choose your template, and build your own site in minutes. You also get emails, a free SSL certificate, unlimited visitors and 24/7 support. It’s the fastest route to redesign online.  

 

During this economic downturn, invest your resources into redesigning your business website. Make sure it functions correctly and gives you the credibility you need to thrive.  

 

 

Woman got package from meal delivery service.

Tactic #3: Grow Your Online Sales

 

Your website redesign has gone exceptionally well – what next? To beat the COVID-19 lockdown, consider shifting to online sales. This is when you start selling online or build on what you have.

 

Decide whether to add an online store to your existing website, or change gears temporarily to sell items on Facebook. Online sales will get your business through this customer vacuum.

 

  •   List your products in an online store or sell from a landing page
  •   Add new in-demand products that people want to buy
  •   Make sure your e-commerce funnels work seamlessly with no issues

 

Restaurants can implement new order and delivery models. Yoga teachers can create lesson videos and sell access to them online. Psychologists can do live online sessions with clients.

 

Now is the time to streamline and grow your online sales process. Find new and exciting ways to reach customers on the internet, and free yourself from the tyranny of location-based selling.

 

 

Male Athlete Sitting on Exercise Mat and Making Vlog at Gym

Tactic #4: Create Digital Products

 

People are stuck at home during lockdown, many with nothing to do. This is a great time to create that digital product you’ve been thinking about for ages. The global pandemic has given you time!

 

  •   Create contactless products that can be delivered through the internet
  •   Pre-recorded lessons, video series, live zoom sessions, eBooks, podcasts, software, apps, tutorials, music, photographs – there are hundreds of product styles to choose from 

 

According to Adobe’s 2020 Digital Economy Index, purchasing power for digital goods has increased by 20% this year. There’s no better time to sell digital products than during an economic turndown like this one.

 

Outline that eBook you’ve been thinking about, record some video lessons or start a podcast. Use the skills, talents and knowledge that you have to create in-demand digital products.

 

 

Hand of businesswoman using laptop with icon social media and social network. Online marketing concept 

Tactic #5: Get Serious about Social Content

 

Last but not least, spend some time getting serious about your social media content. Customers spend 20-40% more with companies that engage with them on social media.

 

  •   Launch or enhance your Facebook, Instagram and Twitter pages
  •   Find out how to attract traffic with search engine optimization on your blog
  •   Blogging regularly will connect you with your customers

 

If you can, post every day. Plan ahead and schedule content to publish for you on platforms like Hootsuite or Buffer. Be visible and available for your SMB customers online.

 

Get serious about your social media presence and create regular content to inspire customer engagement, likability and sales.

 

During this economic downturn your business model will be put to the test. If you can revamp your business plan, redesign your website, grow your online sales, launch a new set of digital products and get serious about your social content – you’ll never have to worry about downturns again.

 

COVID-19 has been a challenge, but we’re here to help. Yahoo Small Business gives you everything you need to rise above the struggles you face with this crisis. From reliable WordPress hosting to building a website and integrating your storefront – it’s all possible and affordable with Yahoo.

 

Grow your small business by investing yourself in improvements during the lockdown. In a few short months, your business will be stronger than it’s ever been.