Investments Your Small Business Should Make in the Pandemic – The COVID-19 pandemic has been challenging for many small businesses. As the lockdown orders hit companies, they’re forced to work irregular hours. Additionally, they generate smaller revenues with customers less likely to spend during times of economic uncertainty.
While it may seem counterintuitive, this is the right time to spend money in certain areas. You need to use the right services to find efficiencies and tax breaks, branch into fresh ways to make cash and secure your business from bold cybercriminals that attack remote working companies.
Here are some essential investments your company needs to make:
1. Digital Platform
Your business must adapt to survive the pandemic, especially if it’s following shelter-in-place orders. Unfortunately, your company may not be able to continue with brick-and-mortar sales and may need to supplement sales with several online options:
- Website: A cutting-edge website with ecommerce functionality can help you capitalize on online sales. If nothing else, your website can keep your existing customers up-to-date and help you reach new ones.
- App: You can reach millions of people with a mobile app on Android and iOS. Like your website, your app can help you generate revenue and connect with customers.
- Chatbot: If you don’t have the resources to address every customer query, develop a chatbot to answer customer questions without overburdening your staff.
- Social Media Marketing: Take advantage of social media platforms like Facebook, Twitter, Instagram, and TikTok to enhance market reach. Use data analytics tools to understand your market more deeply and improve your products and services. Launch targeted marketing campaigns to hit new demographics. For example, if you run a custom bakery, you can use Facebook to draw new potential clients with delivery services.
2. Business Consulting
Connect with an experienced consulting team with expertise in small businesses. For example, the small business consulting services at Tangs Accounting can help you develop unique and powerful strategies to succeed even during the pandemic. Their unique Fortune 500 experience allows them to assist clients with far more than accounting and taxation.
They may also help you with business valuations, mergers, and acquisitions. They could also help you sell your business. Here are some of the industries that these specialists assist:
- Bloggers & Creative Professionals
- Insurance Agents & Brokers
- Real Estate Agents & Brokers
- Online Stores & Businesses
- Restaurants & Food Trucks
- Home Repair & Maintenance Services
- Dentists & Orthodontists
- Auto & Glass Repair Shops
- Brick and Mortar Retail Shops
- Chiropractors & Physical Therapists
- Construction software & Other Trades
- Law Firms & Attorneys
3. Online Security
As your business shifts to remote working to observe physical distancing protocols, you may notice that your company saves on operational costs such as rent, energy bills, transportation, etc. You may even consider permanently shifting to the online business model if it’s enhanced your productivity.
However, your company must enhance its online security measures to protect your business, employees, and customers from social engineering attacks such as ransomware, Trojan horse, phishing, spyware, baiting, and more. It would help if you had proactive security tools with anti-malware capabilities to secure your computers and devices.
In this new normal, you need to spend money in the right areas to survive and thrive. Hire the right professionals and use the right tools to stay one step ahead of the competition.