This guide outlines several smart ways that business owners and entrepreneurs are meeting and beating the pandemic challenges and keeping their brands healthy in the downturn.
If you’re a business owner, then you know that you sometimes have to combat certain biases. Unfortunately, some individuals don’t like the idea of women managing or owning their own companies, for example.
Those are challenges you may have to overcome, but you’re probably dealing with more significant obstacles this year. Covid-19 has made it difficult for many businesses to remain open, especially smaller ones. However, many female business owners are up to the pandemic challenges, and you can be as well. Here are five sensible ideas for you to look into for your business if you have not done so already.
Ways to beat the pandemic challenges
Chatbots and Facebook Messenger
Some retail businesses are using chatbot marketing through Facebook Messenger to solve Covid-related challenges. Facebook Messenger is:
• A platform and messaging app
• Highly popular with a particular population segment
Since more people are shopping online, businesses that intend to survive must make it easy for them to find the items they want. Chatbots on the Facebook Messenger app can give would-be customers tailored product suggestions and provide them with the latest discount or sale information. If you know that your potential customers are likely using Facebook Messenger, then developing chatbots for your business is a must for beating pandemic challenges.
Bring on Investors
Another possibility for meeting pandemic challenges is for you to attract investors, according to Gordon Simmons Retired CEO. If you don’t have the capital to stay afloat right now, you might need to bring in outside help for a fresh cash infusion. You might do this through:
• Finding angel investors
• Getting in touch with a venture capital firm
Whether these are viable options will depend mostly on how realistic your business model is and your growth potential. If you can create a plan that will wow potential investors, they might be willing to take a chance on you, even with pandemic-related uncertainty.
However, attracting serious investors might be difficult if you were just getting off the ground when the pandemic struck. If so, then you might not be able to show a steady profit stream. It’s not impossible for you to still attract investors if you’re in this situation. You will just have to work extra hard to convince anyone to get on board with what you’re doing.
Get a Small Business Loan
You can also try to get some money from a bank or credit union to help with pandemic challenges. Some financial institutions want specifically to help female business owners. Do some online research and see if any exist in your vicinity that seem like potential candidates.
However, much like with investors, it will be tough convincing a bank or credit union to give you a loan if you can’t show years or at least months of steady revenue. If your business’s profit record is shaky, then the bank or other lending institution might demand collateral.
That could mean putting up your house or anything else of value that you have. If you’re willing to do this, then you’d better believe in your vision very strongly. It’s good to be confident, but this strategy could backfire, particularly in this economy.
Invest Time in Social Media Like Never Before
Most business owners in 2020 understand that you need to use social media to get people interested in your services and products. You can’t rely exclusively on outdated marketing formats like TV ad campaigns, radio spots, billboards, etc.
Even if you were using social media already, now is the time to redouble your efforts to counter pandemic challenges. If you have a social media manager, make sure they concentrate only on the platforms where you know your niche congregates. It does no good for your company to create Facebook ads if your potential customers are on Twitter or Pinterest instead.
Network as Much as Possible
Another thing that you can do if you’re a small company is to make yourself visible in your community however you can to beat pandemic challenges. If there are chamber of commerce events, make sure you go there and meet your fellow business owners. You could also sponsor a local event like a fun run or charity food drive.
If people in your community begin to remember you, that’s how you know that you’re achieving some brand recognition. That’s one of the most vital things for you to do if you want to be a local fixture.
Businesswomen who are struggling with pandemic challenges this year aren’t alone, and you should know that you can find solidarity on online forums. Hopefully, your family also supports you in your endeavors and can act as your biggest cheerleaders right now.
