How Local Businesses Can Rebound in the Wake of Round 2 of COVID-19
Undoubtedly, COVID-19 has wreaked havoc upon businesses across the globe. With weeks-long or even months-long shutdowns, massive job layoffs and a lack of personal mobility, businesses have been faced with declining – or non-existent – profits for most of 2020. Depending on the economic state of the business, this period has proven to be anything from depressing to fatal.
Nevertheless, local businesses may find themselves in a position to rebound even with a second wave of COVID-19 emerging in some areas. What are a variety of local businesses and brands doing amid this crisis to recover? We’ll examine a few examples of strategies that may improve both bottom lines and brand reputations in the wake of this pandemic.
Offer Incentives for Customers to Shop
Ultimately, stimulating spending is essential for businesses struggling to keep up during the months-long slump. Especially for local businesses that have been closed, generating as much profit as possible may make the difference between keeping the lights on and shutting the doors forever.
Local businesses can use a combination of social media and search engine-targeted content to drive customers to their websites in order to shop. This is especially useful if a business cannot reopen yet or has to temporarily close once again due to a second round of COVID. By offering incentives such as free shipping or same-day pickup, businesses can sweeten the pot for shoppers and maintain health and safety guidelines as well.
Take Advantage of Loans
Navigating a difficult situation as a local business can present a plethora of challenges. However, local businesses may find that pinging search engines with great deals isn’t enough to keep operations running smoothly after months of diminished sales. This is why local businesses may need to consider taking advantage of loans in the wake of a second round of COVID-19.
A variety of government loan programs have been created to assist businesses during these difficult times. Even without such assistance, loans from banks, credit unions and other reputable financial institutions may be obtainable with minimal interest given current economic conditions.
Collaborate with Local Health Agencies
In some areas, room for collaboration with local doctors, hospitals and health agencies may be possible. There are multiple potential benefits with this approach for local businesses, depending on their goals and agendas.
First, businesses may be able to partner with local doctors to help spread awareness and proper safety procedures during any pandemic or health crisis. This information can also be used in pinging search engines and social media platforms for online audiences, helping to better improve content distribution and brand reputation by taking a vocal lead in the community.
Additionally, some health agencies may be seeking to open or expand COVID testing sites: if your local business has adequate parking, attracting traffic to the area can help stimulate local sales depending on your exact product or service.
Recovering from the first wave of this global pandemic won’t be easy for many businesses – let alone weathering a second wave – but it can be done. In the short-term, collaboration with local health agencies, use of low-interest loans and providing incentives for customers to use safe alternatives for shopping can help keep your local business open and viable until this crisis has abated.