Since the onset of COVID-19, thousands of brick-and-mortar businesses have had to shut their doors for good. However, for every physical business that has closed, ten more have weathered the storm. So, how did they do it? What can you learn from brick-and-mortar stores that have been able to survive — and often thrive — during the pandemic? In this guide, we will look at several ways that you can ensure the success of your brick-and-mortar business, even in these uncertain times.
Look For Ways to Adapt
One of the biggest mistakes a business owner can make during the COVID-19 pandemic is to just sit around and wait for things to get better. Inaction will not solve anything, and it certainly won’t bring more customers through your doors. Instead, you need to find ways to adapt to the new environment. So, what can you do to change your business to fit the current climate?
Needless to say, the precise answer will vary for every business. That said, there are certain actions that many physical businesses can take to maintain their revenue. For example, you can try to find ways to bring your products or services directly to the consumer. Many people are afraid to leave their homes, so why not take your business to them? Another way to bring in more customers during lockdowns and quarantines is to make sure consumers can interact with your business online. Increasing your online presence and ensuring that customers can still make purchases while staying safe will help lessen the negative effects of Coronavirus for your business.
Don’t Skimp On Building Maintenance
Reduced income forces many business owners to delay repairs and maintenance costs. While this may help the short-term bottom line, it could end up costing you in the near or even distant future. Instead, try to find room in your budget to maintain your brick-and-mortar business. For example, you can contact the experts at Brickworks Property Restoration if you need to make repairs to your foundation, roofing, or other parts of your store.
It may be tempting to put off minor repairs now, but minor repairs have a way of turning into major repairs when left unattended. This is important whether you rent or own the building in which you do business. The responsibility for maintaining the property falls squarely on your shoulders, so make sure to take care of small problems before they get out of hand.
Apply For Business Relief Funds
There’s no shame in admitting that you need help. Ignoring relief funds could end up being a huge risk to the future of your business and COVID-19 has caused economic hardship in just about every nation. Fortunately, governments around the world are investing in small and medium-sized businesses to help prop up the weak economy.
For example, in the United States, businesses can apply for low-APY or even interest-free loans through the Small Business Administration. There are also various relief programs that are specifically designed for businesses struggling due to COVID-19. Moreover, there’s already discussion in Washington D.C. about more relief packages for individuals and businesses in the near future.