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(Gloucestercitynews.net)(October 26, 2020)--The corona crisis has hit small businesses very hard, and experts in the industry say that the worst is yet to come. It sounds quite frightening. Whether the COVID-19 pandemic will last for a year or three years, small businesses or startups need to take the right steps to survive and continue earning revenues. Small businesses need to make policy changes, implement smart strategies, and buckle down. 

According to an article published on https://www.inc.com, companies should experiment and promote new ideas amid the crisis so that they can stay afloat after the pandemic has gone. Here are some tips to keep your business floating amid COVID-19: 

Patrick Henry Maddren talks about embracing new market trends

Existing market leanings are going to be challenging to figure out or forecast, however, this may work to your benefit. You might be wondering how. If you can allot some time to learn about the current business landscape after the corona outbreak, it is possible to re-optimize your firm’s positioning. 

Might be your small business or startup can offer its product or services online instead of asking people to visit your physical store. Even a brand repositioning might work to your advantage. If you can reap the maximum benefits out of the situation now, then when the quarantine ceases to exist, you can have a completely new earning stream to make the most of it or an entirely new business path. Patrick Henry Maddren opines that your small business may change from the one that it dealt with previously such as in-person services or sales to something that makes sales possible online and not in-store amid the pandemic. 

Improve or build your products 

Unless you manufacture soaps, sanitizers, masks, toilet papers, or produce Netflix TV shows, your business has slowed down during the pandemic. This is the best opportunity to improve or diversify your products or services. 

Small businesses are already responding to the epidemic in new ways. For example, a food joint that sells pizzas or burgers is now selling daily essentials such as groceries including cereals, bread, milk, and other related stuff to stay afloat at these troubled times. Since days are tough, you need to think of new products or improved ones to survive and see what works for your business. Instead of panicking, think of what new features will make your products sell so that you can keep generating revenues. 

Focus on your competitors 

You need to take some time out of your busy schedule and spend a few hours researching your competitors that are doing well despite the corona crisis. Look at how they are doing business differently. Focus on your direct and indirect competition and their current business strategies. Determine which of their products or services are selling well or what strategies are working for them. You may not copy their business plans but get ideas to improve your business. 

Conclusion

Business is full of threats, especially at times like these, and therefore, you need to use these tips to improve your startup and its products or services. It will help your business to survive amid the pandemic.