LEARNING FROM OTHERS
As more and more states face pressure to allow “re-opening” of closed businesses, we need to study the proposed plans of some of the larger retailers. As small businesses we have an opportunity to learn from larger businesses and then apply what is relevant to our own businesses.
Using the retail industry as an example, the following are a few of their thoughts as they prepare to re-open.
- It may take up to 6 months for a complete rebound.
- They expect their online penetration to increase 6 to 13 %.
- They may not reopen under-performing stores.
- There is a little concern about the availability of a work force.
- Uncertainty about how the consumer will react.
The important messages for us are as follows:
- Don’t expect a rapid rebound. It will take a while (if ever) before it becomes “business as usual.”
- Online sales, marketing and communications will play a major role in the new normal.
- Take time to re-evaluate your product/service and to make changes and deletions as necessary. Don’t expect your target market to be the same.
- Proceed with caution and take the time to study you’re the needs of your target market.
I foresee the next 2 to 3 months to be our rebuilding and getting our business plans and marketing adjusted to the new normal. Yes, we will be selling and hopefully bringing in some income, but we should be prepared for the end of the 3rd quarter and the 4th quarter as our “getting caught up” months.
As the different types of businesses open we need to be studying their results and learning from their actions. I still see the month of May as being similar to March and April as many of the small business owners that we have spoken to plan on being cautious, first about their health and second about being correct in their re-opening plans.
Generating an income is still of prime importance to many small business owners and I believe that the opportunities exist for us to lead change and to start increasing our bottom line now. For those of you participating in the BizQuack Business Growth Spurt offering, get ready to make a positive difference in your future!
Comments are closed