According to the survey by GetApp, 92 percent of the small business owners have reinvented their business models this year. Due to the current situation, many small business owners took the lead and acted fast to adapt to the new scenario without experiencing losses and going out of business.
Here are some of the many ways how they managed to survive and keep generating revenues:
· Create an Online Business Presence
Many small businesses never felt it was essential to create an online business presence. However, during the pandemic, when shoppers couldn’t visit their outlets, they realized that online delivery was necessary for their survival. And that is precisely what they did.
Many small business owners countrywide added an online inventory to its website along with an embedded Google Form. They believe what matters the most is to reach out to the customers in the best way possible. The online marketplace does that indeed, by giving customers the convenience to purchase and order online.
· Offering Virtual Service
Studies show that 2/5 of businesses launched a virtual service to cater to their potential and regular customers' needs. From teaching virtually to personal training and offering other services, business owners created virtual services to generate their revenues.
· Product Expansion
Small businesses struggling for survival during these challenging times reinvented them through the expansion of their product line. They pivoted their production by addresses the growing need for a specific type of product in the market. As the demand for products like sanitizers, PPEs, and masks increased, the supply was eventually short, allowing more businesses to cash on. That is what many business owners did for survival and growth. And let’s say this move was much needed for them to grow as a business and avoid bankruptcy.
Some business owners reconfigured their resources to address the growing demand for these products and ensure that they don’t end up downsizing staff or selling assets to stay operational.
· Shift Target Market to Capture New Audience
Another way that small businesses reinvented was to shift their target market to a new customer base. This strategy worked well for those companies whose current customers were no longer buying their products. Thus, they had to change and tweak the positioning of their products to attract new demographics and buyers for survival.
Likewise, it worked wonders for those businesses that introduced a new product or diversified their business according to the prevailing conditions. As they navigated through their way for survival, these small strategies and changes truly delivered. Fifty-one percent of the business owners say that by making these shifts, they could increase against their forecast. Studies show that businesses that showed flexibility to change are three times more likely to report high revenues than those who didn’t.