Should I look for different business opportunities?
A question you never thought would ring in your mind, not until the pandemic happened, and it has been a year.
Whether you are a small-scale business or a large enterprise, every business owner is trying to save their businesses in this pandemic. Now that your business is operating, there are several restrictions to keep everyone safe– masks, frequent sanitation, 6-feet physical distance, and the 50% consumer capacity.
You are probably wondering what’s the best thing to do, most especially the restrictions and policies have cut down the number of customers entering your store. What do you need to do?
Here are the best things you should do to save your business.
1. Assess: How did the pandemic affect your business?
In every situation you try to resolve, the first thing you have to do to ensure your plan will work out is to assess the impact of the pandemic on your business.
Assess your business in timeframes. How will the pandemic impact your business in another three months, six months, a year? Run the best and worst scenario that might happen to your business.
What are the adjustments you have to do to protect your revenue and keep your employees safe while continuing to serve your customers?
Keeping the doors of your laundry business in this pandemic is the biggest challenge. Since you are struggling and looking for opportunities, the next three tips will help your business strive in these trying times.
2. Make a turnaround on your laundry services.
The pandemic is not only changing and affecting our lives. It is also getting a hold of business operations. In the past year, things that we never imagined happened. The business plans that you and your team planned a year ago is not applicable today. You have to turnaround things and adapt to save your business in this pandemic.
As most people have thought this is a short-term problem, most business owners handled the situation by cutting costs and reducing other variables such as marketing and laying off employees. However, the pandemic has progressed until a year.
If you can offer your customers services to stay at home while serving their needs, then that’s the best turnaround you can do, for example, instead of welcoming walk-in customers to your laundry shop. You can offer laundry pickup and delivery. That way, there’s minimal exposure to several people. Moreover, you can easily track your contacts since you have a list of laundry service requests.
Indeed, it is hard to create a plan that you have no idea when the challenge will last. As the pandemic and isolation lockdown continues, you need to revise your contingency plan now and then.
3. Reach out, make plans.
First, you need to reach out to your employees. You need a create a contingency plan with them. You have to ask for suggestions on how you can operate your business safely. Moreover, you need to create safety policies for them and your customers. If you do not want to lose your loyal employees, then it is time to make a split shift of their schedule.
After you have discussed the changes with your employees, you have to update your consumers. Will you continue your business operation? Do you have a new service offer? What are your policies during the pandemic? These are the questions most of your frequent customers have in mind.
It is best to post your updates on social media and your business website to reach more customers. Keep them informed. Connect with them, especially in these trying times.
4. Execute plans and evaluate finances.
Now that you have realigned your plans to save your business, it is time to execute them.
If you are offering new services such as laundry pickup and delivery, post it on your business social media and update your website. That way your customers will be informed that they do not have to visit your shop.
Moreover, the pandemic is not only taking a toll on your finances but your consumers as well. It is best to create incentives or discounts that may seem to appeal to their budget, but ensure that you will have a profit from it. The importance of this strategy is to maintain the relationship you have with your customers. Also, it might be the reason you will gain customers despite the pandemic.
However, as you have implemented your contingency plans, you need to evaluate your finances. Monitor and update your cash flow to determine opportunities to reduce non-critical expenses.
We hope you have a financial safety net. Most business owners secured their savings to take out during a crisis. A business line of credit is also a good alternative to get funds during a pandemic or disaster.
5. Lastly, put health and safety first.
Whether you are a solopreneur, a boss with a small team, or running a large commercial laundry business, you have to prioritize your health and your employee’s health.
Although your business requires hands-on activities, you can limit your travel to your shop and maximize communication with your employees at home. You can use collaboration tools to ensure your team delivered your services well.
Since you have a team at your laundry shop, keep them informed of the pandemic’s policies and restrictions. Teach them safety practices that are feasible for your business– frequent sanitation, wearing face masks, observing social distancing, and splitting shifts.
It is best to encourage your employees to let you know if they feel unwell or suspect they are exposed to someone infected. Prepare a procedure on how you will handle the situation if this problem arises. While there is no instant remedy for the pandemic, there isn’t magic milk for your laundry business to thrive in these trying times– you have to work things out vigorously. Do these best tips as best as you can. Be tough. Stay negative, keep a positive mindset, and these tips will help you save your business.