How Covid-19 has been affecting small businesses and the market ?

Covid-19 has been declared a pandemic and for a lot us, is our first insight into what an unexpected threat to businesses looks like. While, it is affecting people’s health all over the world, it is also impacting the global economy and businesses- especially small businesses.

Some business owners are worried about the decline in leads or foot traffic that they experience usually. It is completely normal to be anxious of how the future looks like for your business but it is imperative your response to the situation is being adaptive and resilient.

Business-Effects-due-to-Covid-19

Small business need to-

  • Adjust strategies- While we cannot rely completely on forecasts, we can come up with strategies that align with these forecasts so that we’re equipped with plans to thrive. Operations need reinvention or some form of reform to keep up with the work culture that is being instilled into our working population.
  • Review your accounts-Your paid ad campaigns are being affected because the market landscape is shifting, you need to be on your toes to check your metrics. Check for drops in traffic- in Google Analytics and Ads. Cut back on non- essential campaigns and prioritise researching trend changes.
  • Communicate- Whether its within the company with your employees or the consumers- communication is key. We are seeing unexpected changes in trends and consumer behaviour, it can all be owed to market uncertainty so right now, what you need to show your consumers is that you’re agile enough to adapt and soar. You could update your business hours and description in your Google My Business profile. You can add in more information regarding any additional precautions you are taking or if there are changes in services in your description.

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