COVID-19 has taken a toll on how normal businesses function. There has been a drastic change in the buying patterns of most of the customers. Essentials over luxury is the new mantra that many follow. How can small businesses leverage this situation? How to get back on your feet during-COVID 19? How to make additional income? These might be a few questions running in every businessman’s mind. We have put together a few ways in which you can grow your business now:
1. How Can You Increase Sales?
Utilise the situation to the fullest. At present, many businesses have started selling products that they do not usually sell in their shop. For example- A hardware store has started selling hand-sanitizers, gloves and masks which are usually not sold in a hardware store. So, utilising the situation and making it profitable is important. This will bring in additional income with very less investment.
2. What Products to be Stored?
Limit your stock to whatever sells the most. Investing in products that are not selling currently would lead to debt. Invest in products that have the highest demand in the market, this will in return help you to create more sales and have repeated sales. You can find item-wise profit and loss details by using billing, accounting and inventory management application like Vyapar.
3. How to Spend?
Mostly all the businesses, whether big or small in scale will take at least 10-12 months to revive and get back to previous levels. This also shows the importance of not spending even a single penny on unnecessary things at this point in time. For example, expenditure on renovation of your store or buying a new vehicle or store furniture can wait until your business is back on track.
4. How to Make Additional Income?
Utilise your office furniture, unused trucks/vehicles or a portion of your store that you are not currently using. All these can be rented, leased or sold. This will help you in getting additional income. The big takeaway and opportunity is something we see around us regularly. Many people are currently vacating their homes and going to their native towns or villages to be near their dear ones. Some of them might be looking for godowns etc. to keep their luggage temporarily and save on high monthly rent for the place they were staying at. This won’t require a lot of space. Many stores have come up with storage facilities for monthly rents now. This will also be helpful for people to store their luggage instead of taking it to their native and can be an additional income for you with 0 investment.
5. Should I Save?
As we all are living in very uncertain times, it is very important to save. You will never know when those savings will come handy. If any difficult situation arises for your business in the future, this emergency fund will be a saviour.
How to save? We have an idea! Take up a weekly savings challenge. All you have to do is flip a coin:
Heads- Rs. 1500 goes to your savings.
Tails- Rs. 1000 goes to your savings.
Do this every week and at the end of the month, a few thousand will be in your pocket.
6. How to Retain Customers?
Many people are shopping locally and not going to supermarkets since the beginning of the COVID-19. Many people have come to realize that shopping locally is easy because these shops are easy to access and products are at reasonable prices. This definitely has increased the inflow of customers to local shops. How can you make them your lifetime customers? A simple start will be home delivery. Home delivery not only helps the customers to order by sitting at home it is also beneficial for you. You can charge an additional home delivery charge which will also be a new source of income. These small steps would help you to retain the customers that you have for a longer time.
7. Should I Make My Business Digital?
Yes! You should make your business digital and now is the right time. There are multiple benefits of going digital-
* You can send your product list to customers on Whatsapp and collect orders
* You can send bills to your customers digitally via SMS or Whatsapp
* You can collect payments using UPI QR code digitally and the money goes straight to your bank account
All these steps will help you in maintaining social distancing in your stores. If you are keen to make your business digital, Vyapar is here to help. Download now and see what you can do.
Here is a Bonus tip to Promote Your Business:
Want to promote your business for FREE?
We would like to do our bit in promoting your business. Promote your business for FREE with Vyapar. All you have to do is, follow us on Instagram- https://www.instagram.com/vyaparapp/ and send us a personal message with your business name and photo (if available) we will mention your business in our handle.
With all that being said- Stay safe and Let’s break the chain!
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