3 tips for small businesses in lockdown
Whilst many large corporations in Australia have arguably benefited from a COVID economy, the bread and butter of our country, small business has been hit hard.
Here are 3 strategies to help keep your small business going during a lockdown and more broadly in a COVID economy that is here to stay.
- Reinvent yourself – With restrictions on your business and customers, survival may require you to do things differently. Look for opportunities in your new macro environment. A café could begin selling freezer meals to grocery stores, bottle shops, and corner stores. Retail shops could focus on online sales and perhaps expand overseas. A clothing store might begin selling fashionable cloth masks.
- Take full advantage of government support – Government support and grants are changing all the time. Make sure your business is abreast of the options available to you.
- Restructure your business – Audit your income and expenses. Ensure you are getting maximum return for every dollar spent. You may need to cut back on costs or drop goods and services that aren’t offering the highest return.