Small Business Strategy Guide - Coffeyville Area Chamber ...



4663440-228602020Coffeyville Chamber4/1/20204000002020Coffeyville Chamber4/1/2020left250002514600Small Business Strategy Guide900007300Small Business Strategy Guide10363207242810002586914317754000-236220000Small Business GuideSustainability and Strategies By Coffeyville Area Chamber of Commerce?While there is a lot of great information in this guide, it can be overwhelming so we encourage you to review the areas impacting your business the most. Then review all the strategies and examples to create a long term PLAN for your business to help you survive and hopefully thrive during the economic downturn.Operating a small business is tough in the best of circumstances and in these unprecedented times, a decline in transactions has severely impacted most businesses. If you have not yet thought about a survival plan for your business, it should be conceived now.?Your business has slowed its operations, closed as a health precaution, or you are working harder than ever to keep yourself afloat. No matter your stage, this is an opportune period to rethink your long-term business strategy and find new ways to deliver your services and generate revenue. These are just a few of the strategies we encourage you to consider. We have the guide broken down in four areas. Financial ?resources: loans, grants and other financial considerationsOnline Operations & new business practices Marketing & other sales strategies Organization, schedule and planningFor questions or additional information needed, please email Candi @ or call 620-515-2189.Financial Resources and Considerations Make sure you have taken the time to research loans, grants and other programs that your business can take advantage of from the federal, state and local levels. All ensure you have cut costs back.The first thing, if you have not yet done so, is to contact your financial institution and inquire about all the ways they are able to help you with your loans, mortgages, and credit for yourself and your business.? The sooner you can establish financial stability in this uncertain time the better, and every penny you can save now can help you through this tough time.Programs: From SBA and PPP loan programs to industry specific grants (restaurants, non profits, etc.). There are several programs to choose from and you can find information on the links below or talk to your local banker. Chamber COVID Community Page SBA Relief SupportUS Chamber Small Business Loan GuideDon’t forget to take advantage of tax deadline extension.Reach out to your industry specific organizations that you are a member of (such as Travel or Tourism, Home Builders etc.) and inquire if any special help is available industry wise.?Reduce the impact: Take steps to reduce the impact of loss revenue now and in the future. Effective record-keeping can, for example, improve your chances of getting reimbursed punctually for business insurance claims and receiving assistance from the federal government or your local small business municate: customers, suppliers, and anyone else critical to your business. Check in on how they are doing and share the same. This gesture of sincerity and goodwill is sure to be appreciated by these individuals.Make sure you have worked though plans and scenarios. Whether you have been in business one year or twenty, you have to work your business with a new strategy. Consider your outgoing business expenditures for everything, including rent, supplies, and services.? Negotiate extended or altered repayment terms (building rent, bank loan and other payments that can possibly be deferred for six month).PLAN for all scenarios. Don’t be caught off guard, be cautious but optimistic. Use this guide to map out cash flow. Accelerate your accounts receivables collections: don’t delay sending out invoices and tighten the timeline.Cut Costs: You know your business better than anyone. Review both your revenue streams and expenses and find ways to reduce your costs both for the immediate plan and for the potential recession over the coming months. Here are just a few ways. Can you cut back? If your business is not able to be open for physical customers, limit your utilities during this time to reduce costs. Take it as an exercise to identify necessity, and cut out luxury. Some expenses might need to be cut or just temporarily suspended. But ask the right question before you cut? Can this expense help your business survive over the next few months? It is a tough balance between cutting extra expenses and preserving your business model.This is a great time to evaluate waste, possibly change suppliers. Consider how much inventory you need going forward and delay future purchase orders as required. It is important to maintain good supplier relations to ensure you work with them to have a solid supply chain for the future.Don’t forget to review your debt and create a payment plan as well as review inefficiencies Online Operations & New Business PracticesOnline Pivot: Customers still need products despite coronavirus-related restrictions, but reaching them may require a shift in operations. While each business is unique, it is important to spend some time thinking about your current business model and how you have brought your products or services to the marketplace.?Have you switched a portion of your operations to online ordering and drop-off deliveries yet? Or are still unsure what to do and are waiting to see how things progress? You are encouraged to think through your strategies now. It is important to protect your long term business continuity.?Update your website to handle online ordering. Promote online sales if you already have a platform by offering deals and discounts to boost sales.Take advantage of social media to post pictures of products.Do a short video with a sampling of your products.Set up delivery options (or mail) when possible. If needed, add in delivery costs to the order.Implement telephone sales (including establishing and scheduling curb-side pick-up or delivery).Promote gift cards or gift certificates (which are great short-term cash sources).There may be other areas you need to pivot including certain products or services. These changes don’t have to mean forever, but this is about keeping customers and cash flow going for the next few months. Are you customer-centered? Your business must shift focus to ease of product delivery and services. Make sure your customer service is still on point. This will be as important as ever. Build loyal customers to help you get through the coming year challenges. Try something new! It is a new opportunity for your business to evolve in a new, unfamiliar market. It is important now to work on the things you CAN control but work equally as hard letting go of things you cannot control. Marketing & other sales strategies during Covid-19Speak up: Keep communications with your customers and supporters and other businesses.??Let your customers know how they can support you during this time.?Continue to post to your social media and send out e-newsletters. Make it personal, make it visual & post about your solution (n panic about the problem). Be transparent but positive. And share anything new you are doing. Radio can be another great avenue. They want to hear from you and many are at home or in their cars actively listening more. What about utilizing your current customers? Referral programs can have a big impact. Social Media: Does your business really need to have a strong presence on social media? YES- now more than ever. It allows you to be more interactive with your customers when you can interact in person. With changes happening so fast with our state, our businesses, you need to have real time access to your customers. This includes making sure your business is easy to find online. They are at home, online, looking for connections. Make sure you have everything updated: website, FB and Instagram, and your google listed. Hours should be updated, multiple ways to reach you, updated ordering options, & safety concerns are just a few of the top areas that need to be updated. Market to the needs: Make sure to push products or services they value during this time: Essential needs: food, cleaning supplies, car and home repair.Home care need: home projects are on the rise as many are tackling projects that have been put off in the past including lawn and garden.Joy buys- many customers will purchase items to lift their spirits (special jewelry, clothing, make up); appeal to self-care buys.Tutorials and how to videos or virtual tours.Games, Trivia, Virtual Happy Hours and other creative engagements can be effective. Your customers are seeking entertainment and you can deliver it.Customers also value community right now so show how you give back, collaborate or support another small business or organization – share other needs & projects happening around town and show you are a part of the community.Online Deals: everyone is looking for a good deal and they are all on their smart devices. Utilize this!Stimulate Cash Flow: have you looked at other avenues to ensure you have a cash flow maintaining your operations? Here are a few strategies you can review for your business.Secure near-term sales by taking risks with warranties, guarantees, and return policies. Companies can secure near-term revenue by reassuring customers who are nervously navigating a ton of uncertainty. Taking a risk with generous warranties and return policies can both calm nerves and close sales.Choose other alternative sales methods to liquidate stock.Implement new revenue/pricing models: test new revenue and pricing models with their loyal customers many of whom will gladly jump at the chance to secure goods and services they know they will want and need at a meaningful discount. This may require alternative revenue/pricing strategies, like gift cards and subscriptions. This is not just a retail strategy only. Think outside the box. Accelerate innovation: just as generosity begets generosity, empathy begets empathy. Customers who may typically nit-pick new innovation will now be grateful for new and improved products/services — even if they’re released before all the kinks are worked out. They likely will help you identify problems and fix them before a broader rollout.Engage in new kinds of customer acquisition: offer free services to customers to develop a strong base when you are able to open fully. reOrganization, Schedule & MoreEnsure you have new checklists and organizational process set up you help run more efficiently.? It is also equally important have a schedule. Right now, there may be days when you’re aimlessly running around. But during this time, you might actually need more structure to be more productive. ?Process/Procedures should be reviewed. Make sure to create checklists for repetitive tasks, set up online recurring payments and email autoresponders to save time and increase efficiency. Organize your physical and digital files, your inbox and your contact database, which should be updated too!Your schedule: This is even more important for small businesses, especially if you are the primary staffer or have a very small staff. Here are a few tips on creating a schedule that balances the challenges during the pandemic. Create your own definition of work-life balance. Devise a weekly schedule, establish a morning routine & disengage at night. Follow the 52-17 rule: Entrepreneurs believe that they’re like the Energizer Bunny and keep going and going. In reality, we aren’t machines. We need frequent breaks to perform at peak capacity. According to the productivity app Desktime, the most productive people work for 52 minutes and then break for 17 minutes.Plan tomorrow, today. You need to be thinking of tomorrow, next week and next month. Tackle that project?you’ve been avoiding.?Well, now that you’re out of excuses, it might be the perfect time to do it.?Think of how good you’ll feel when it’s done. And it could be a nice distraction. Update your website Launch an e-commerce site Reorganize your office or store layout Upgrade computer systems ??Long Term Flexibility Plan for you and EmployeesDo you have a plan for your staff and yourself if you have to continue working from home (at least part time)? While the Kansas stay-at-home order has been extended to May 3rd, it could be several more weeks before restrictions are lifted including child care options. Establish a work from home policy.Work on processes and procedures for both you and your employees to work from home. Are you comfortable with using meeting software? What about setting up an office at home? Find best practices for working from. Reach out to a colleague or the Chamber on tips and support!Also note that regular Health & Safety procedures will need to be upgraded, some permanently going forward. Building in physical distancing will be imperative. We have seen innovations such as plexiglass barriers at cash registers, physical distance markings on floors, limiting the number of patrons at one time, and implementing one-way aisles. These are visible steps that protect employees and the public. Personal Protective Equipment, in some shape or form, in addition to changes to tasks, physical workplace layouts, and enhanced cleaning procedures will be the new norm for many jobs. You must ensure you plan financially for these changes. Being tenacious towards the health and well-being of your staff and the public will bode well for your reputation.Speaking of employees, what are you doing to keep their morale up? Just like your customers, now is an important time to inspire loyalty (not demand but inspire). But there for your employees!Final NotesSeize the opportunity now to make the adjustments you need so your business will be stronger than ever when we put this crisis into the history books. But don’t forget the little things…Get a Different Perspective?– Look at your company as if it was someone else’s.?What advice would you give them? How does your customer see your business??What suggestions might they have for you? If you were to start all over; would you do anything differently??Are there things that you are doing that don’t provide value? Are there things that could be added that would create value? ?Communicate with other businesses. Check-in with your peer group.?See what other people are doing, communicate and collaborate. Network and connect through phone, e-mail or online business groups and virtual meet-ups.?Don’t let the isolation bear down on you. It’s nice to reconnect and realize that other businesses are facing the same challenges you are. ?Collaborate and Share Resources?– Look for collaborations.?Are there ways you can partner with other businesses and pool resources? Could you barter services during this time??Maybe you have a knack for accounting or a flair for design that another business may be lacking but they could provide you with marketing or technical support. Need support, a question answered or an idea to toss around? Connect with other businesses or better yet, connect to the CHAMBER. We want to be here for you. Even if we don’t have the answer, we can research the information and serve as a great sounding board!?Breathe?– Things are tough now, but nothing is permanent. Take a step back sometimes.?It can be overwhelming and scary; so much uncertainty. Take some time away from the business.?Connect with family and friends. Reconnect with nature. Meditate. Get some rest. Take care of yourself and your body.?Know that you are doing everything you can and allow that somethings that are outside your control.?? ? ................
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