2020 is coming to an end. However, small businesses and startups’ struggles this year aren’t over yet.
While the end of the pandemic may be in sight, with several effective vaccines on the way, vaccine distribution will likely take months. A natural economic recovery may not start until around the middle of 2021.
That means small business and startup owners who are trying to weather the crisis will still face a few challenging months ahead.
These nine tips will help any startup stay afloat during the last few months of COVID-19 — and prepare you for businesses during the recovery.
1. Find New Opportunities for Business Growth
During the novel coronavirus pandemic, successful businesses have found ways to offer new, safer services. Gyms that offer outdoor exercise classes, outdoor seating for restaurants, and contactless pickup, for example, are three well-known examples of businesses innovating to stay afloat.
Local business partnerships may also be a possibility. Depending on your niche, you may find other local business owners who are happy to partner on product campaigns or offer services you can’t provide alone.
2. Don’t Skimp on Advertising Spend
It can be tempting to cut back the marketing budget during a crisis.
However, it’s generally better to optimize your advertising spend before trying to make cuts. Take stock of existing ad campaigns, use ad data to launch new campaigns, and cut the ones that aren’t working to help you get more out of your current ad spending.
New campaigns adapted to your audience’s needs and preferences during COVID-19 can also help. Collecting additional data, tweaking targeting settings, changing keywords, or adopting new, potentially low-cost advertising approaches — like content marketing — may be successful.
3. Don’t Leave Existing Customers Behind
According to data from Adobe, purchases from just 8% of shoppers account for 41% of e-commerce revenue. While it’s crucial to pursue new audiences and grow your business when you can, cash for advertising may be tight right now.
When planning your ad strategy, remember your existing customers. Be sure to include campaigns that target current clients and encourage them to keep shopping with your brand.
4. Prepare Your Business’ Digital Defenses
Small businesses are dealing with a growing number of cyberattacks aimed at stealing their data and gaining access to company networks. While larger firms remain more popular targets, about 28% of all data breaches in 2020 targeted small businesses instead.
Taking stock of the information you hold can make your business easier to secure. Research on retention policies shows that about 70% of a business’s data has no value or helpful information.
Releasing this extra data can help simplify your data management, smoothing the path for you to defend the essential things — and, potentially, saving you some money on data storage.
5. Take Advantage of Government Funding for Businesses
The CARES Act provided some substantial relief for small businesses. However, you may have already applied for and received this aid.
At the time of this article’s writing, the government is debating the specifics of a new economic stimulus. Details about the finished bill aren’t available yet, but it’s likely to include individual stimulus checks and additional support for small businesses.
Expanded SBA resources like Paycheck Protection Program loans may be able to help. Stay on top of the news and prepare to apply for any government support programs your startup can qualify for.
In the meantime, other government funding sources — like the USDA’s Rural Development Grant — may also significantly help some startups and small businesses.
6. Learn About Local Financial Support
In addition to federal government relief, your startup may also qualify for local relief programs. According to the U.S. Chamber of Commerce, at least 24 states plus Washington, D.C., offer some relief programs for small businesses.
If you find your state on the list of those offering support, you can apply for loans or other stimuli to keep your business afloat during the next few months.
7. Look to Private Organizations for Support
Some private organizations are also offering support for organizations during COVID-19. FedEx, for example, provides an annual small business grant. The National Association for the Self-Employed also offers grants for self-employed people who need extra assistance with their small business or work.
8. Remain Flexible
One advantage that small businesses have over larger corporations is their flexibility—a company with fewer staff members can coordinate and manage fewer resources to pivot or change how it does business rapidly.
Right now, that flexibility is probably the most valuable asset. Customer needs and opportunities are constantly shifting, and businesses of all kinds are dealing with new problems as they arise—like supply chain disruptions or issues with the U.S. Postal Service.
Identifying new ideas to serve your customers—like pickup options or outdoor versions of indoor services—is one of the best ways to keep revenue up during the pandemic. These new offerings may also provide you with a competitive advantage long after the pandemic finally ends.
9. Prepare for After the Crisis Is Over
Sudden fluctuations in demand — positive or negative — can be challenging for any business to manage. If your startup manages a mostly steady revenue and has a loyal customer base, you may want to start looking at how you’ll prepare for the coming economic recovery.
You can stock up on supplies or make changes to manage a possible demand increase once consumer spending returns to more typical levels.
Staying Afloat During the Last Months of the Pandemic
The end of the pandemic is in sight, but we aren’t quite there yet. A few strategies and resources may be helpful for businesses that need extra help during these last few months of the pandemic.
Government and private grants, for example, have been essential through the pandemic, and another round of federal support may be on the way.
Adopting new strategies, optimizing advertising spending, and creating new offerings may also help you reduce costs and generate more revenue while demand remains low.
Eleanor Hecks is editor-in-chief at Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her boss in 2018. She lives in Philadelphia with her husband and dog, Bear.