COVID-19 was a curveball that none of us saw coming. The pandemic wreaked havoc across the globe, leaving many small businesses struggling in its wake. But now that the end is in sight, it is time to develop a strategy to get your business back on track. Below are some of our tips to help you get back on your feet.
Consider Whether You’ll Need Funding
Unless you had a large amount of cash on hand going into the pandemic, it’s likely that you may need some working capital to jump-start your business operations coming out of it.
When it comes to financing your business during the COVID-19 rebuilding period, there are several options to consider. The Small Business Administration is an obvious choice for business loans and there are a few programs that can help. The Paycheck Protection Program, for example, is designed to provide funding to small businesses that are struggling to retain their employees during the coronavirus pandemic.
Create a Contingency Plan
While the coronavirus pandemic may seem like a once-in-a-lifetime event, the reality is that an emergency could come along to disrupt your business at any time. Using what you’ve learned during the current pandemic to prepare for the next crisis can help you insulate your business from future shocks.
The pandemic also may have taught you a thing or two about how important it is to be able to adapt so you can reasonably weather storms. The more outside-the-box thinking you can do to prepare for a worst-case scenario, the better. Having a Plan B (and even a Plan C, D, E, and F) can help improve your business’s odds of surviving—and eventually thriving again—during tough financial times.
While you may view marketing at this time as an unnecessary expense on your already tight budget, we want to remind you that there are affordable, even free, marketing strategies that you can put to work.
Never underestimate the power of social media. It is a free and highly effective way of spreading a message. Be sure that you are staying active on social platforms and keeping your followers updated on the changes you are making.
If you want to target new customers, speak with our team today to brainstorm marketing strategies that fit within your budget.
Reinvest in Gaming
It is no secret that adding gaming to your business can bring in additional profits. We have been encouraging that for years! Adding VGTs to your business is a low-cost way of increasing your businesses revenue in the long term. Our team can get you started right away.
But what if you already had gaming before the pandemic? By refocusing your marketing efforts on gaming, you can bring in new players, inspire old players to come back, and create a deeper profit stream for your business. Reach out to our team today to learn the best ways to reinvest in your games.