Revenue Strategies to Get you through Covid-19
Updated: Aug 5, 2020
With the global coronavirus pandemic forcing the majority of the countries into lockdown. It is adversely affecting the economies of several countries with almost all sorts of businesses halted. In these uncertain times, all businesses around the world are trying to make it work with whatever resources they have available. It is extremely difficult for small businesses to make ends meet as they do not have access to a lot of resources due to their limited funds.
Start pre-orders from your website or in your stores. You can notify your customers about your pre-sales via various channels. Through text messages, social media, e-mails, etc. You can offer them a choice to pay full amount or make a partial payment for their pre-order. You can also opt to club this pre-order with some special offers or discounts to attract customers.
Gift cards are a great way to boost your cash flow. Most of the time gift cards also ensure that the customer comes back to you for their purchases. You can promote your gift cards through emails, social media messaging, banners, etc.
Sell deadstock on your business website/shop. The non-essential items or the less selling items are called deadstock. These items will witness a demand decrease and keeping these items in your store or warehouses will only cost you money. Selling these non-essentials on heavy discount would lead to a higher purchasing.
Delaying Outflow of Cash
Delaying payments will result in the cash staying in your account for a longer time. You can ask for short-term relief to your supplier. You can work out an agreement with them to get through these tough times. As soon as the crisis is over you can go back to your usual payment plans.
Offer Your Services Online
You can offer your services or products online to prevent the risk of any contamination. For a short term try to shift your offerables to a more accessible platform in these times of crisis. You can use a make-shift website or simply use platforms like WhatsApp or Instagram to receive orders. If you provide a service try to offer them via live streams or pre-recorded sessions through the internet.
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