The COVID-19 pandemic is one unpleasant surprise that has changed the way we do business like no other. Indeed, it has become a businessman’s worst nightmare. Who would expect that business as we know it would come to a halt? Who would think that customers won’t be able to shop like before? But it’s an existential threat that’s for real. For those detractors who say it isn’t, taking a close hard look at hundreds of thousands of Americans who have fallen to the virus should suffice.
In spite of all these challenges, you should find ways to keep your business intact. While looking after profits is a good proposition, it may not be what your mind should be occupied right now. What’s more pressing is keeping your operations afloat. And that means making sure your cash flow is in order. Think about it. Cash is the oil that makes your business run. You can’t put have employees without paying them. Or run your car with promises. Indeed, you need fuel. And that means you need cash to get things going.
Luckily, finding a niche within your neighborhood should serve you well. Check out the essentials below to make it all happen.
Why Cash is King?
In a recent State of Payroll study, more than 4 out of 10 small business owners failed to pay their employees when payday came. That study was done in early 2020 as America was still reeling from the shock brought by the virus.
Profit is good, no doubt about it. It’s a long-term proposition though. Defined as what you get when you subtract your total expense in producing a service or a product from your total sales, profit is essential. However, take note. Profit is not tantamount to positive cash flow. And right now, what you need to stay afloat is cash.
Thus, you should refocus your business. Do a mental shift to prioritize cash flow over profits. If you have trouble wrapping your head on this growth tactic getting expert advice is wise.
For instance, business growth strategy consultants should bid you well. With a solid track record for helping businesses grow, these strategic growth experts should help you hurdle all the challenges that the COVID-19 pandemic has posed. So you can take your business to greater heights.
A key strategy for you is to focus your business on the consumer market. You can do this by getting your product in front of your customers via a website. You can focus your marketing team to whip out timely rebranding ideas so you can come up with a stunning landing page to get things going online.
Finding Neighborhood Niches
Another great strategy you could make the most of is to find a neighborhood niche. This shouldn’t be too hard for you. Your neighborhood surrounds you.
A good example of timely pivoting to a neighborhood niche is Amazon. You might think that the online giant is a marketer of all goods under the sun. No sir. When the pandemic was in its early stages, the Jeff Bezos-led e-commerce store sold only essentials. And discarded non-essentials from their delivery list. So instead of the usual toys and stuff, hand sanitizers, face masks, and disinfectants were what they focused on early on. Then looking at the prospects of staying indoors, it pivoted again to household items: fitness gears and office supplies.
Another example of a neighborhood niche is the case for family farms. As shoppers fear the possibility of not being able to get their hands on food, people are sourcing food that’s nearby, closer to the farm. Finding the supply of needed yeast and flour, pizza makers and bakeshops are turning to the internet. In the process, they found such old-school flour mills as Sunrise Flour Mill (Minnesota) that produce heritage stone-ground flour.
The same story holds true for those looking for meat and chicken, essential to the American dining experience. Finding depleted stocks in groceries, online shoppers are turning to closer-to-home farms such as Farm Foods Market. Even better, these businesses offer farm-to-door delivery so you won’t have to travel to get the things you need.
And Then Some
You might be surprised but there are a host of neighborhood niches you can make the most of. Think Amazon. What are the people in your neighborhood need these days? What would people in quarantine need while locked indoors?
Food is a logical answer. But there are other things people need while staying at home for a long time. One is entertainment. Many have longed for games and puzzles, ways to have fun sans the screen.
Then how about garden supply. Gardening now is at its peak. People are tending to their greens like never before. And you can have a lot more niches. Just take some time to survey people you know for a long time. Here are some more ideas.
A little due diligence should get you there. Once you configure what your neighborhood needs, you can have the world at your feet.