Whist there may be a lot of doom and gloom around at the moment it is important that we recognize some of the businesses which have done well this year, in spite of one of the craziest business years on record. William Seegmiller, the widely respected business analyst was discussing last week how the small businesses are the key to kickstarting the economy and how they have been instrumental in the survival of so many local communities, a point on which I certainly agree.
So which have been the businesses which have bucked the trend and actually done well this year? Let’s take a look.
Those Who Reacted Quickest
AS soon as the lockdown was announced we saw so many businesses change what they sold in order to survive. In some cases this was a community-spirited approach which saw businesses begin to make hand sanitizer and face masks, and in the case of some they were able to swiftly react to market conditions and pick out the products which they knew they could sell.
Those Who Went Online
This has been the year to teach the importance of having an online presence as a small business. Once the stores were closed and the people were locked away, the only possible option was to get online and find ways to sell via that medium. Those who were quickest to get online and stir up a name for themselves were able to make some money when so many other businesses couldn’t.
Those Who Went Amazon
Whilst Amazon is of course a massive online retailer, we have to recognize the fact that most people who sell on their have their own small business, they simply use Amazon’s services to sell. Those smart minds who were quickest to the punch following the announcement of the pandemic, quickly recognized that Amazon was going to be one of the most commonly used stores and so they got on there and began to sell topical items. Some small business owners actually shut up shop, switched to an Amazon, drop-shipping business, in order to keep their own businesses afloat.
Those Who Rewarded Their Customers
Most of the small business which survived the pandemic have been those who recognized their loyal customers and who were honest when engaging with them. Loyal customers have been looking to support companies and in return the companies have been offering the pure gratitude which they feel. This has kept customers coming back and supporting their small businesses. We must never take our loyal customers for granted again, they have been the reason for the survival of so many companies.
And finally those businesses which have survived have also been those who were well set up financially before all of this began, those who had minimal financial risk and those who were already running a solid operation. Those who fell by the wayside, in the main, were those who couldn’t stand the financial pressure.
