Business activities, including investments in downtown Missoula, were solid in 2021. According to the Montana Associated Technology Roundtables, more than $38 million of commercial investment was discharged downtown, despite the impacts of the health crisis. Whether you’re running a small or large enterprise, staying afloat in the competitive market can be challenging, especially amidst a global pandemic. While there’s no simple answer to how small businesses can survive tough times, there are a few steps entrepreneurs can take to stay in business. As a general rule of thumb, learn and implement effective ways to promote your business and allocate resources in your venture appropriately. Additionally, make sure to adapt to changing situations and consumer trends. Keep reading to understand how businesses in Missoula are coping in the post-pandemic era.
Moving Businesses Online
Many businesses in Missoula are doing everything possible to keep their staff employed and boost sales. For instance, some entrepreneurs have moved most of their business operations online. With more and more consumers embracing online shopping, setting up an e-commerce website is key to staying ahead of the competition. You can easily take orders and offer curbside pickup and door-to-door deliveries. This move is ideal for selling to clients who don’t want to shop in person. As a result, you’ll enjoy increased sales and reduced operational costs.
However, to make the most of e-commerce, you must invest wisely in marketing campaigns. Start by sharing informative content relevant to your venture on your website. You may also want to post videos on YouTube and business-related posts on social media. While you can handle digital marketing yourself, it pays to outsource marketing tasks. Key reasons for outsourcing marketing functions include cost savings, meeting business goals, and leveraging expert knowledge. Regardless of the size and nature of your business, you can outsource marketing functions like email marketing, SEO, social media marketing, and website development.
Taking Advantage Of Business Support Funds
In addition to digitizing businesses, entrepreneurs are taking advantage of business grants offered by the government to revive their businesses. Relief efforts like the Paycheck Protection Program and other grants offered by the Small Business Administration have helped many businesses cope during tough economic times. Nonetheless, you don’t have to rely on government grants only. There are many other places you can seek business funds to support your recovery efforts. Check with your bank or credit card company if you can get a business loan to boost your venture. Alternatively, apply for grants offered by private organizations or try crowdfunding.
Changing Business Models
Another strategy entrepreneurs across Missoula have been implementing for the last two years is changing the business model to meet ever-changing consumer needs. For example, instead of shutting down completely, Montgomery Distillers stopped distilling and shifted its focus on producing hand sanitizers. Typically, for any business to survive difficulties, it must be ready to adapt to changing circumstances and consumer behavior. Entrepreneurs must also find opportunities to create and develop new business models.
Surviving hard economic times brought about by a crisis like a health pandemic can be stressful, but not impossible. As a business owner, you can navigate hardships by implementing innovative practices, like opening an e-commerce store. You can also take advantage of available business relief funds and change your business model to fit current consumer demand.