Little is certain in life and business, and despite that infamous Bill Gates talk, no one saw a global pandemic of the scale of Covid-19 in our futures. The impact of Covid-19 has been tragic and far-reaching, with everyone being affected in one form or another.
However, within the commercial sector business, those in retail have been particularly hard hit. The good news is that such companies can survive the impact of the pandemic. Read on to find out how.
Government aid
First of all, remember that the government and private financial institutions are well aware of the situation in which retail businesses find themselves. What this means is that there is provision available designed to help those businesses that are struggling.
Currently, the UK government is offering to pay 80% of employees’ full wages if they have been in furlough due to the pandemic. Similarly, the UK government is also offering small to medium loans to help businesses of all kinds ride out the COVID-19 wave and survive to fight another day.
Additionally, many banks and other financial institutions are offering clemency on loans and overdrafts related to small business. Although it is advisable to check what your particular provider has in place before acting on this.
Short term plans
Next, as things aren’t about to get back to normal, for some while, retail businesses must adjust to the new situation that they find themselves in.
In particular, this means putting the focus on the online parts of your business, rather than on your physical retail in stores. The good news is that even if you don’t know the first thing about creating a buzz online, there are plenty of people that do just that for a living.
One such retail design agency is ISI Global, who can provide you with digital design solutions for your business. Such agencies can even offer a full end to end service from design through to deployment. While telling a story about your brand at the same time. Something that can help you get the attention you need online to increase your sales during this unprecedented time.
Train and support for your staff
Finally, if you want to make sure your retail business survives the pandemic, you need to focus on your staff. Two areas, in particular, will need your attention here. The first is your employees well being. After all, working in-store during the pandemic or being furloughed at home can be very stressful.
With that in mind, consider using initiatives such as online meet-ups and mental health guidance to help maintain morale and a sense of cohesive team.
Additionally, if a significant number of your staff end up in furlough at this time, why not use it to enhance their skills and training? By offering them online training in areas relevant to your business, you can do two things.
The first is to make sure your staff will be well equipped to cope with the challenges that they face when returning to work. While the second is to help future proof your business for the coming, possibly challenging year ahead.
