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Press release content from TS Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from TS Newswire
Press release content from TS Newswire. The AP news staff was not involved in its creation.

3 Creative ways small businesses are adapting to survive the pandemic

November 17, 2020 GMT
3 Creative ways small businesses are adapting to survive the pandemic
3 Creative ways small businesses are adapting to survive the pandemic
3 Creative ways small businesses are adapting to survive the pandemic

Los Angeles, CA ( TS Newswire ) -- 17 Nov 2020

While politicians at all levels bicker over the failure of government aid programs to shore up Main Street businesses, the pandemic rages on, new surges of infection across the U.S. trigger tighter lockdowns, and the stock market has seen enormous dips in recent weeks. Negative reports in the media are nothing new to the small business owners across the country who bear the brunt of the economic crisis brought on by COVID-19.

BooksTime is an accounting start-up that has worked with small businesses in dozens of industries across the U.S. The bookkeeping professionals at BooksTime have had a direct window into the strategies their small business clients use to cope with the intense challenges posed by the pandemic.

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At the onset of lockdowns in March, small businesses focused initially on tactics for short-term survival. Having to close their doors to the public or drastically reduce production, small business owners turned to government loan and relief programs and engaged in drastic cost-cutting. Many businesses simply could not survive and shut down permanently. Those who have managed to survive the first wave are bracing for the second wave. With costs cut as deeply as possible and loan options exhausted, plucky small businesses are innovating with systemic and dramatic adaptations to meet the new normal.

BooksTime staff have seen creative entrepreneurs finding success with three long-term strategies to not only survive the pandemic, but also to thrive in the world that will emerge when the crisis has ended.

Strategy 1 Invest in technology

As customers and suppliers seek ways to reduce in-person contact, they are turning more and more to eCommerce and eBusiness interactions. In other words, they are going online. This trend presents unprecedented opportunities for automation. As more processes move online, more can be automated. Savvy small businesses are capitalizing on these opportunities. Using technology can boost productivity and efficiency, streamline financial processes, enhance marketing, promote collaboration, improve customer service, and enable remote working. Bookkeeping firm BooksTime believes technology investments are essential to get beyond survival and emerge into a growth trend.

Strategy 2 Outsource

The resilience of the small business model has always been a pillar of Main Street. The agility of many small businesses has enabled them to pivot or shift to new products and services to survive the pandemic. Making these dramatic changes, however, requires unwavering focus from the companys leadership on their enterprises core competencies. Like never before, an effective outsourcing strategy is critical to maintaining leaderships laser focus on the companys pivot. While competent accounting and insightful forecasting are essential to a companys health, they may not be in managements wheelhouse. BooksTime offers excellent accounting and bookkeeping services targeted specifically for small businesses that need to focus their energies on new business models and new products.

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Strategy 3 Focus on growth

It is understandable that small businesses would cut back on marketing at the beginning of the pandemic. How long lockdowns would last and what the future looked like were completely known. Now that the initial shock has passed, however, nimble entrepreneurs see marketing and sales as key to replacing surviving with thriving. Old customers have picked up new habits, behaviors and routines. Marketing must be tailored to reach clientele in their new reality. Effective, empathetic communications are crucial. Changes in customer patterns for shopping, using eServices, staying home, and focusing on personal health require imaginative marketing to grow a business in the next normal.

While small businesses dig out of the rubble of the first wave of lockdowns and prepare for the next wave and the emerging future, bookkeeping firm BooksTime is there to keep an eye on the bottom line. Tracking technology investments, capitalizing on outsourced services, and keying in on growthBooksTime enables small companies to focus on core competencies and build a winning strategy through the current climate and into a healthy future.