The Tribune

This week's re-opening of The Bahamas' major resort properties, coupled with the latest developments surrounding a COVID-19 vaccine, mean many are beginning to see the light at the end of this dark tunnel. The positive stirring in the world's economic environment may signal it is time to adjust to new customer needs.

To make the most of this time, you may need to change your marketing methods or business investments. This column today provides seven tips for small businesses seeking to thrive anew as we hopefully start to close the book on COVID-19.

Limit your talk of COVID-19

Many customers are getting tired of constantly hearing from businesses about their response to COVID-19. As companies begin to re-open in earnest, you must figure out how to adjust to the present reality without contributing to this type of psychological burnout.

Ramp up your marketing efforts

Even though customer traffic may be picking up, COVID-19's economic impact is likely to continue well beyond your company’s grand re-opening date. This may cause some businesses to consider cutting their advertising budgets, yet it may actually be the perfect time to increase your investment. Extraordinary times may call for a change in your marketing tactics.

Make smart investments

For businesses that still have some cash on hand as they recover from the pandemic, it may be the perfect time to invest. But how should you spend that capital? Training and retraining your team might also prove a wise investment at this juncture.

Increase operational efficiency

Many small businesses have lost significant income in recent months, so you may need to make adjustments as you ramp operations back up. For example, increasing efficiency may be more important than ever as you strive to do more with less. Trim the fat and learn to do more with less.

Learn from your competitors

There is much to be learned about navigating uncertain times for businesses and other organisations. Believe it or not, there are many companies in your sector that are still thriving and defeating the odds stacked against them. Learn their playbook and copy as much as you can.

Establish an emergency fund

If the pandemic has not demonstrated the importance of keeping emergency cash reserves on hand, nothing will. The rainy day fund will be the insurance your company needs for whenever the next big disrupter happens. It also provides your company with the discipline it needs to save and secure reserve funding.

Audit your brand’s content

COVID-19 has changed nearly everything for consumers. So if your old content does not apply to the current situation, it may no longer be serving them or your business. Update the website, update the product and service listing, and how you deliver your services. 2021 just might be your banner year.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.