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August 28, 2024
Small Business Tips
The future is always uncertain, and when a major event drastically alters consumer behavior, planning ahead might seem impossible, but from global pandemics to supply chain upheavals and recessions, the last few years have taught us that a resilient business needs to be prepared to survive crises.
Luckily, you likely already have some tools on hand to help navigate challenges like this. In this blog, we’ll explore actionable tips to help small businesses maintain continuity through uncertain times, from leveraging advanced point-of-sale (POS) systems to rethinking customer engagement.
This is a step you can take ahead of the next crisis, but even if you’re in the middle of an upheaval right now, thinking through your business continuity strategy will help you navigate the ongoing uncertainty.
A business continuity plan (typically a formal document, though you can think of this more figuratively, too) outlines your company’s critical operations, key contacts, and contingency measures for emergencies.
Certain core functions must be maintained to keep your business running. These non-negotiables need to be protected first. If you can identify these, you’ll know where you have room to make changes and cutbacks to keep your operations moving. Think through how potential or current events might impact these operations and what you can do to maintain them.
Many service-based businesses maintained continuity through the COVID-19 pandemic by pivoting to remote work, while restaurants and retailers adopted measures like curbside pickup that enabled their critical operations to continue in a new environment where face-to-face communication was no longer safe.
Key contacts might include employees, suppliers, and clients. Knowing how you’ll communicate and maintain relationships with these contacts is critical. If supply chain slowdowns are part of the problem, it’s a good idea to have some backup vendors in case your primary partners face disruption, especially for essential items like inventory or technology services.
A disaster recovery plan provides clear, actionable steps to restore normal operations after a disruption. This can include data backup protocols, recovery timelines, and equipment replacement plans. Regularly review and update your plans to reflect changes in your environment, like new regulations, consumer trends, and more.
When business gets tough, customer service often dips, but this is when it’s more important than ever to cater to your customers by making it as easy as possible for them to purchase from you.
Your POS system’s customer management features can help you track purchase histories and send personalized offers. With tools like Exatouch® POS, you can regularly email your customer base with targeted promotions, loyalty rewards, or news about changes to your services, such as new delivery or curbside pickup options. Keep your customers in the loop so they know how to continue accessing your services in a new landscape.
Keep customers coming back with payment options that cater to their preferences. Solutions like Exatouch®, ProCharge®, and Clover Flex can help you accept contactless, mobile, and EMV payments. This not only improves the customer experience but also enhances security and hygiene, which are especially important in times of heightened health concerns.
Don’t neglect one of your biggest assets! Unpredictable times can easily translate into a volatile employment market. Retain your team rather than losing existing talent and needing to recruit and train new employees. Some tried and true retention strategies include:
If you feel your business is navigating uncertain times, your employees are feeling it in their lives, as well. Accommodating your existing workforce as much as possible will help you continue operations.
Advanced POS systems have many benefits, but providing real time data to help you make informed decisions is their most critical feature during tough tims. For example, you should be able to track key trends in sales volume and inventory movement. Pulling these reports might help you find your high-performing products, allowing you to adjust your inventory accordingly.
Your POS can also help you find your ideal business hours. Look at when your sales are occurring and adjust your operating hours and staffing to maximize your ROI.
Use your POS to demystify the road ahead with more data, including:
Navigate an unpredictable business future using all the tools available to you, including your merchant service providers! At Electronic Payments, support is a 24/7 commitment—regardless of what’s going on in the world. Access our U.S.-based tech support team 24 hours a day, seven days a week, and be on the lookout for additional contextual tips when times get tough! In the face of big events like the COVID-19 pandemic, we create resource centers and stay in touch with you to provide all the support we can.
The best step you can take to plan is getting the right tools, and our first choice for deep, clarifying insights is Exatouch® POS.
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