5 Ways to Survive Like a Seasonal Business During COVID-19

You might not be a seasonal business entrepreneur, but because of the current worldwide COVID-19 pandemic, most businesses have more or less transitioned into a ‘work from home’ business or have shut down parts of its branches in order to survive during this sudden dry spell. We could learn from actual seasonal businesses on how to survive during “off-seasons”. It might not be necessarily the same context, but some survival techniques could come in handy.

1. Business as Usual through Remote Work

With the current uncertainty, most employees are anxious to know the security of their jobs. While it may not be feasible to conduct work from home, there is always a possibility to make room for this option so that your business does not come to a standstill. 

For example:

• All office calls could be directed to a mobile number and queries handled from home.
• Meetings need not be in person and platforms such as Zoom, Skype, Google Hangouts, GoToMeeting, etc. could be used to conduct multiple meetings without leaving your premises.
• Keep your staff posted regarding the status of your business and how it’s handing any dramatic situations. This will instill a stronger bond of trust between you and your staff.

2. Off-Season Marketing Strategy

Even if there is slack in business, it could be a good idea to keep the marketing collaterals going within this period to constantly remind customers that your business is still going strong. The following were listed as useful ways to keep in contact with your audience in an article. [2]

• Email Marketing – constant reminding of customers about your business and what could be on offer once the Coronavirus scare is over. 
• Social Media – With everyone at home observing isolation and social distancing, social media and binge-watching are the key activities to escape boredom. Use social media to promote positive quotes, creatives, and videos to provide useful information and also show how your business will return soon. This will also create SEO for your business.
• Grow Your Database – this is the time to accumulate as many emails and phone contacts as possible so that you can work at double speed when the coronavirus scare is over.
• Call-to-Actions on Website – ensure that the call to action buttons on your business website is active and staff is continuously attending to any queries.

3. Cash Flow Management

The most important thing that keeps a seasonal business to sustain the off seasons to keep tabs on cash outflows and inflows. An online article by Forbes magazine [4] has noted that forecasting business expenses are a necessity. Businesses should keep an outline ready to manage fixed expenses, overheads, staffing costs to understand the kind of expenses they need to meet without a steady cash inflow. Once the coronavirus situation is over, you can also consider selling old inventory or gear to inject cash in your business. So understanding your off-season expenses and spending is key.

4. Plan B – Startups

This is also the time to start thinking about Plan B! Even though one might think not to invest anymore and conserve as much cash that they have, because of COVID 19, new businesses have jumped into the scene. Child care startups, including home-based daycare networks, apps for finding childcare, etc, are some examples of startups that have come up in the US. There are also other opportunities in education where demand for online courses or classes have emerged since schools have closed down. You could have some exceptional ideas for startups and this is the time to write out business plans, pitch decks, research works, and planning.

5. Investors

Plan B cannot come into existence without the support of investors. But with the country observing isolation, meetings with potential angel investors or venture capitalists have to wait unless you find investors on professional networking platforms. The following platforms could come in handy.

• Alumni Alliances – a professional alumni network that has features for you to find potential investors for your startup or business idea. There are global investors on Alumni Alliances, so it provides a broader spectrum of investors. Visit Alumni Alliances to know more.
• Funded.com – this is where you can find accredited investors.
• Angel Capital Association – this platform provides investors for high growth, early-stage ventures and is based in Kansas.
• Our Crowd – is an equity crowdfunding platform.
• SeedInvest – helps startups by giving access to 250000 investors.
• AngelList – Angel list not only has an investor on its platform but also a job board to find jobs.

These are 5 Ways to Survive Like a Seasonal Business During COVID-19. Do you have some more ideas to add to the list? Why don’t you let us know through the comments section below? Also sign up on Alumni Alliances to find jobs, recruit talent, get investors and commercial real estate opportunities. Also follow Alumni Alliances through our Facebook, Instagram and Twitter handle. 

 

References:
1. Featured Image – Chris Lawton
2. 5 Tactics to Ensure Business Survival During the Off-Season
3. How Childcare Startups in the U.S. are Helping Families Cope with COVID-19 Crisis
4. Are Seasonal Businesses Sustainable?