5 Ways to Make Your Business More Resilient

Many businesses had to pivot their operations to meet the challenges brought on by the pandemic. Some of these changes may become permanent. Here are five steps you can take to make your business more resilient and maintain sales.

Increase Sales By Selling Your Products Online

If your business has not done so yet, it's time to bring your sales online. E-commerce sales increased nearly 40% in quarter one of 2021, accounting for nearly 14% of all sales transactions. A study from 2018 showed that 50% of consumers made purchases on their mobile phones. That number has likely increased due to the pandemic.

Selling your products online has many benefits. When your store is open, it offers customers two ways to purchase your products. If you have to close the store for any reason, you can continue to sell online and even offer curbside pick-up as an option. Having an online store also enables you to sell to customers across the nation and globe that wouldn't otherwise know you exist.

Decrease Delays By Expanding Your Supply Network

72% of businesses surveyed in early 2020 by the Institute for Supply Management reported a disruption in their supplies. In July 2021, 38% of small businesses still reported delays. Delayed products can lead to inventory shortages that affect your bottom line. One of the ways to combat that is to expand your network of suppliers.

This may be easier said than done, depending on your business industry, but it's critical to research your supplier's competitors and determine other options. By having numerous suppliers on hand, you may be able to avoid or minimize inventory shortages in the future.

Identify New Ways to Deliver Products

If you own a business that produces a product, identify new ways to deliver your products to customers. During the pandemic, many restaurants turned to delivery services like DoorDash, Grubhub, and Uber Eats. Universities transitioned to virtual learning. Consultants, counselors, and therapists turned to virtual sessions.

When the pandemic first began and business had to shut down, one brewery in Portland, OR decided to deliver beer by bike. The question to answer is, how can you get your product to your customers if they can't come to you, or come inside your establishment?

Appeal to More Customers By Offering Contactless Payment

Visa surveyed consumers in 2020 and found that 54% would switch to a business that had contactless payment options. A contactless point-of-sale system is where a customer can use their smartphone or radio frequency identification (RFID) enabled credit or debit card to pay without touching the card reader.

Apple pay and Google pay are two examples, but many cards are equipped with the technology as well. You may need to invest in a POS system that accepts contactless payments, but advertising "contactless payments" may earn the trust of more customers.

Have A Financial Safety Net In Place

When disruptions occur, it's imperative to have a financial safety net to fall back on. The easiest way to accomplish this is to have a business savings account and save up as much as possible. If your business is unable to save much, consider a business line of credit.

Lines of credit can be useful rainy day funds because they don't incur interest until you use the funds. Having a line of credit on standby can save you stress and keep your business operating when a setback occurs.

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Conclusion: Businesses Can Prepare Now for Future Disruptions

The pandemic has taught us all that disruptions, be it through supply chain delays or shut downs, can occur at any time. These six steps will help you prepare now, so the next disruption becomes no disruption at all.  

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