Five Tips For Businesses To Stay Afloat After New Lockdown Orders

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Five Tips For Businesses To Stay Afloat After New Lockdown Orders
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The Shadow CEO and small business expert Athan Slotkin on his top five tips on how small businesses can stay afloat after receiving new lockdown orders in the wake of COVID-19 spikes.

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Over the past couple of weeks, we have seen lockdown or new restrictions hits cities in Canada, LA, NYC, Baltimore, Philadelphia, and more. These new lockdown orders have serious business ramifications for many local establishments from restaurants, to hair and nail salons, gyms, and more. With some cities calling on these orders to be in effect indefinitely, businesses will need help to restrategize their current model to weather this storm.

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Tips For Businesses After Receiving New Lockdown Orders

Athan Slotkin, The Shadow CEO, has helped countless businesses across the U.S. restructure their businesses to make it through the first and current shutdown. He has five tips he wants to share with your audience on how they can survive these latest orders in the wake of COVID-19 spikes. Slotkin offers the following tips:

Make all customers feel overly safe/cater to them

Enable seamless curbside pickup, overly create a sanitized process/and vocalize this process. (Failure to do so = you're losing some portion of your possible base). It's even possible to differentiate on this - by being the cleanest/most sanitary, etc in a time where people are sensitive.

Make sure you maintain touchpoints with your customers

Even if on an individual order level it's not as profitable as normally because it costs more to provide service, that does not mean 'skimp to make up the margin. Instead, use this as an opportunity to show your customers you're there for them/you're in it together.

DO NOT cross over your personal political beliefs

Business is not politics. Allow people to focus on the awesome products or services you deliver and that you stand for safety, quality, happiness.

Partner!

Others have customers. Collaborate, set up partnerships, create offerings together to expand your uniqueness and expand your audience.

Personally: study digital

If you as the owner don't understand digital marketing, get on education platforms immediately, and use the holiday time to your advantage to get ahead of the competition. Don't just rely on an outsourced marketer to know everything.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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