The Nevada economy has been significantly impacted by a drop in tourism and related service industries due to COVID-19. As businesses across the state await the return of vacationers and conventioneers, many are doing whatever they can to gain traction and prepare for a better future. According to the Nevada State Bank Small Business Survey report, more than half of the small businesses surveyed cited a reduction in business revenues or sales in 2020, but more than 42 percent anticipate increases this year.

So, how can Nevada businesses keep their momentum going after making it through the pandemic?

1. Put Customers First

Customers should always come first. Without them, there is no business to keep open. Make top-notch customer service a priority and nurture customer relationships to keep them strong and build sustained loyalty. Hold a Thank You Party for those customers whose support helped keep your business open during this tough time.

2. Improve Your Marketing Message

Put some thought into how you can improve your overall marketing message. Give people a reason to do business with you.

"Your branding is your promise to customers,” says Mosquito Authority CEO Chris Buitron at Franchising.com.1 “You need to make sure all of your messaging is valid, consistent, and on point. Every aspect of your branding should align to show iron-clad authenticity.”

3. Utilize Social Media Like Never Before

Social media has become an increasingly critical element of marketing for small businesses in recent years, but it has never been more important than it’s been over the past year. The pandemic has essentially required it, and customers will expect a similar presence even after COVID-19.

Visual Objects recently released the results of a survey finding that businesses are tying revenue projects to their use of social media.2

"When small businesses keep up an active social media presence, they’re more likely to boost their revenue," the firm said in its report. "While COVID-19 has made revenue generation a challenge, 56% of companies that engage with social media at least once per week project revenue growth in 2021. During the COVID-19 pandemic, social media marketing became an especially valuable way to connect with customers digitally. Lockdowns and brick-and-mortar closures reinforced the need for businesses to adapt to virtual selling environments to sustain increased revenue during unforeseen circumstances."

4. Optimize for Online Searches

As customers continue to take an online-first approach to business, you need to make sure they're able to find you, even outside of social media channels. Don't overlook your presence on Google® and other search engines, such as DuckDuckGo®. Make sure you have your Google My Business listing claimed and updated with all relevant information. If you have the money in your budget, look into additional local SEO strategies, including link-building.

5. Place New Emphasis on Efficiency

Anything you can do to increase efficiency across your company is going to help your chances of post-pandemic success. This means going over every aspect of your operations and figuring out where you can shave off any wasted time and replace that with increased productivity. Make sure you are not spending money on labor and resources that aren't actually helping the company. Increasing efficiency can help focus employees and processes on tasks that have a direct impact.

6. Make Sure You Have the Best Team Possible

Improved efficiency is only as good as the team you have actually doing the work. When was the last time you conducted employee evaluations? Take a hard look at each team member's contributions. Do you have the talent you need? Do you need to create new roles and bring on additional help? Are there employees who simply aren't living up to their end of the employment agreement? Now that survival is top of mind, you can't afford to keep employees who aren't pulling their own weight.

7. Always Be Ready to Adapt and Be Creative

If your business has made it over a year into the pandemic, it has already gone through some amount of adaptation. Keep using what you learn as the situation evolves, and make changes to your operations that make sense for the time. Be flexible, nimble, and ready to make adjustments. Perhaps you can expand your offerings to provide more products or services. As the pandemic restrictions open up, think about special events to attract new business or reward current customers.  

The pandemic is not over, but there is a great deal to be optimistic about. You've already come a long way. Use the momentum you've built up and take on new challenges with confidence.

 

1.https://www.franchising.com/articles/5_ways_small_businesses_can_grow_after_emerging_from_disruption.html

2. https://visualobjects.com/digital-marketing/social-media-topics

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC