Strings For Survival
Curve New York went to task today addressing the continuing struggles both brands and retailers are facing in order to be in business another day in COVID19, with a webinar on “Budget Blues? : Strategies & Financial Planning Post Pandemic”, short, near, and long term actions to see the future.
In COVID19, as your brand was gravely affected by stay-at-home orders and social distancing, which in turn steeply dropped your sales, your biggest dilemma now is trying to survive, near term is talking with your landlords, creditors, and debtors to starve off payment since you’re cash-strapped, also getting a hold of what cash reserve you have, short term is pivoting from physical to virtual so you’re customer base knows where to find you when they want to buy, plus changing up what items you push in this essential time, and long to seek out grants and loans to keep your employees on board, as well as planning for a new virtual business model, as well as the moment when you open up physically again.
If you haven’t pivoted to virtual just yet, and you are still in limbo, keep in mind that virtual business has been in the works for more than several years now, where places like Macy’s and J.C. Penney have turned their attention to online, like smaller brands and retailers have too, so now many are forced to face this new virtual reality, and if you haven’t digitally pivoted yet, do it now.
But first and foremost before any moment of pivot or sandbagging your landlord and debtors to hold on to your cash and create your next chapter, you must communicate, communicate your dilemmas to see if you could get any type of extension, communicate with your customer base for whatever support they can give to keep you alive, and producing a good quality product so you can earn why your customer base’s patronage is important.