Small businesses are the lifeblood of our communities. They are the unsung heroes in the global economy. As you know, they do not list these businesses in the stock exchange, yet they play a vital role as they positively contribute to employment and poverty reduction. Before the pandemic, small businesses had employed between 60% to 70% of the workforce in most countries. The year 2020 will go down in history as the year the covid-19 pandemic brought the world to a standstill. Most industries were affected, and also most small businesses shut their doors for business.
The fitness industry was also hit hard by this pandemic. In the US alone it was estimated that health clubs and gyms lost over 13.9 billion from march to august 2020.
According to IHRSA, they predict that around 25% of the fitness business would continue to be close. In terms of percentage, this looks quite normal but let us put it into perceptive. The 25% signify over 38000 gyms and health club. Which employee around 500000 peoples. This number only represents a fraction of the total number of layoffs that were seen or business that had to close as the covid-19 pandemics vastly affected them.
The pandemic is still with us, and most countries are still in lockdown. Some fitness businesses are still closed while others are opening up too few customers in compliance with the covid protocol, others have taken the shift and have adopted their models.
I will help you with some practical tips that would help your business adopt in this post covid era.
Assessing the financial position
For your business to progress, you must first assess the damage because of the pandemic. Therefore foremost you must get all your financial affairs in order. This will help you get an insight into where you need to start. If you have received any grants and loans, it is best to put them to better use.
Mapping out the effect of covid on your market, supplier and clients
Once you have understood your financial position, it is now very essential to map up your business landscape. The best thing is now to find out how covid-19 has affected your supplier, market, and also your client. Most of your suppliers who might supply you with gym equipment or any supplies might have shut down or well adopted.
Re-evaluating your business plan
Now it is time to re-evaluate your current business plan as the pandemic has transformed the way business works. Some needed modification may be done in your old business plan to suit the current environment. If your business does not have a visible online presence now, it is time to work on that.
Make sure you have the talent you need
Ensure you bring back the essential and necessary talent. Individuals who you need to run your business. For your business to survive, you might need their expertise
Focus on high conversion marketing effort
Marketing can be costly if not done right. Your business might need to find the most Cost-effective strategy to market. Don’t forget your existing clientele Making sure they know you are opened. Find ways to network in the digital space.