COVID-19And Closing out of Your Business Year; 2020


Published: October 22, 2020

Ready to Close 2020 With a Boost in Sales?

No matter what you think about it, we have less than 90-days for the close of 2020 and into 2021. Traditionally, this would be the time of the year we as entrepreneurs-small business owners would be setting the stage to end the year with a boost in sales to eliminate the bad sales parts of that current year. However, with the Corvid-19 epidemic, we all find ourselves in the same phenomenon; lack of sales for the year. There is a reason you are entrepreneurs-small business owners; you see things differently from others in the world. So, with that said, what are your plans for closing out the 4th quarter of 2020?

Yes, we know some of our brothers and sisters in business have closed down, never to reopen again. Others, big corporations, have filed for bankruptcies due to the lack of sales; they find themselves no longer to meet their creditor’s debt-flow. So, what about you? Have you given up, thrown in the towel, and now not looking to boost your sales? Well, let me share with you something that can lift your spirit and get that entrepreneurial juices bubbling again.

Traditional and Digital Marketing

Now let’s talk about the way out to encourage some of my brothers and sisters today, and that is through marketing. Traditional marketing deals with the old school way of moving goods and services through television, newspaper, print, advertising, or anything that does not deal with internet would be traditional marketing. Now digital marketing is the opposite, and that is dealing with anything that has internet-connections. Consequently, it would include smartphones, websites, email, or any other devices that have an internet link. Now let’s look at how marketing is performing in the 21st century-digitally.

Digital Marketing

Digital marketing has been around for the past two decades; how long have you been using digital promotions? With that said, we can still overcome the Corvid-19 virus and boost our business sales and close down 2020 just as we have in the years past; it is all about attitude and a plan, so the question what is your plans to close out this 4th quarter with sales? One of the first things you can do is get yourself a website. You can get the website for under $1,000.00 and have it set up within 30-days. From here, you let the world know what it is that you do-so promote it every chance you get.

Customer Relationship Management (CRM)

CRM is a business software that you can put all of your customers, contacts, prospects. This database captures any activities performed with it. Hence, data scrutinizes any trends that can promote positive occurrences, such as sales, and some of you may be using a Point-of-Sale System (POS). We use HubSpot to keep all of our contacts automated, and it is simpler to see trends in real-time. There are many CRMs out there in the marketplace, but ours isĀ FREE, and you can scale or grow with it.

Electronic Draft Capture (EDC)

EDC is a way for a business person to transfer money from their clients or prospective clients’ bank account into that business person’s account. In this area of Covid-19, we as business people must find new ways to do the same thing we have done for years. We are now two decades into the 21st century or Millenium and find we must learn how to do business in a way we could not have envisioned at the close of 2019. Face-to-face transactions are at this time of the past due to social distancing. As small business owners, we must rely on technology and a new marketing methodology that has been here but overlooked for business.

Traditional financing and marketing were adequate in the 20th century, but in the 21st century, everything we use is digital, so why not use it for business processes? The usage of credit cards has changed in how the process has gone. With a website and having the system able to do business 24/7 and have a system that could take payment for this same time and have the money being put directly into your business account, in short, this is called an e-commerce site. The website’s always working as managers would redesign their windows as passer-buyers look into their windowpanes to view current promotions.

Nevertheless, the focus on new marketing methodology is our modern marketing and expected future. What are the take-aways here? If we keep on the way we have in the past, many of us will go out of business. Or we could change and find a new novel way of doing the same thing through the use of technology.

Working Capital or Line-of-Credit

Eighty-one days left in 2020, and many of us need money to actively do what is necessary to bridge that gap of profitability. Were you able to obtain cash from PPP from the government? If you were kudos for you, but many did not, and without financing, our businesses will not see 2021. So, you do not have to sit there and take it; let’s move forward, do what we do, sell merchandise, and let this be even with this covid-19 one of the best 4th quarters our business has had all-times.

Conclusion

As entrepreneur-small business people, sometimes you need others to lift you up and let you know you can do this, and this is that person motivating you to go forward. So, with that said, let’s move on and do what we must, but close down 2020 with power and passion. As a small business consultant, if you have any problems implementing any of these tactics, contact me, and we will make it happen together.
Dr. Donald E. Mitchell, Small Business Consultant.

Donald E. Mitchell, Doctorate of Business Administration in Entrepreneurship and Business Management (DBA).

Small Business Consultant

Specializing in; Business Consulting, Business Management, Entrepreneurship, & Marketing.

860 N. DeWitt Place. # 1501

Chicago, IL. 60611

2000 Town Center

19th Floor

Southfield, MI. 48075

www.donaldemitchell.com

Toll-Free: (866) 400-3040

Cell: (248) 210-9149

Fax: (888) 413-0053

donaldemitchell1@msn.com