If you haven\u2019t already, start a YouTube channel or even host a Facebook or Instagram Live session to create a valuable virtual experience and reach a wider audience. As you build your new following, you can have them sign-up for your online classes (we recommend using Zoom<\/a>) and continue your relationship with them long after this crisis has passed. \ufffc<\/p>\n At this time, you need to think seriously about where you can reduce expenses to keep your revenue in the green. Look at your variable and fixed expenses and see what can be reduced or completely cut right now.<\/p>\n One of the toughest decisions you will face will be about your staff. Should you temporarily lay them off? Should you reduce their pay? Is there somewhere else they can contribute to your business that will allow you to continue to compensate them? Is the risk of losing your staff, worth the money you\u2019ll be saving? Your staff are your family and a very important resource in your business so take your time with this decision. Experts suggest that you might even be able to cut costs and keep your staff happy at the same time by asking your team where they\u2019re at. It\u2019s possible some members of your team would rather not work during this time of crisis. Offering them that option is one way you can cut costs while keeping your staff happy and safe.<\/p>\n You can also suspend or cancel any services that you\u2019re not using these days, like cleaning services, laundry or supply delivery. Putting these on hold temporarily will provide your business with immediate financial relief so you can tackle reducing the costs of your bigger expenses like your rent.<\/p>\n When you\u2019re looking to reduce how much your business is spending, rent is typically considered a fixed expense\u2014but these are not normal circumstances. With everyone feeling the hit, your landlord may just give you a break to show good faith and try to keep you happy as a tenant. Many businesses have been having a lot of success negotiating with their landlords to get them through these tough times.<\/p>\n Memberships can be a tricky issue right now. If they\u2019re your bread and butter, you may be hesitant to make any adjustments. You may also encounter resistance from your clientele if you don\u2019t offer some sort of compromise for those people who cannot access your services and\/or who may not have a full-time income themselves right now.<\/p>\n Here are some options available to you and the pros and cons they offer for your business:<\/p>\n The important thing to remember is that you shouldn\u2019t be afraid to ask your clients to pay as long as you continue providing them with a valuable service. Your members are the heart and soul of your business and you can keep them happy by giving them the options and resources they need to help them and your business get through this challenge.<\/p>\n You want to keep your churn as low as you can because it represents the number of customers that stop using your business during a certain period of time. This particular period of time is brand new for the world and people are in survival mode and making decisions without thinking. Before your customers decide that your service is an unnecessary expense, you should motivate them to stay connected with your business.<\/p>\n You can incentivize clients to attend online classes, seminars or talks you\u2019re giving to increase attendance and keep your community interested in your business. If you have a loyalty rewards program<\/a>, consider offering double (or even triple) the points for attendance to motivate your loyal clients to get closer to their reward goals. You can also offer a discount or perk to those clients who refer a friend to an online class to grow your audience and start marketing to a larger crowd.<\/p>\n Here\u2019s where automated marketing<\/a> can really help, allowing you to reach out to your clientele with offers or incentives, easily and frequently. WellnessLiving\u2019s business management software provides all the tools necessary to keep the lines of communication open, so you can stay relevant and communicate updates to your clients as you have them.<\/p>\n Kudos to you if you already moved all of your services online! Also, consider adding value for your members by expanding online services like workshops\u202fand interactive webinars to address some of the issues we\u2019re all facing. Covering topics like stress management or meditation could be just what your community needs from you these days and you\u2019ll keep them invested in your business with relevant content and valuable info.<\/p>\n Stay social\u2014while social distancing\u2014by sharing relevant content, friend requesting your clientele, commenting on your community\u2019s content and including posts that inspire and engage your audience. Posting best practices and tips, creating a challenge and starting targeted groups are just a few of the ways you might be able to keep your clients excited and interested in your business, while exposing you to new prospective clients. Keep the conversation going with your clientele on social media\u202fso you don\u2019t lose touch while you\u2019re apart.<\/p>\n You would be surprised to find how much support is being offered to businesses during this crisis. Do your research! Here are just a few of the resources you might be able to tap into to give your business a helping hand:<\/p>\n The bottom line is that businesses across the board are hurting from the effects of COVID-19 and with no definite end date in sight, doing everything you can to stay out of the red is a must. By evaluating your revenue sources, reducing your expenses, making the most of your memberships, avoiding churn and researching resources that can help, you will keep your business in the green!<\/p>\n","protected":false},"excerpt":{"rendered":" It has been amazing to see how people have adapted their day to day lives to cope with these unprecedented times we find ourselves in. However, the profound impact felt by the COVID-19 crisis extends beyond our day to day emotions and is being felt economically around the world. This […]<\/p>\n","protected":false},"author":861,"featured_media":14285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"disable_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[466],"tags":[628,2310,2277,609,499,2274,2276],"class_list":["post-14272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","tag-business-management","tag-client-retention","tag-expert-advice","tag-marketing","tag-rewards-program","tag-social-media","tag-software"],"yoast_head":"\nReduce Your Expenses<\/h2>\n
What to Do About Rent<\/h3>\n
What to Do About Memberships During COVID-19<\/h2>\n
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How\u202fto Avoid Churn During COVID-19<\/h2>\n
Use rewards as an incentive<\/h3>\n
![\"COVID,](\"\/knowledge-sharing\/wp-content\/uploads\/2020\/04\/Stay-in-Green-Image-1.jpg\")
Focus on automated marketing<\/h3>\n
Expand online services<\/h3>\n
Engage on social media<\/h3>\n
Financial Resources for Your Business During COVID-19<\/h2>\n
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The Bottom Line<\/h2>\n