In the name of both surviving and thriving, we have rounded up some key things to think through for your business during COVID-19.
Secure your capitalIn these trying and unpredictable times, you may be wondering how your Pilates business can weather the storm, and for how long that may be. One option is to secure your capital. On Thursday, April 24, the House passed the newest federal stimulus package aimed at providing relief for businesses hit hard by the COVID-19 crisis.
The new relief package allocates funds to replenish the SBA’s Paycheck Protection Program (PPP) after the original funds allocated ran dry in under two weeks.
Once the new bill is signed into law, the SBA will reopen the program. We recommend keeping an eye on the SBA Website and the U.S. Department of the Treasury website for the latest updates.
Reallocate your marketingIf you, like many of us, have needed to throw your marketing plan out the window, here are some tactics that you can implement:
- Follow up with your clients and prospects: you may have more time on your hands now, use it to engage with your clients and start developing more personal relationships.
- Email Marketing: if you have an engaged email list, then you have a huge advantage. Take this time to work on your communication strategy and connect with your clients through email.
- Social Media: keep your followers engaged by posting meaningful content that inspires or motivates them.
- Search Engine Optimization: SEO is, essentially setting your website up to be found by search engines like Google or Bing. Savvy marketers are already investing more SEO.
Keep your business operational
The COVID-19 crisis has no doubt changed the way we’re interacting with customers and operating our businesses. Here are some options to keep your Pilates business operational:
- Move to digital delivery: we’ve shared a lot of content regarding setting up virtual classes and training for Pilates studios. Take a look at this FB Live led by Suzy Levi or review this how-to-guide for more some really helpful tips!
- Incorporate a different kind of class: if your Pilates sales are down right now, consider incorporating a different service for a short period of time to see what works! Industry Insight: Here are a couple of popular classes we’re seeing Pilates teachers incorporate into their virtual offerings: stretch & relaxation/deep breathing classes.
- Offer gift certificates for future sales: A really great tool to generate income right from your website (or social media) is by selling Digital Gift Cards. Allowing your clients to buy a gift card puts money in the hands of your studio immediately. We have created several gift card templates that you can use to create your own.
If you employ staff, continue to engage them remotelyEmployee engagement may have dropped in priority as you have been pivoting to keep your business afloat, but it’s one of the most important things to keep at the forefront of your mind in order to be successful through this unprecedented time.
Here are a couple of tips to help keep your staff engaged during COVID-19:
- Conduct weekly meetings: create structure using weekly Zoom “huddles” to check-in on your staff. At the PMA we have daily Zoom calls where we check-in with each other as a group, it helps keep us connected and engaged!
- Consider a project management tool: if you need to keep track of different projects you or your staff are working on, consider using a project management software like Basecamp or our personal favorite at the PMA: Monday.com.
- Establish guidelines for “in office” vs “out of office”: working remotely can be a challenge. Make sure your staff all feel comfortable and are familiar with your expectations for conducting business out of office. Everyone should be working in harmony toward the same goal.