If your electronics business is going down the drain due to the recent coronavirus pandemic that’s impacted everyone’s lives, it may seem utterly hopeless to try and save it. But, not all is lost. There are ways that you can revitalize your electronics business and have it thriving in the world of service and retail again.
Here are five key things you can do to get your electronics business back on the scene:
#1 Pay off all your debts that your company owes
Paying off your debts can do wonders for your credit score. It can help you take out better loans in the future and open you up to better credit card deals. This can really help your business get out of the red and get back on its feet again. You should try very hard to pay these back and make it your first goal to do so.
#2 Make sure your company is insured when it comes to everything
Getting the right insurance can be a real money-saver. Programs such as Workers Compensation can be really useful when you’ve got a worker who injures themself on-site, and helps pay for claims. It is also very important that all your equipment is properly insured, too, just in case there are any issues with your workplace getting flooded or in the event of a fire.
#3 Use a better electronics supplier to make sure you’re getting the best deals and value for money
Use a better electronics supplier to help you get the most out of your money. Electronics search engines such as Octopart.com can help you find what you’re looking for in a concise and time-saving manner that keeps your business running using quality components and tools.
You will also get professional handling and expertise put into your purchases, so you know your components and other purchases are being handled by people who know exactly what they are doing.
#4 Advertise your business more on social media and through local services
Advertise your business on appropriate forums. Do deals with clients as an enticement to stay, and re-fix your prices to get the best out of your client to business deals. This can boost your relationship with prospective buyers, and by maybe selling your boards slightly cheaper than the going rate, you’re going to get a lot more client interest across the board.
#5 Specialize your work into a niche within the electronics sector to get a good stream of income
Realign your business into a single niche, and dominate it. These can be areas such as PCB boards or cabling or whatever gives you the biggest profit margins by volume. By playing to your strengths, you can deliver a quality product to a small number of clients at a better price than any of your competitors. You can always add to these core lines as more general work becomes available even if it doesn’t have the same profit margin.