We are living in uncertain times with the COVID-19 pandemic still persisting. Nonetheless, there is still more than enough reason to build a resilient and highly profitable business. Major disruptions such as COVID-19 are normal and business owners will need to learn how to rise above.
It’s easier said than done, but there are ways you can do to build a business model that’s designed to withstand challenges and ensure sustainable growth. For this, this guide should help you navigate the pandemic and position yourself firmly for the future.
1. Reassess your strategy
The pandemic may have been an eye-opener for business owners who were initially confident that 2020 would be their year. As business closures continue throughout the world, one way you can stay relevant and profitable is to get back to the drawing board and prepare a post-crisis business strategy. As you do so, try to identify activities or targets that are obsolete. You will need to replace these with more realistic objectives and develop a game plan for the long run. Everything else will follow from there.
2. Focus on effective financial planning
Resource management is essential if you want your business to exist beyond the pandemic. Consider diversifying your income sources and leveraging grants and loans offered to small businesses. This would require controlling your cash flow and getting a more accurate picture of your business's liquidity. It's also time you reallocate your operational budget to components that are critical to your business's survival.
3. Leverage new technology
One important lesson that business owners must take into heart throughout the pandemic is the need to adapt and innovate. The current health crisis has highlighted the importance of technology and you will need to make the most out of the tools that prove to be integral to profitability.
Social media has become a crucial platform for e-commerce transactions and audience outreach. Businesses that lacked a social media presence prior to the pandemic are now seeing the immense possibilities that platforms like Facebook and Twitter are capable of bringing. Right now, you can find marketing strategy tips for winery suppliers, cleaning services, and other industries that involve extensive use of digital channels, and not just social media. The bottom line here is the need to keep yourself open to new platforms and approaches; otherwise, you risk getting left behind.
4. Invest in networking and brand advocacy
As much as you want to compete with other brands in your market, you still need to build partnerships with people and enterprises who could unlock new opportunities for your business. Opt to scout for business owners who can collaborate with you on innovative projects. You also need to put your best foot forward when it comes to transforming loyal customers into brand advocates. After all, you are in a better position to draw more clients if influential people start promoting your business within their own networks.
At this point, you should think about the pandemic as a minor stumbling block on the road to success. You just need to focus on building your momentum and staying on the right track using whatever means possible.
Lora Y