10 Ways To Make Your Business Suited To The Post Covid-19 Era
The COVID-19 pandemic has wreaked financial havoc around the globe, affecting many companies, both small and large, alike. According to the National Federation of Independent Business (NFIB) in March, which was still the beginning of the pandemic, 92% of small businesses said they had suffered negative effects as a result of the pandemic. Just about 5% of small business owners had experienced no effects at all.
The way it is with small businesses, is the way it is with large companies. Everyone has had their own share of the effects of the pandemic in their businesses and financial lives. What is making it all worse is that some experts say this is just the beginning, and that whether the pandemic ends soon or not, small businesses need to be ready to reassess and change their business strategies and methods to be able to thrive afterwards.
The world has moved into the post covid era already, governments and businesses are trying to get back on their feet, with different strategies, of course. It is no news that the world has evolved, and what used to work before the pandemic will no longer work, and people have to find new ways of doing things. If you do not want to go extinct after the pandemic is totally over, here are some ways to make your business suited to the post covid-19 era.
- Adapt to current market trends in a complementary way
Current market trends will work to the advantage of your business, but it might be difficult to understand and adjust to. You can go for brand repositioning and see if your business can produce goods or services that are relevant to the present age. If you can leverage on brand repositioning, then when the pandemic is over and everything returns to a new normal, you will have a totally different and new income stream, or a brand new business strategy. Your business could in turn change to one that provides services both online and offline.
- Analyze your spending both in normal and abnormal situations
Carefully consider the area your business is spending money now, and analyze some expenses that are avoidable. Analyze the rent, size of your company or other expenses that can be reduced without affecting the quality of your business and its products. You shouldn’t but down expenses to affect quality. There will definitely be areas you can reduce spending and make up for it by increasing your efforts. This post could era is the perfect time for hon to cut down on excesses that are not necessary. The point is to reduce spending to the barest minimum without affecting the business.
- Consider the use of your time
If there are things you should be doing that is more valuable than what you’re doing now, then you should switch. The most difficult thing to do as a business owner is knowing when a business pursuit is not worth it. This pandemic should be a time of reflection for you. Is your business pursuit worth your time? Is the amount of time your eputrkng into the business worth the money you’re getting from the business? If you can sincerely consider this, you may find out that the bulk of time you’re putting into your business could be used for something else that is more valuable. You may need to look for other ways to make money and continue your business when it is time.
- Take time to learn more about the business
Use your free time as an opportunity to scale up as a business owner. Do not see this as a setback, but as a ccganve to get better. Read from experts in your field, do a lot of research and gather data to have a better understanding of your market and the competition you’ll face. Reading from experts and businesses that have achieved what you look forward to achieve will help you to see things you need to do and adjust in your business. You should use this opportunity to get ahead of your competition, so that by the time businesses are to come back, yours will be with full force and way ahead of your competition.
- Keep an open mind
Entrepreneurship is full of challenges, and this period will even make it worse. Things will definitely get better but you should be in the right shape of mind for things to happen. You should remain positive about how things will turn out, and keep an open mind about your business. Be ready to adapt and learn new things, as things will no longer remain the way they used to be. Do not see this time as a setback but keep learning to improve your business.
Read Also: 10 Effective Ways to Tackle Business Challenges In Nigeria
Watch your competition
Some businesses are affected more than others in the covid pandemic. Your job is to study those few that are still making it amidst the downturn, and see what they’re doing differently. Check out the business strategies they’re using, and see which one you can adopt in your business to be effective. Not all strategies will apply to you, but you’ll definitely see ones you can use. If you can understand how your competitors position themselves during and after the crises, then you can take advantage of that for your business.
- Set a timeline for rebuilding
As a business owner, you might have planned a lot of things you want to get done after the pandemic, but you cannot do everything at once. You should set a timeline that allows you prioritize the important things first. And as you achieve the steps, you should track your progress, so you can be sure that you’re not wasting time and resources on unimportant projects. For instance, your priority might be to secure funds for your business, and then the next might be to rehire employees, then restocking, then reopening if you had to shut down due to the pandemic.
- Formulate a contingency plan for the next crisis
As much as we hope that the oandemic will go once and for all, it is not unlikely that another emergency can come around that will disrupt businesses once again. Use what you have learnt from the covid-19 pandemic to prepare for the next crisis, and this will help prevent your business from future attacks. The pandemic has taught a lot of business to adapt to changes and keep the business going amidst storms. You can use all this to prepare for any attack that may want to arise again.. By this, your business will be able to thrive.
- Reassess your business plan
Your business plan may have worked well before the pandemic, but after that, it may not, and you’ll need to do some changes. You may need assess your business plan to adjust to the new normal. You’ll have to fist analyze how your business was affected by the virus, and them pay attention to the trends to know how to adjust. Know your business’ strengths and weakness while going over the business plan. Analyze what was working before that may not work now and see where you can improve to readjust. Also, make sure your goals are realistic considering the pandemic.
- Consider if you’ll need funding
It is most likely you’ll need finding to be able to get back on your feet post covid-era. There are a lot of things to consider when it comes to re-funding of your business after the pandemic. You may decide to get funding from the government or from private investors. One thing you should know is that the funding will always be limited, so you’ll have to make do with what you can get for your business. If the funding is to rebuild your business, it can be difficult to get because investors will want to be sure that you’ll be able to repay the loan
Hope you enjoy this article?
Share your thoughts in the comment session.
Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.
Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to email@example.com and we will solve any of your business problem.
- Katumu Adasi: How to survive in Nigeria without a job - February 11, 2021
- Top 5 business and services with the highest demands in Nigeria - January 4, 2021
- How to Become a Millionaire doing Rice Farming in Nigeria - January 4, 2021