For the moment, the Coronavirus crisis doesn’t appear to have a silver lining. When your business is barely surviving, it’s not easy to look on the bright side. However, it’s essential not to wallow in self-pity if you want to keep your head above water and come through the pandemic unscathed.
After all, adaptive and creative peers and competitors around the world are managing to tweak their strategies to ensure they stay out of the red. You can do the same if you’re willing to use their examples as the foundation of your new policies.
For those who are, here are four savvy lessons to come out of the COVID-19 lockdown.
Home-Based Work Isn’t A Privilege
Employers have had the opportunity to allow employees to work from home for decades. Sadly, https://www.weforum.org/ reports that only 7% of businesses in America invest in home-based technologies. As https://www.lingo.com/business/voip/ points out, better business is about having enhanced solutions such as VoIP hardware and software. If you’re one of the many companies that have seen remote working as a privilege rather than a rite, it’s time to change your attitude.
That way, the company will easily make the transition should a second spike or another pandemic occur.
Businesses Are The Same As Individuals
As a money-savvy individual, you probably have three to six months of savings tucked away for a rainy day. Https://www.thebalance.com/ says you need this amount in case of emergencies to ensure you can pay your mortgage or rent and provide for your loved ones. As an entrepreneur, you may take a more liberal view on a rainy day fund. A large percentage of SMEs don’t have the resources to bail themself out of a situation such as a health crisis and rely on the government instead.
Although the extent of the pandemic has forced nations to help out organizations, you can’t trust them to do it all the time. Therefore, it’s vital to start saving now as it may take up to fifteen months to hit your target.
Don’t Rest On Your Laurels
It’s amazing how many small and medium-sized enterprises lean on their customer base. This means that they lack a digital presence, aren’t great at generating leads, and put all of their eggs in one basket. Firms that are adapting to the new normal are taking advantage of a marketing opportunity to assist others without asking for payment or investing in cheap paid ads.
The latter has dropped in value, which is why they’re an excellent purchase.
Tweak Your Services
Are you reliant on your store? Has COVID-19 forced you to close down and continue to pay business rates? A fantastic way to maximize available profit at the moment is to develop a takeaway service. Takeaways are in demand right now due to the lockdown, and they’re within the rules.
So, whether you serve food or have a delivery solution, you can use it to deliver goods to customers, such as groceries to those who are the most vulnerable.
What lessons are you learning about your business and how to survive?