Managing a business is almost never an uphill climb. There are many stops, turns, and even backtracking along the way if you want to reach the top. Right now, businesses are suffering because of the coronavirus pandemic and the significantly lower volume of sales and services.
But there’s no need to panic.
These are extraordinary circumstances, but as far as your business is concerned, this is just a bump on the road. A pretty big one, sure, but it shouldn’t stop you from continuing the climb.
Let’s take a look at a few ways to deal with this potential crisis and how to strategize a return to form in a fairly short period of time!
1. Adapt your business strategy
Given how much has changed in terms of services and sales volume and demand, an important first step is to develop a new business strategy. Perhaps the things you wanted to achieve in three months will have to be pushed to six months – which can be frustrating, yes, but focus on the positive. You will still be able to reach those goals, it will just take a little longer.
The better you adapt to your current circumstances, the more chances you have of achieving your current goals. You just have to be realistic about your financial situation and how your business has reacted to the pandemic.
2. Be realistic
Speaking of, being realistic is key here. And though it is cliche to say, I must stress: being realistic does not mean being pessimistic.
Always expecting the worst is being pessimistic, but preparing is a bit closer to what we have in mind here. If your business suffered during this pandemic, you can safely assume most of your competitors are on the same boat. There’s no need to panic that you’re falling behind, because everyone is going through the same thing – therefore, the ones who prepare are the ones who will continue to thrive.
Assess your current situation and take measures. Review your goals and update them based on how well you can achieve them. This is not “falling behind”, you’re simply adapting to a crisis that was out of your control.
3. Diversify
It’s wise to consider opening up your business to other areas. The idea is simple: by covering more services, you can make up for the low volume of sales in your current focus. Expanding your area coverage can have the same effect, but of course, stay realistic when considering these changes – you don’t want to take more than you can chew.
Besides, the idea isn’t to embrace every single opportunity with a “take what you can get” attitude. What you’re looking for are expansions that would become a long-term benefit to your business, and right now is the perfect time to look for those!
4. Focus on quality
Quantity has the potential of bringing more money on a short-term basis, but quality is the only thing that will ensure long-term success. Even if you choose to expand some areas of your business (such as range of services and area coverage), the focus should always be on quality, rather than quantity.
Keep in mind: building your brand and reputation should remain a priority. Good reviews, referrals, and a local community that can recommend you with confidence is the end goal. Quality is the foundation of that.
5. Take it slow
While adapting to your new business strategy, it’s no surprise that slowing down will be necessary. It might be tempting to stick to your current plans and instead ask for a loan or two to keep things going at the same pace... but that would be a huge risk for your future. Obviously loans can be helpful for large investments, but this might not be the best time to take such a leap.
At the time of writing, the social distancing period has no date to end and there is still no vaccine for COVID-19, meaning we can expect the rest of the year to go at roughly the same pace. It’s a much better plan to slow down a bit and instead push some goals further down the line while we wait for this crisis to end.
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