Tips To Keep Your Business Afloat During COVID-19
Unfortunately, the COVID-19 pandemic has already hit small businesses hard. What’s worse is that some experts are saying this is only the beginning. Whether the pandemic ends within a month or two or stretches into the long-term, small business owners need to be ready to buckle down, reassess and make changes to their business strategy in order to weather the storm (and beyond). Some advice:
1. Analyze your ongoing burn-rate in both normal scenarios and ‘bear-bones’ scenarios.
Look at where your business is currently spending money on Agen ceme, and consider which expenses are avoidable (some are likely even entirely avoidable after a crisis). Think about excess marketing, rent, the size of your company and other expenses that may be reducible without affecting the quality of your business. Efficiency is crucial to being successful and outcompeting rivals. Many businesses run with lots of excesses, and this is the perfect opportunity to get a leg up on them by running more efficiently.
Consider where you can optimize your burn rate. Perhaps there are some areas where you can reduce spending and make up for that by increasing your own effort levels. Make sure that any optimizations you make are well thought through. As a CEO/owner you only have so much time and bandwidth. The key is to run as lean as possible without sacrificing quality.
2. Think about adapting to current market trends in a complementary way.
Current market trends are going to be difficult to understand and predict, but this might work to your advantage. If you quickly spend the time to understand the current landscape of your market and the world, you can reoptimize your business’s positioning. Maybe your business can provide its product or services more remotely than you thought. Maybe a brand repositioning is even in order. If you’re able to capitalize on this now, then when quarantine lifts you may have an entirely new revenue stream to leverage or a whole new business pathway. Your business could transform from one that is focused exclusively on in-person services and sales to one that approaches those sales from two angles: in person and/or online.
3. Look at your competition – what are they doing and what can you learn?
Some businesses are suffering more than others right now. Study the ones that seem to be making it through this crisis and learn what they’re doing differently. Look at both your indirect and direct competition for the best understanding of what others are doing and which strategies seem to be the most effective. While some strategies may not apply cross industry use what you can and shift these strategies to fit your own needs.
There are countless opportunities to adjust the macro strategy and positioning of your business in order to better match the competition. If you understand how your competitors position themselves during and after this crisis then you can get ready to have an advantage as businesses begin to return to normal operations.