Millions of businesses fell apart or are on the edge at the current moment. Businesses across the world suffered due to the adversities. Some made their way through tough times while others couldn’t. This article is focused on entrepreneurs who are still struggling to get their businesses back on track. If you aren’t willing to give up what took years to build through, here are the key learnings from the pandemic that will help.
#1 It’s Crucial To Develop A Strong Social Presence
Imagine the advantage of businesses that were highly active on social channels before the pandemic. After lockdown, businesses started reaping the benefits of a sound social media strategy to grow their customer base. Brick-and-mortar businesses turned to online channels and saw significant growth.
Apart from growing your customer base, you can keep your existing customers updated on what’s new. Even after the lockdown was over, people were made aware of the rules, timings, etc. through social channels. Never neglect the massive benefits of social media for your business.
By keeping your social channels updated, you can save yourself the efforts of answering calls and emails. Unanswered or delayed calls and emails often lead to frustration amongst your target audience. Due to this, it’s crucial to provide them with relevant information in one place.
It’s also significant to keep interacting with your target customers to develop strong relationships. You cannot grow your small business if you don’t frequently talk to people who play a major role in shaping it.
Remember that it’s never too late to start building a digital presence. Businesses that started in the pandemic are thriving at the present moment.
The key action to take right away is to explore the social channels where your target audience spends time. Go through them and develop a strong strategy including continuous posting and engagement.
#2 Adapt To The Current Trends
Another lesson you must learn from the pandemic is the importance of adapting to the changes. This will help you survive every crisis that you come across. Keep yourself updated with the current trends in your industry. Make sure you do an ample amount of research in your business ecosystem. This will help you come across solutions to the problems your competitors are not yet aware of. The bottom line is that you must not stay where you are and keep exploring the opportunities to grow your small business.
If you stay rigid, you will eventually have to shut down your operations. Take a look at the number of businesses who closed down their operations temporarily but reached the dead end in no time.
Make a list of the current trends in your industry and communicate with your team about how you can implement the same.
#3 Make The Most Out Of A Terrible Situation
Being an entrepreneur you must know how to make the most of a terrible situation. There are always opportunities circling the corner. Let’s take Arin Finger’s story, the owner of a successful youth sports league who was on the edge of the biggest season in history. But as it got canceled, he was burdened with refund requests.
But Arin spotted an opportunity at a place he least expected to. In his community garden, he noticed a man selling wood-fired pizza. He realized the closing of most restaurants led to an increased demand for fresh food.
After realizing the opportunity, he immediately contacted his people and started with a great side hustle until his business could pace up. He made the most appropriate use of his resources temporarily.
Another core thing to learn from this story is the importance of keeping your team together. COVID-19 has shown adverse effects on your team. In such a scenario, leaders must consider their employees’ well-being. They must focus on the measures to improve their financial and mental state.
This is a great example of how you can find solutions in the most terrifying situations. Being an entrepreneur, you will go through phases of financial instability. Make sure you come off with the right ideas to get through it.
Here is another study that shows the drastic effect of the pandemic on different types of businesses.
Take a close look at the current resources and start brainstorming the ways of making the most of them. Communicate with your team and encourage them to share their inputs.
#4 Asset-Light Businesses Are Likely To Survive
Tough times are easier for businesses with less invested capital. Their entire focus is diverted towards business operations rather than building an asset base. Its increased reliability is because it is highly effective as compared to the traditional models. Owning only the operations and outsourcing for any other assets has led to growth at an increased pace.
Research about the asset-light businesses in your industry. Take a close look at how they are operating and see if you can introduce the same in your business.
Some Additional Key Points
- Small businesses must use their time in looking for investors
- Big businesses should focus on acquiring the small and medium-sized businesses that have terribly suffered due to the pandemic
- Expand your team and hire individuals with a strong skill set and innovative ideas
- Keep encouraging your current team to come up with ideas
- Do not hesitate from diversifying or moving out of your current zone if you see potential
- Keep your finances in check since the pandemic has led to immeasurable losses
- Remember that no situation is permanent and this too shall pass.
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