The whole world have encountered the shocking conflict with the terrible COVID-19 pandemic. But as it still stands “Man must wack!”. Things must surely go on and most importantly businesses, education, ceremonies and most importantly life, goes on!
As we all know, the massive social distancing and the nation wide lockdown affected a lot of business throughout the country. Lots of Entrepreneurs seriously lost goods and finance during this difficult period.
It became quiet difficult for these group of businesses to recycle fund and make profits as there was a shortage in massive sales and productions.
With months of experiencing the pandemic, it could be right to say that the COVID-19 have come to stay and just the world have set out boundaries and regulations to curtail the spread, same way businesses must continue to go on amidst the abrupt shutdown caused by the pandemic.
The question still remain, how do we Achieve that? Restructuring businesses during this pandemic period could look like a herculean task if it is not handled properly. There are crucial steps to take to make less severe risks and survive the slow paced economy during this pandemic.
Below are the few steps on “How To Grow Your Business In This Era Of New Normal”
Curtailing Expenses: It is of utmost importance that start up Entrepreneur s and also established Entrepreneurs have a check list and a financial record of their net worth. This detail would deliberately and effortless give a clue of their financial stability and as such help them to minimize unnecessary expenses at the detriment of the business.
Adapt to Business Change: Change is one factor that is always constant in mostly every area of life. Yet it is one thing people find hard to blend or move with easily, because of too much familarity with the former. As an Entrepreneur, be ready to adapt to changes, not only that always be on the check to spot changes and make amends in the business immediately. This could be gotten form customer’s feedbacks, staff queries and one on one conversation.
The wind isn’t going to be calm always, so have the courage to plunge into the wave and come out alive. There is no such thing as a comfortable zone in businesses.
Take healthy and calculated Risks: Being an Entrepreneur or running a business already is a risk. This is because we have no idea (regardless of all measured possibilities of sales) how things would eventually turn out. An Entrepreneur should be willing to take healthy risks that would soar the business even higher.
Risks shouldn’t be considered in a haste, mistrust or extortion. Before making a risks all pros and cons should be duely highlighted and estimated before one plunges into any decision making to avoid massive lose during this pandemic period.
Invest With Patience: Every business owner or any Entrepreneur should always bear this mind. Patience is a virtue that most people do not posse.To go further in ones dealings in businesses an Entrepreneur should be willing to “wait it out” for the very fact that results don’t come up a day likewise investment. It is more of the “slow and steady wins the race” ideal.
Communication: As simple as it sounds, Entrepreneurs and business owners should endeavour to set up an avenue for good communication with their staff and customers and or consumers. These set of people unknown to a business owner and to themselves have all it takes to push a business either up the success ladder of the business career or downwards in loss. Maximum communication should be initiated at some points in time.
You wouldn’t want to miss a feedback that would prompt you to upgrade your services, products or packaging. A consumers utterance is a viable tool any business owner could manipulate for his own gain.
Flow with the Tide: Finally it is always right to flow with the current Tide and not be left out. Most superb ideas had come from a bad “situationship” Business owners could check out for goods that are mostly in use during this period and start off with it. Take for example, the contagious covid-19 pandemic had made the once forgotten and overlooked nose mask a general commodity same goes with hand sanitizers.
Business owners could delve into mass production of these products and distribute across the country thereby choking off the slow sales in business.
With these in mind, established businesses and start up entrepreneurs could gradually start somewhere to make things look right again bearing in mind that the unstable crises would soon become a history.
It is equally important to note that this is time business owners should lay emphasis on understanding the situation rather than sit back and relax. A deep in-depth analysis and understanding of current situation could turn a favourable hand to ones business. It’s all about strategic planning.