Three Methods to Strengthen Your Enterprise in Unsure Instances
Imagine going back in time and looking at your company and how well it did in 2019. Take a step back now and see how your business does today. What a different picture you might see.
We have all read, written about and discussed Covid-19 and the financial and mental collapse for many small business owners again and again. Unfortunately for some the discussion has not worked out and many business owners are still sitting on the sidelines waiting for an indication of what to do next while others have adjusted to such changes and are back in business.
2020 will undoubtedly be seen as the year of uncertainty – not just for small and large companies, but for everyone. Hopefully many of us have adapted to this new environment we all have to live in.
For those who haven’t figured it out yet, or haven’t figured it out yet, here are some of the most effective ways you can make your business survive, come back stronger, and prepare you for future uncertainties.
3 ways businesses can adapt and prepare for changing times
There are two types of businesses in the world today: businesses that sell and make money 24/7 and businesses that only make money during working hours.
Unfortunately, during this entire downtime, the hardest hit were companies that limited themselves to making money while open and fully operational. This doesn’t always have to be the case.
Most businesses have already adapted to the power of the internet, and if they haven’t already, they probably will now to sell services, products, or something else. Here are three great ways to get started.
1. Market and sell online to secure payments faster
Since small local and retail businesses are hardest hit, it was important for them to focus their efforts online – not using social media and a live website, but actually doing business.
It doesn’t matter if your service needs to be delivered face-to-face, your business can generate income 24/7 from the internet and online sales. One important way that small service businesses can maintain a healthy enough cash flow is by offering prepaid service packages. With so many businesses locked down, often customers are happy to support the service providers they love by buying in bulk.
With this model, local businesses such as fitness trainers, nail salons, tutors, hairdressers and professional service providers can keep the lights on while strengthening and promoting relationships of loyalty. Often this is done using a management platform that makes it easy for merchants to offer these types of bundles and also to integrate planning and fulfillment workflows.
This type of order processing is also ideal for companies or professional service providers, as customers can purchase services online without actually having to be on site. Looking back at the start of the pandemic, if local businesses had already established these sales channels, they could have generated revenue throughout the downtime.
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2. Limit human interaction and go virtual whenever possible
While 2020 will be remembered as the year of Covid-19, it will also be remembered as a time when we were all forced to go virtual. And along with the bad comes the good – and the good thing in this case was the switch to virtual for companies like Zoom and others in the field of virtual conference calls and online meetings.
Zoom isn’t the only one benefiting from such changes, however. As millions of companies adapt to these changes, they will also find better ways to do business. Many companies are now seeing face-to-face meetings and office work is not as important as originally thought.
A perfect example of this can be seen in a recent article by decision The highlights six advantages associated with virtual operation. These benefits include the ability to reach a much larger and wider audience online while still using content for new audiences over and over again.
As more companies and brands expand to virtual in many different areas, it ultimately results in the same (if not more) work being completed while reducing the company’s operating costs.
It will be even more interesting to see how many companies return to normal business operations when employees return to the office, or whether companies stick to virtual management to save costs while limiting themselves to similar problems in the future.
3. Master the art of cash flow management and automation
Every business has a cost, but offline businesses tend to have more of them. These often consist of rental space, office supplies, products and inventory as well as personnel – all of which are enormous costs and liabilities during the 2020 shutdown period.
As highlighted in a recent article by Bizwomen, “Goldman Sachs reported that up to 51 percent of respondents said their company could only be up to three months if the COVID-19 trend continues” – which is not just a matter of better cash flow management but also an emphasis on better business management and always being prepared.
Unfortunately, many offline businesses had to pay rent even though they weren’t even open. This in itself was another business killer. Entrepreneurs quickly became their own finance managers and accountants – they were just trying to buy something.
As horrific as it was, it is a reminder of the importance of money management and cash flow to a business. And with no money coming in and being forced to withdraw money, the benefits of automation and online businesses are now more attractive than ever.
With all of these factors, it is becoming increasingly important that you have control of your company’s finances and operations at all times.
How to do a pandemic safe business
Nobody could ever have imagined that the world would be closed for as long as it was. At the same time, no one would have thought that business owners would still be expected to pay rent while also being told that they cannot legally be open for business!
Unfortunately for businesses big and small, the likely truth is that no one will come to save you. Ultimately, this means that the future and the success of your company are in your own hands. Entrepreneurs and entrepreneurs, however, are strong and we’ll get through this!
It’s not just about getting strong again and building a better business model for the future, it’s also about making sure your company is both pandemic-proof and “unsafe”.
Take each of these recommendations and working methods into account and implement them into your existing business as soon as possible.
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