Being an entrepreneur is hard. You must be firm with your team while ensuring that costs are within acceptable levels. The pandemic made your role even more challenging. Now, you must work hard to keep your company afloat.
At the advent of Covid-19, many corporations close. You probably temporarily ceased operations and layoff employees. You now have to find people willing to work for you. All of these led to your staffing dilemma. But do not throw in the towel just yet.
Economists and finance scholars recognize that the economic downturn will continue for the next few years. Yes, the path ahead of you is challenging. But with determination, luck, and skillful maneuvering, you can get your company through the storm.
Most business owners merely re-open their company. Doing this does not guarantee that the entity can survive the economic downturn. But understanding the prevailing consumer insight can help you identify if you should continue operations. Or if you should change your direction.
Why not conduct a feasibility study? This inquiry will help you identify your target market. You can hire a consultant to oversee a focus group discussion. The other option is to get a market research company survey on your behalf.
According to Pew Research, the median age of the UK is 15-59. You can have the respondents classified using their ages and ethnic background. You can also categorize them on their educational attainment. Here is a logical age break:
- 15-17 – They are still minors, so you need to ask permission from their parents or guardian.
You can use the data gathered to guide you in your task. Ask yourself if the local population still likes your product. If they still do, is it feasible for me to continue operating my company? If I diverge the path, are there enough consumers to keep my business afloat?
Some marketing gurus consider a brand as a competitive edge. These people think that the brand is not limited to the company’s name and logo. For them, a brand encompasses what the business is all about – its vision, mission, values, etc.
Once you have decided on your course of action, you can proceed with re-branding your business. Of course, you can keep your original company name. Doing this will ensure that your old customers will continue patronizing you. But you should find a way to make clients associate your business with excellent.
Let us say that you are a defined benefit expert. You decide that it is still profitable to continue working as one. This time around, do not just help your clients with their current dilemma. Make them more financially literate.
Wouldn’t this make me lose my client? It will not. On the contrary, your customer will continue patronizing you as their consultant because they are sure that you have their best interest at heart. It will win their loyalty.
After devising the strategy, you can proceed with investing the right tools for the job. The right tool might not just be physical assets. In our previous illustration, it might mean top-notch accounting software. It encompasses everything that you will need to make you efficient.
Let us say that you ran a restaurant that offers comfort food. Your company is within walking distance from notable universities. In the past, your business made a lot of money from serving warm dinners to homesick students. But the feasibility study pointed out that the younger generation is more into healthy diets.
You still have a working industrial-grade refrigerator and stove. But you do not have an immersion blender because you did not predict the need to buy one. Without any hesitation, you purchase this kitchen tool. While you were out shopping, you realized that you also needed an industrial-grade air fryer.
Instead of paying cash, you can opt for equipment financing. Doing this will help you remain solvent. Thus, you will have enough cash on hand for miscellaneous expenses.
Reuters reports that there are more than 7 million confirmed cases of Covid-19 in the country. At the same time, they point out that an estimated 69% of the entire population was vaccinated. After such a grim 2020, we finally see the light at the end of the tunnel. But we still have a long way to go.
Find inspiration in the fact that you are not part of the grim statistics. Make that your driving force in rebuilding your company. You have luck behind you. Now, all you need to do is pull your business out of the economic disaster.