Since the beginning of the coronavirus pandemic that hit earlier this year, businesses have been struggling to stay afloat. Huge corporations and small humble companies alike have recorded an unprecedented drop in sales and profits. With the staggering global rates of unemployment and the obvious signs of an impending recession, recovery seems like a far-fetched dream for business owners like yourself. If you are still struggling on that front, take a look at our guide. Here are some ideas that can help you bring your business back from the dead.
Be Transparent with your Employees
The first step to getting your business back on its two feet is to realistically assess the damage that has been done. Don’t try to downplay your dire situation to make your employees feel safe. Instead, be completely honest and involve your team in designing and implementing your recovery plan. On the one hand, your employees will appreciate your transparency and the fact that you trust them enough to ask for their support; and on the other, you won’t have to carry the heavy burden of reviving your business alone in such distressing times. Having a loyal and engaged team will improve your chances of success and make everything else seem more manageable.
Keep an Open Mind
One of the most challenging aspects of this current economic crisis is its novelty. Like many business owners, learning from competitors and referencing their true and tested strategies is a big part of running a successful business. Unfortunately, this approach cannot be applied here due to the uncertainty factor. Given the fact that the past few months have been nowhere near normal, you shouldn’t be looking for “normal” solutions.
As counterintuitive as this might sound, declaring insolvency might be the lifeline that you need to bring your business back to life. Insolvency experts at Approved-Recovery.co.uk explain that insolvency can help a small business tidy up their balance sheets and write off debts that can’t be paid. Not only will you be buying yourself some time to come up with new funding options, but you will also have the chance to sell some of your assets in order to repay your debts and reverse your status.
Focus on the Present
Don’t fall into the common mistake of trying to restore your business’s pre-pandemic status. Instead, redirect all your efforts and resources towards adapting to the current situation. Study your consumers’ behaviors and the current market trends then align your marketing strategy to cater to their demands. If your target consumers are still quarantining and favor online shopping, save the money you were planning on spending on your store’s renovation and invest in improving your online customer support. Follow your customers’ needs and don’t lose sight by focusing too much on what has been and what will be. Companies that have embraced the uncertainty and became agile early on are the ones that are making stronger comebacks, and they’ve also made the most out of the Coronavirus economy.
Consider Venturing into New Markets
While this might seem like a risky endeavor in a turbulent economy, it’s actually a good way to help you get back up from your long slumber faster. Use reliable analytical tools to identify new market opportunities in order to scale out your business and have a bigger comeback chance. Try to beat your competitors to new relatively untapped markets that can help you maximize your winnings before they eventually saturate. However, it’s important to know that this idea is only simple in nature, but the same cannot be said for its execution. You will need to have enough capital to invest in research and all the related operational costs to make this happen.
Look for Lucrative Collaborations
This is the best time to collaborate with like-minded entrepreneurs who are going through similar challenges as yourself. Make use of a slower pace and spend some time investing in your network. This can be a great chance to find investors and make way for partnership deals that can save your business.
Consider local competitors or suppliers and discuss the mutual benefits that your collaborative efforts can garner. You would be surprised at how many commonalities you have with other business owners and the available opportunities that can benefit you both. If you are struggling to pay rent for your warehouse, you can strike up a deal with a local warehouse owner in exchange for a special discounted price for your product.
Even though the pandemic is far from over, it’s about time you stopped waiting for things to get better before you can resume business as usual. Use the above tips to help you revive your business and navigate the new business world. As mentioned earlier, agility is key in this economy and it’s your best bet if you want to help your business. Stay optimistic and whatever happens, just keep moving forward.
