Whenever a pandemic hits, the business sector is always one of the severely hit economic areas. Businesses will either move to a work-from-home setup, hit pause, or worse, have shut down. As a business owner, how can you make sure that your business sees the pandemic through?
We have some tips for you on how to run a successful business during a pandemic. Don’t get disheartened by the unfortunate situations as seen on the daily. There are ways for your business to flourish during these very trying times.
Here are several pointers to get you started:
Reevaluate your market
The top question here is, will your product or service outlast the pandemic, or will it die with it? Your product or service may be doing well today, but you also need to make sure that the demand for it doesn’t decrease when the virus is controlled.
A 2019 study says that 42% of startups fail because there’s no market need. To build a successful and sustainable business, you need to think of your customer. You should have a complete understanding of your customers’ needs, wants, and how your service/product fits into their lives.
Take your business online
If you have an offline business, this is the perfect time to take your business to the web. Aside from the safety precautions of reducing human contact, an online business is also a great way to adapt your business to the current situation.
Due to how people are quarantined in their homes, the number of people shopping online has grown, and so has mobile app spending. This is the perfect time to invest or start exploring e-commerce and mobile app integration for your business.
Observe your competitors
Nobody is ready when a pandemic hits; hence business owners are not going to be prepared when a pandemic affects their business. Most small businesses do not have access to continuity plans amidst pandemics, so it’s okay not to have it all figured out yourself.
Take things slowly, go through trials and errors, and observe how other businesses handle the pandemic. Try to pick up how they move forward as a business and incorporate it to your own or let it inspire you. Taking in other businesses’ best practices will help you figure out how to run your own.
You also need to ensure your price model is competitive enough compared to your counterparts just to have a good grasp of your target market or better: have an advantage with lower price points.
Adapt and cut costs
It can be possible that your market has no demand during a pandemic, but that doesn’t mean that you should quit. You should adjust and pivot your business effectively. Life is not as we know it anymore, so it’s time for your business to make changes and adapt to be successful.
One way to make business adjustments is to cut costs. Whether it’s on rent, marketing, or other avoidable expenses, evaluate your finances and decide which parts of your business are essential.
Shift your business model and strategy
If your business runs on a traditional structure or model, you should consider altering it to fit the post-pandemic climate. For example, for theaters, rental car services, and airlines, the customer experience won’t be the same as before. These kinds of businesses will start limiting their capacity and making changes.
A case in point is the rental car service company Limo Services USA. They made some changes in their business structure by providing rental services for event attendees. Guests can be picked up and dropped off safely, knowing that the people they are with are healthy and trusted.
Ask yourself, how can your customers have a safe and satisfying experience with your business? You should start planning and imagining how your business will run after quarantine is lifted.
Think outside of the box and the situation
Some businesses are booming during a pandemic, and some are just starting to pick up. Apart from focusing mainly on your existing business, you can try exploring side businesses from different industries. You can do your research on business forecasts to determine which kind of business will be the ‘next big thing.’
An analysis from CNBC claims that the following industries with potential success are home improvement, pet products, and home beauty products. Think about how you can incorporate these data into your business so that you can ride the trend to success.
Learn more about your business
You can use your time in quarantine productively and strategically by improving your knowledge about your business. Take courses, read, and attend online workshops; you can consider this as a time to learn and have the leverage against your competitors.
Be the leader your employees need
A true leader is tested during trying times. During this health crisis, employees can feel uncertain, panicked, and worrisome. As a business owner and their boss, you should make your employees feel stable, encouraged, and supported. To succeed as a business, you and your employees should work as one.
You need to be able to lead your business even if times are chaotic. Guide your employees by helping them stay focused and asking them to concentrate on situations they can control. You can even boost up your team’s morale by making an informal group chat where everyone can send in funny memes or helpful resources.
A pandemic can make times look bleak. However, despite the circumstances, opportunities for thriving business ventures will rise. Some businesses will do great in navigating their business plan during a pandemic, while some won’t.
There are times when it’s also considered a smart business move if you further assess your business situation and ask yourself if the time and efforts you put into your business are worth it. You can always hit pause and consider a temporary business direction. There’s no harm in pursuing your original path when everything is back to normal.
Kleona Amoyo is a freelance writer for Limo Services USA. When she’s not pursuing her passion in writing, you can find her doing yoga, crocheting, journaling, or laughing at memes on her phone.