One of the major difficulties for those with businesses affected by the Covid-19 pandemic is seeing the work they have done to build a business unravelled by restrictions and lockdowns. It is incredibly hard to remain positive and focussed to see the turbulent times through.
When you see cash reserves running out, need to rethink how you market or worse still conduct your entire business, can quickly lead to despair and low morale, for not just you but your entire team.
As hard as it seems, you must keep a positive attitude and focus beyond the current state of affairs, if you want to survive. Many steps, although they may come about to ensure you survive the effects of Covid-19, are end up being moves for businesses. Rather than looking at what you can no longer do within the restrictions, why not seek to use the coronavirus affect to positively change your business, to make it more future proof going forward?
To quote Albert Einstein “In the middle of every difficulty lies opportunity”. If you can see these difficulties as a positive opportunity to reassess business and how you practice, this could benefit your business long-term. One benefit of the coronavirus affect should see you seek to streamline expenses, consider alternative trading markets and even go as far as seeking alternative suppliers and service providers.
Some of the biggest success stories so far have come from businesses that have turned their wholesale business into a retail business. In particular, those in hospitality supply that virtually overnight saw their customer base shut down, and sought to change, to supply the needs of retail customers when demand outstripped normal supermarket capacity. The easy option would have been to stop, sit back and suffer damage to their business; however, through positivity and a willingness to adapt they saw a solution.
Financial damage limitation
Again, see the need to change in a positively, actively seek to reduce costs. Even if only short term. There are many government and council support schemes in place for businesses, and some require you to make a positive step to ask for help, so being proactive, understanding and reducing your base operating costs, while you turn your eye to accessing help and refocussing your business model is a must. It is good practice even during normal trading conditions to have a grasp on purse strings, but businesses that let this slide through apathy during this pandemic will be in a weaker position to ride the storm and come out the other side.
Seek out opportunities
Just because you have always done what you do, the way you do it, does not mean that it is the only way. Consider what else you can do to add, adapt or even remove from your business; give it a top to toe makeover. Consider existing customers and the potential for new customers, how your business can take advantage of new opportunities that are arising. Staying proactive and seeking to move with the way the world has changed will help you make positive changes and keep focussed on ensuring your business survives this pandemic.
Involve your workforce, being productive by upskilling and diversifying where needed. The more positive you are, the more positivity will spread and along with it the chance of surviving and thriving in a post-COVID world.