As COVID-19 brings economic downturn all around the globe, business owners should aim to build a recession proof business plan in order to survive and rise above the global pandemic. Businesses from different industries whether small or big corporations felt the immediate financial impact when states issued stay-at-home orders and shut down many non-essential businesses, a lot of business owners faces challenges with the long-term effects of lost revenue and foot traffic due to public health concerns and mass unemployment.While we are recovering from the post-COVID recession. We bring you different techniques and strategies on how to rebuild a pandemic proof business.
Businesses that weren't operating digital or remotely suddenly found themselves making huge changes to their business structure in an instant. Allow yourself to imagine and discover a better future for your customers. Change encourages innovation, develops skills, develops staff and leads to better business opportunities. Explore and try everything you can then pivot according to what works best for your business.
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"All great changes are preceded by chaos"
Make sure you provide solution to the ever changing needs of your customer. Find out how your expertise can help your customers live easy. Reach out and go out of your way to find out how else you can help your customers.
Make sure you get a good grip of your business cash flow.
Poor Cash Flow Management Plagues Businesses Big and Small. Having a better understanding of your cash flow enables you to plan your expenses. This helps you predict how much money will be available to your business in the future. It also helps you identify how much money your business needs to cover debts, like paying employees and suppliers. A strict focus on profits can sometimes take away from the importance of being cash flow positive, especially for small or growing businesses. In many cases, small businesses do not fail because they stop making profits, they fail because they run out of cash.Things you can do to help you manage you cash flow:
- Forecasting and creating a budget.
- Monitor Accounts receivable.
- Delay cash outflows when possible.
- Have a neat and tidy bookkeeping.
Business reinvention accelerates growth. Reinvention doesn’t need to be extravagant. You can rebuild slowly and still keep most of your core operations to deliver most of your core value to customers, and tweak a few pieces of your business. Business model innovations have reshaped entire industries and redistributed billions of dollars of value. Retail discounters such as Wal-Mart and Target, which entered the market with pioneering business models, now account for 75% of the total valuation of the retail sector.Reinvention I also need to adapt to the new normal of business, it can be as simple as switching from cash payment to online payments.
Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice.Especially in a digital era, it is best to you establish your unique identity. Beyond just a memorable logo having a great customer experience is simply one of the best brand you could be known for.
Reach out to your vendors and suppliers
It’s time you build foundation of communication with your vendors and suppliers too, reach out to them and find out if they offer any discounts or package that could help you save some penny. Negotiations are typically used to determine the fairest price and payment terms, delivery and production time, quality standards and more.
Entrepreneurs quickly learned to adapt from brick and mortar to going online, mastered their cash flow and learned to negotiate with vendors as a means of surviving the economic downtime.