In such turbulent times, not many of us really have any idea what to expect around the corner. As you react to this uncertainty, it is natural to seek answers and solutions to safeguard your business and livelihood.
Although there are no hard and fast rules here, we can prompt you to ask yourself some critical questions to determine whether your business is likely to survive. This is so you can take proactive steps to support yourself and increase the chances you can power through subsequent months and years with a thriving business that offers that security we all need.
So, what questions should you be asking?
Is a ‘new normal’ better or worse for my business?
COVID-19 has changed the way we all need to do business if we want to be able to reach out to consumers who are isolated from one another and fearful of their futures. There is an overwhelming push to move online as a remedy to the former issue, and business owners and operators do need to look at creative ways to ensure that they are connecting authentically with their audiences.
Understanding whether this shift online, in addition to emotional responses by your target audience, are beneficial for your current way of doing business is a key element in determining the health of your business.
How can I pivot to respond to the current situation?
A good business is one that responds to the needs of its clients, so the ability to watch market trends and to determine key points of interest is going to be one of the more critical factors in ensuring the survival of a business during difficult times.
In addition to this, a solution that is unique to your top competitors in the industry is going to attract a different niche, which can help, should your industry be flooded with similar businesses.
How can I make sure that this pivot is going to provide an opportunity for growth?
Under pressure to simply survive, the thought of growth might need to take a back seat. Still, if you do not future proof your actions and offer room for maneuvering, then you might find yourself again needing to execute further cumbersome pivots to your business plan.
Businesses that have that flexibility to quickly and inexpensively pivot and respond to their customer’s needs are the ones that are the most likely to survive throughout the many changes that business will face over the coming months and even years.
If you would like to discuss some of these concepts or other factors regarding the security of your business, then get in touch with one of our approachable accountants from Glance Consultants today.