COVID-19 has had a massive impact on the world around us, with one of the major areas in the spotlight being business. For some, this is due to the fact that continuing lockdowns have impacted their ability to stay open and afford their business expenses. For others, the pandemic has put a major strain and forced them to evaluate how they’re currently conducting business and how to navigate this crisis. For those who fall into the latter category and are looking to pivot their operations, let’s take a look at how the pandemic has changed business priorities.
Businesses have become more concerned with their charitable actions.
Although the ongoing division in our country is often highlighted in the news, what people tend to forget is that many businesses have sought ways to help others during this difficult time. For example, Venterra CEO John Foresi recognized the dedication and sacrifice of healthcare workers and recognized that work by donating t-shirts with the phrase “Healthcare Heroes” as well as $50,000 in gift cards. Venterra also waived deposits for new leases for healthcare workers across all 60 of their communities and invited their employees to talk about healthcare heroes in their lives, who also received t-shirts and gift cards. This is just one example of how businesses have stepped up (and a very powerful one at that).
Put simply, when faced with a crisis that impacts everyone, we must ask ourselves what we can do to help others. If you run a business that has the ability to help others during this trying period in our history, see if you can find a way to improve the lives of those in your community and beyond. When people not only see that you’re dedicated to offering high-quality products and services but truly invested in the wellbeing of others, it shows the true quality of your organization.
People are looking for ways to make money besides the typical 9-to-5.
Arguably the biggest impact that this crisis has had on our society, besides health, is the economy. Due to the financial strain that COVID-19 has created as well as the major change in working conditions, many organizations have had to lay off full-time and part-time workers. These individuals, without access to their jobs or income, have been unable to afford their monthly expenses and essentials for themselves and their families. Some businesses have been forced to shut down entirely as they have not had the resources needed to stay open as the pandemic rages on.
As society continues to prove to us, however, people are resilient. Many previously entrepreneurial and newly unemployed individuals have found ways that they can begin making money for themselves without having to rely on trying to find part-time and full-time work in order to take care of their bills. Even more amazingly, many are seeking out ways to pursue social entrepreneurship as a way to give back to their community and support others.
Of course, it should be said that this still comes with its risks, even if it may be someone’s only option at the moment. How can you successfully start and run your own business during this pandemic? Here are a few tips on how to make it as an entrepreneur during COVID-19 and beyond.
- Learn essential project management skills (as well as general organization): Great businesses rely on great leadership. Whether you plan on becoming a sole proprietor or running a business with multiple employees, you need to be able to plan and execute effectively. Take some time to learn how to properly manage projects, set goals, and keep your business organized. Your business will thank you as you continue your operations.
- Seek out capital or start a business that requires little investment on your part: Entrepreneurs have one of two choices: start a business that requires you to find funding or look for businesses that need no funding or ones that you can fund yourself. If you choose the former, make sure that you do your due diligence and learn how to find or pitch angel investors or more traditional resources. If you choose the latter, consider all of the tools it takes to launch a successful business and whether or not you’re willing to invest your time and money into such a venture. Although all businesses require risk, it’s about determining what is best for you in your given situation and making a plan of action that’ll help you achieve it.
- Prove your worth as an entrepreneur: In the business world, people care about one thing: value. Whether you’re selling a product or service, ask yourself, why me? What do I have to offer that’ll help people? What skills do I have that help me compete against other individuals and businesses? When you know what you have to offer and how to sell yourself, you’ll be better equipped to create your own opportunities in your chosen industry.
- Look for low-risk opportunities: As we’ve established, the risk is a reality in business. However, it’s up to you to determine the level of risk you’re comfortable with. Perhaps you want to keep it low-risk and launch a tutoring business or senior care business. Maybe you’re looking for something a bit riskier like starting your own franchise. Whatever you decide to settle with, weigh the risks and rewards long before you begin and, ideally, look for low-risk opportunities that you can grow over time.
- Shoot for success but realize the potential for failure: Every business has the potential to succeed, but it also has the potential to fail. Let this reality settle in and respond by eliminating as much risk as possible.
Starting your own business can be exciting and anxiety-inducing. Make sure that you’re taking the right steps and providing yourself with as much security as possible by following some of the advice provided above. Businesses that are established properly can survive regardless of the challenge.
Financial intelligence has become a top priority in today’s world.
As the economy continues to take a hit, more people are becoming financially aware and taking the steps needed to develop greater stability, especially businesses. Managing your finances during a pandemic is one of the most important things that you can do right now. But what exactly does smart financial management look like during the Coronavirus? Some tips to use include:
- Creating a smart budget: You can only manage your money effectively when you know exactly how much you have and where it’s going. Consider purchasing accounting software or outsourcing your financial needs to get a better grasp of your organization’s finances.
- Tackling debt: If you owe any money on loans, now is the time to pay it. Create an actionable debt repayment plan that will help you afford your repayments while still chipping away at them over time.
- Cutting down on unnecessary expenses: Even in business, not all expenses are essential. Ask yourself, what am I paying for, and do I need it at this time? If the answer is no, get rid of it. If the answer is yes, find ways to make it more affordable.
- Finding reliable resources and taking action on what you learn: Seek out reliable financial resources that supply you with helpful financial tips and make sure to take action on what you learn.
With the right plan, you can help your business save money and move forward more successfully.
COVID-19 has changed business, but those who are determined to succeed have remolded their organizations and themselves to meet these major changes. To help you in your own business endeavors, take a look at the way the pandemic has changed business priorities and how you can respond to these changes to adapt to this new world.