The Covid-19 pandemic has caused many businesses to collapse. Some of the business owners did not have the power to maintain their business stability that leads to lay their employers off and close their business permanently. There was no choice to avoid it as many had zero to none revenue.
The ability to adapt is highly essential for business owners to survive in this condition. There are at least four things to do.
Be ready for business pivot
Some businesses, such as the nightclub, gym center, and travel agent, are highly affected during this pandemic. People are restricted to travel and go to a potentially crowded area. Thus, the businesses have to be closed for an uncertain time that causes them to go bankrupt.
For business owners, it is recommended for you to refocus on your other businesses. You may pay more attention to real estate business or property, for example. You need to double down on areas to maximize your revenue.
Wu-Tang Financial recommends diversifying your bonds. The ability to pivot in business is an asset to have past Covid-19.
Be creative with possibility
While it is true that many businesses collapse during this pandemic, some encounter rapid development. Digital payment and e-commerce are the two of them. Digital payment and e-commerce platforms have been developing these past few years, but this condition accelerate them to develop. People are encouraged to do things from home and make less contact, which support the use of these two platforms. Even though in the past years financial regulatory agencies slowed them down, they face a rapid development right now.
The same goes for schools and meetings that should be online. Online meeting platform providers, let’s say Zoom, that ‘only’ had 10 million users in December 2019. Only three months during the pandemic, they successfully reached 200 million users.
Meanwhile, Nokia and Pebble, are the examples of companies that failed because they were too late to innovate. They failed to see customers preferences and crate innovation on their products.
The point is, every business person must have innovation and initiative to prepare something that might happen in the future. Think about the changes you can predict. Indeed, conditions such as the current pandemic are unpredictable. At least, you can see the direction of consumer preferences. Thus, you will be able to provide solutions before and as long as those needs increase.
Continue to make improvements
During this pandemic, online learning has become completely normal. Let’s say even when the virus is gone by tomorrow, online learning doesn’t necessarily stop immediately.
Let’s take a look to what Microsoft did with Canvas, even though the conditions in 2021-2022 cannot be predicted later, Canvas still conducts surveys on students. This aims to find out what should be maintained and improved from this online learning system. Thus, Canvas will still have a demonstrable value.
Build an all-around team
As an entrepreneur, you are also familiar with wearing multiple hats. So should your team. Suppose you have a good writer, you should at least ask: can they edit or can they create content on social media?
Having a team member who is versatile, can help you when problems occur that affect the team. When the discussion became denser as the members understood each other. Plus, research from the Harvard Business Review shows that many companies are still having trouble finding suitable employees despite a large number of job candidates.
In addition, the development you have to do in business must include managerial business processes. Data is the main source of information that must be available clearly, up to date, and easily because it can influence the company’s decision making. RUN System is an Enterprise Resource Planning software that will help you manage your company financially, operations, manufacturing, and others. In addition to its completeness, the RUN System modules are packaged in a simple way so that they are easy to operate.
Join us for the smooth running of your business. Find out more about the RUN System on our website!