You’re no doubt aware of the coronavirus and its impact on the local economy. Amid all the panic, though, you have to ask yourself: what are you going to do to keep your business running?
In this article, we’re going to use the COVID-19 situation to take a broader perspective on how businesses can respond to crises and learn to thrive.
Don’t Commit Yourself to One Way of Working
During a crisis, the most vulnerable businesses are the ones that don’t have diversified business practices. Take restaurants, for instance. While all of them are hurting, many are still able to keep their doors open because of Uber Eats.
What would have happened if restaurants didn’t do delivery? They’d be in a much worse position than they are today. That’s why you need to think of multiple ways of running your business, delivering your product, and so on. If something doesn’t work anymore, this ensures that you always have a fallback.
Find the New Normal
More than anything, it’s important to stay agile and respond to situations as they unfold. Along with preparing for the parts of your business that aren’t going to work anymore, this also allows you to find opportunities as they arise.
More and more businesses are moving digital, which of course means we can expect growth in the e-commerce sector. But if you’re running a business that isn’t traditionally done online, what can you do to make yourself stand out during these events?
If you’re running a gym, for instance, it might be worth investing in remote personal training activities to ensure that your clientele is engaged while they can’t get to the gym.
Unf*ck Your Business With Tomas Keenan
If you’re looking for more certainty in these uncertain times — if you want to get a deeper understanding of the business fundamentals that can help you take your business — Tomas Keenan can help.
For years, he’s been helping owners optimize their businesses to ensure they’re ready to capitalize on opportunities and weather crises. If you’re struggling with a problem in your business, or you simply want to get the perspective of a business expert, don’t hesitate to reach out.