It’s been well over a year now that we’ve maneuvered through a global pandemic. Through this pandemic, many businesses have learned the hard way how to adapt on the fly. Unfortunately, many other companies could not make ends meet through rolling shutdowns and, ultimately, closed their doors for good.
Now, as the world rolls out the Covid-19 vaccines in hopes of gaining control over the rapid virus, many business owners look back at 2020 as a way to help prepare for other challenges they may face down the road.
Although we hope not to implement backup plans, it’s a good idea to have a plan for challenging times ahead that many businesses are likely to face. To help, your Corporate Business Solutions consultants have three tips to keep your business afloat during challenging times.
Avoid Reacting to the Situation
It’s common for people to react to a situation. When someone reacts to a challenge in front of them, they often do so with emotion, leading to an irrational reaction rather than a thoughtful process. Reacting head-on may work in some situations, but not all.
When faced with challenging times, it’s best to slow down and look at the big picture before doing anything. The issue with immediately reacting to what’s in front of you is that a quick decision now could have even more damaging effects later on. Instead, take the time to think things through, develop a thoughtful plan and then react with a calm mind.
A good example would be you have an employee that keeps messing up with inventory. Frustration may take over, and your initial reaction could be to let the employee go. However, if you take a moment to dig into what’s going on, you could find that the training process wasn’t thorough enough and the mistakes the employee is making aren’t actually their fault.
Have an Emergency Fund
When faced with difficulties, many businesses find themselves nervous about not having enough profits to pay the bills. Having a cash reserve meant for emergencies is a crucial backup plan to have. That way, if you end up having to close your doors for a bit, you’ll be able to make ends meet with your emergency funds.
Revamp Your Marketing Strategy
As the world goes in and out of challenging times, your marketing strategy needs to reflect that. If you continue to push the same marketing strategy regardless of the situation around you, your return may not be what it was a few months ago.
Have a couple of different marketing strategies to implement based on what is going on worldwide (or in your industry). For the recent year with the pandemic, businesses could benefit by changing their marketing strategy to showcase the value in what you offer, even if the budget is tight.
The point being, it’s about reflecting and being sensitive to what is going on around you and adapting your marketing strategy to reflect that.
No matter how prepared a business may be to face difficult times, our plans do not always work. However, by preparing for the “what ifs,” you could save your business and stay afloat.