I started thinking recently about how businesses will recover from the financial hardships caused by the current pandemic. The first thing I came up with was that some companies wouldn’t be able to recover. It could be for several reasons like financial, personal, and environmental. These particular businesses in question will have to face the fact that they have worked very hard at the building may not work in the post-covid economy.
The nasty word coined during covid was the word “pivot.” It may be repeated several times during the pandemic, even though the word did well when tried to subside. However, as much as I had to say the word, it’s spot on regarding what you need to do to stay in business. My thought is you need to be more agile or flexible. You must be able to change on a dime. Because if you don’t, you will not be in business for yourself anymore. Many companies I’ve seen have had to cut staff, get loans from the Federal Government. I know many companies have taken their beatings and cut very hard (I’m one of those businesses).
The biggest thing that the whole pandemic has taught me is that we need to be leaner as companies. For example, many companies are ditching office space and retail spots, co-working situations, or just working at home. Before the pandemic started, I would look at co-working office space to help me expand; then Covid hit, so I pulled back from the idea; many companies also cut marketing-related services, where companies go entirely wrong. I just went in another direction to keep my business alive.
Many business owners believe that marketing-related services are fat you can allegedly cut from a company budget. It is so not the case. It would help if you found other cuts in your business, which could include cutting independent contractor hours or eliminate positions. It would be considered unpopular and may optically look very negative. The one thing most businesses owners need to remember when it comes to their businesses is to keep the emotions. You MUST look at the bottom line.
These are just one of many things I’ve thought about over the last 19 months. My business is starting to look up again, and we are about to create a new chapter. So follow along with us here on our site or via our social media platforms to keep informed of our comings and goings.