ADAPT OR DIE: 5 Things your business may have to change to succeed
Studies estimate more than 100,000 small businesses have had to permanently close due to coronavirus.
For many entrepreneurs’ change is a necessity for their business to survive, often having to adapt to market trends & pivot to stay current with the needs and wants of their clients. Studies estimate more than 100,000 small businesses have had to permanently close due to coronavirus. Rather than implementing minor changes, entrepreneurs are now being forced to reinvent themselves and their brands on the fly as the pandemic continues to cause huge disruptions to the economy and society. Here are 5 ideas to help you stay afloat during this pandemic:
1. GO BACK TO ZERO
If you’re a starting entrepreneur or even a freelancer in a position to “reset”, do it! That means, take inventory on finances going out and really re-evaluate which ones you use right now and cut out everything that may no longer be an expense that is serving your business. Have a software subscription or two that you no longer use? End it! Have an office space, you haven’t seen in months? Might be time to consider working from home. The point is to lower all unneeded expenses especially if your business is in a position of lower cash flow or financial uncertainty. Budgeting is crucial!
2. ALWAYS ADD VALUE:
Re-evaluate your products & services. Are there services or products that you should add or remove due to recent market trends and the economy? Are the channels & supply chains you use to reach your customers current with the circumstances? Try to innovate new ways to reach clients that you haven’t tried before. Some restaurants have begun to use QR code menus that can be loaded up on mobile devices eliminating the need for physical menus. Find new ways to add value to your customer in your industry and REMOVE anything in your business that doesn’t simplify the process or add value!!
3. BRANDING MATTERS:
Your brand is how people perceive your business. This is a perfect time to go through social media and remove any content, media, or anything that doesn’t reflect the values of your business. As your business grows, who it serves and what its culture looks like continues to evolve and its image and brand must continue to evolve with it. This may be a good time to hire a graphic designer, get that website done professionally, and stay active on social media platforms. Start to strategize ways to market your business to the clients you want to reach, testing & implementing marketing techniques that uniquely fit your brand.
4. STAFF HAPPENS:
Now more than ever it’s crucial to understand a few things:
a. Your business is ready to grow and you trying to do everything is hindering your business, ie. YOU NEED TO HIRE SOMEONE TO HELP…
This could be as small as contractor work to help alleviate smaller tasks or even to allow you more time to be present at home. Even collaborating with other business owners can add more value to your customers if you can be creative with ways that truly benefit both companies equally and at the same or preferably no cost.
b. you hired too early in your business and simply don’t need the employees to run, or you need to let those friends and cousin “employees” go who no longer serve the culture of your business. Don’t feel too bad about it, sometimes it’s the right time to let someone go that isn’t the right fit for your business. Early on many business owners hire friends and family who have their hearts in the right spot but sometimes it doesn’t turn out right for the owner. Remember hire slow, fire fast!
5. BUSINESS SENSE:
Financial assistance during these uncertain times can help a lot to get you through and keep your business afloat. Keeping & maintaining financial records and being legally registered are two requirements for many business loans, grants, and other resources. Filing taxes, establishing your business as an LLC, or an appropriate entity can make all the difference towards your success. Take the time to research what’s best for your business.
If you’re a new entrepreneur just starting out, these things can be overwhelming at times but don’t hesitate to reach out to other business owners you know and trust to give you pointers and possibly even suggest an accountant and/or a lawyer who can get you set up correctly. Setting up your business legally and financially can help maintain the goals you have set out for your business and can provide real insight into its financial health.
Hopefully these 5 ideas will be helpful! You've got this!