Everyone’s been struggling to remain hopeful throughout the Coronavirus pandemic. Between adjusting to the new normal while facing many uncertainties, the COVID-19 crisis has taken a toll on everyone mentally and emotionally.
But every resilient entrepreneur sees a lot more than just problems. Instead, they look at it as challenges that drive their creativity and innovation. Forbes Magazine says that starting a business is challenging, no matter when you start it, so see it as a sign to start their business and be a way to help you earn more money. But how do you know where to start?
Shape up
No. It’s not about maintaining your figure. It’s a strategy that you can consider if you want your business to recover and come back even stronger.
Start-up frame of mind: You can now stop with all the extensive research and start taking action.
Human at the center: Rethink your business operating model and consider your staff’s type of environment where they will thrive.
Accelerate tech and analytics: Now is the perfect time to switch through digitalization by expanding all your available digital channels.
Purpose-driven customer-centric strategy: It’s time to understand what your customers value most, especially during the pandemic. From there, you can create services tailored to their needs.
Environment and adaptability: There’s a high probability that the pandemic has disrupted your supply chain. So, it would be best if you learned how to adapt to the ever-changing environment by thinking outside the box.
Discover how people work
The new normal has entirely changed the way people work. Considering how things have slowed down, now is an excellent opportunity to reevaluate how teams work. Are people becoming more productive when they work remotely? Or do they still find it more comfortable with face-to-face interactions?
You can also take it as an opportunity to learn any mishandled finances or bottlenecks within your company if there are any. For instance, you can replace ineffective tools with better ones or develop better ways to manage everyone’s time. You can even consider conducting virtual team training sessions, too.
Look for any available state or local assistance
Regardless of whether you’re having challenges with managing your bills or planning to expand your company, looking for any local or federal assistance is always beneficial. Entrepreneur Magazine says that funding options such as SBA Express Bridge Loans, Economic Injury Disaster Loans, and SBA Debt Relief are only some of the options that you can consider.
Meanwhile, government agencies like Grants.gov, Challenge.gov, and SBA offer small businesses grants to entrepreneurs who need financial aid. You can consider EPA Grants and USDA Rural Business Development Grants too.
You can speak with your tax advisor or accountant to see if you’re eligible for such programs. They can help you with applying for payroll tax deferral relief, too.
Be proactive
There’s a good chance that you’ll still have a couple more time to spare for the next few months until the pandemic is over. So, try your best to spend your time wisely. Don’t pressure yourself to adapt to the new normal quickly.
However, it’s equally important to spend your time thinking about your business’s future and what it’ll take you to achieve it. Determine if you need to change your business plan or expand your online branding.
Starting a business always comes with its own set of challenges. So, instead of looking at the pandemic as a hindrance, you can use this time to look for opportunities to let your business grow. Don’t let yourself get burned out. You don’t want to feel drained once every industry starts to recuperate.
