What business leaders have learned during COVID-19
In the last few months, we have done more online shopping, curb-side pick-up, and Zoom workouts than ever before, and it is pretty clear that the global business landscape has changed. Perhaps forever. Through it all, entrepreneurs and business owners have reduced, enhanced, retargeted and outright pivoted their product and service offerings to evolve in the face of change.
This global response to the pandemic will define the way we do business for years to come, so here is our list of the top five things business leaders have learned during COVID-19.
1. Take action!
While everything may seem a little up in the air, now is the time to take action. The changing business landscape is a reset of the way we operate, and entrepreneurs will see the opportunities that spring forth. Perhaps you have never tried expanding your brick-and-mortar product offering online. Now is the chance. If you are fortunate enough to be operating, act quickly to ensure you can scale and meet demand as it grows.
2. Evolve and adapt
Even through your product or service may be temporarily experiencing a sharp decrease in demand or struggling to stay relevant, evolving may allow your business to grow to a larger scale than ever before. Consider ways you can adapt. Globally, many business leaders in the brewing industry have expanded their product offerings to produce alcohol-based hand sanitisers. Apparel factories are sewing face masks, gyms are producing online fitness content, and popular ski brands are repurposing snow goggles for use as protective eyewear in the medical field. What adaptations can you make?
3. Stay or go?
Although pivoting or adapting may be a good option, for some businesses it may not be the best use of your time. Analyse your finances, the time and energy that you are pouring into the enterprise and get real about it. Is this the most efficient use of your time? Could you perhaps generate more income by switching to freelancing and returning to business when the time is right? Maybe you have another project waiting for your attention. Trust your entrepreneurial intuition, and ask yourself: stay or go?
4. Use the down time
If there is no work for you right now, use the down time. Is there an online business course you’ve been waiting to take? What books are on your CEO top picks list? Can you use the time to learn the ins-and-outs of a new operating, booking, or scheduling system? Engaging in personal development during this down time will see you rearing to go when business starts back up.
5. Ask for help
Finally, be confident, but don’t be afraid to ask for help. As an entrepreneur or business leader, you will play a major part in rebuilding the economy. In times of change, business planning is difficult, but at The Accounting Hub, we can help! Check out our blog post on Post-Lockdown Business Planning for more about how we can support your business.