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Tips For New Business Owners In The Post-pandemic Era

 

COVID-19 brought the world to its knees and wreaked havoc on  the lives and livelihood of millions of people. Companies across the world had to lay off employees, several small businesses had to shut down operations and the financial mess that was created was unprecedented . The global GDP (Gross Domestic Product) dropped by 4.5%, which translates to about USD $2.96 trillion. However, This year has been much better; people have been rehired, many businesses have re-opened back and there are a lot of new businesses sprouting up. It is definitely not business as usual, though. COVID-19 has changed the way we work and live. To be a successful entrepreneur in the post-pandemic era, you are going to have to adapt to new ways of doing business.

Below are 6 tips for business owners in the post-pandemic era.

Go Digital: Two years ago, we all may or may not have been tech-savvy. But this global pandemic has pushed us over the fence, making us adapt to the digital world. And the good news (or bad – depending on how you look at it) is, it is here to stay. Digital is the present and future. If you haven’t already, definitely learn more about it, understand how you can take your business online and reach customers across the world, instead of limiting yourself to the market you are in currently. Investing in digital is imperative – with literally every other business across the world moving online, to stand apart, you will need to advertise to build your brand and grow your audience. Digital media also has huge potential in how many people you can reach out to whilst spending a lot less than traditional media and you are also able to measure the impact of your campaigns and ROI accurately.

Take Your Time: It would be an understatement to say that the past couple of years have been rough on so many levels – professionally, financially, mentally, emotionally and physically. So, if you feel like you’re not ready, take your time before you start or resume your business. Do not rush into it because other businesses are, or your family/ friends are pressuring you. Plan out every aspect of it; remember hasty decisions do not just affect you but also your business and staff.

Be Bold: If you notice what some of the most successful businesses have in common, they are BOLD. Whether it is with the messaging, advertising, product/ services or pricing,  They did not let their fear get the better of them. Be bold in what you are offering and be fearless. Look beyond the failures and tough times. There are many success stories of brands that have overcome their fears and just went for it.

Be Ready To Pivot: If the pandemic has taught us one thing, it’s that when things change, you need to be ready to change too. Businesses that stuck with their successful pre-covid business models had difficulty pivoting to fit the new times. During the pandemic, brick and mortar stores had to shift to online, groceries stores started delivering or offering curb-side pickup, restaurants had to deliver to their customers to stay afloat, and employees had to navigate working remotely. These were not easy changes to implement, but the businesses that made these changes were successful at maintaining their business at an operating level.

As a business owner, it is important to be open to change and accept it as it comes your way. When you see that your industry is changing, keep an eye on what other businesses and your competitors are doing. A great way to do this is to consistently research industry trends. If you are a product-focussed business, keep up with shopping trends that you see online and get feedback from your customers on their shopping experience .  this is the best way to understand and offer exactly what your customers want. Pivoting allows you to stay on top of your game no matter how much the times (and your industry) change. 

Embrace The Omni-channel Shopping Experience: Right now, many retail businesses are beginning to create an omni-channel shopping experience for their customers. An Omni-Channel shopping experience sees customers at multiple touchpoints leading them to one place to complete their shopping (eg., create a system that allows them to fill their cart online and purchase in-store, a chat feature where customers can ask for recommendations before they buy, offering coupons and targeted ads upon purchase). Find ways to engage with your customers at each and every point to bring them in and create a customized shopping experience.

All of your customer-facing services should reflect what your customers actually want, not what you think they want. Listen to your customers. If your customers love your service but want it to be more accessible, it might be time to create an ecommerce platform. If they want quicker service, add mobile ordering or curbside pickup. If you want them to keep coming back, create automated coupons/discounts and e-mails.  Are you familiar with the expression  “out of sight out of mind?” If you are not consistently engaging with your customers, other brands willand you will be history.

Have A Contingency Plan:  The pandemic has shown us that the future is absolutely unpredictable and uncontrollable. This is why it is always good to have a contingency plan and that holds true for business and life in general. While some mishaps aren’t completely preventable, having an action plan will reduce the impact of the damage and make recovery easier. Have online platforms set up and running seamlessly for your e-commerce business, have your work setup on the go so you are able to easily adapt should you need to work remotely unexpectedly, figure out how will you continue to serve your customers in the face of an emergency or how you will manage your business if finances fall through . Having a plan with actionable steps and solutions in place will help you prepare for whatever emergency may occur out of the blue.


At Evolve Business Advisory, we work with our clients and partners to help them Change, Transform and Grow your business, pre-covid and post-covid. Contact us to find out what we can do for your business.