How To Survive the COVID-19 Economyby James Robinson Professional Marketing Wizard
If you are like most of the rest of us, then you have been in a difficult place for the year 2020. Most people have had a tough time with the economic downturn especially for those who have their own business. But there is one thing that you need to know about this and every other economic downturn. This is that there is no “new normal” that we are returning to. There will be a calmer time that may feel like returning to the “old normal” but don’t be mistaken, the market that you used to be in is no more and is likely not coming back.
Hustle and Innovate
The market will change due to the downturn and if your business doesn’t innovate and change with the market then you will find that when things calm down you will underperform because the time to change has come and gone and now you have lagged behind your competitors and it is very difficult to come back. One of the best ways to do this if through technological innovations. During recessions the companies that make it are the ones who hustle and innovate either through offering new services or improving their product. As we move forward, the best innovations are going to be manifest through better technology advancements. All industries are moving towards using technology to analyze customer data in real time. If you can innovate even a little bit to get ahead you will find yourself ahead of your competition as the pandemic dies down.
This is much easier said than done but it will make a huge difference. While you do need to innovate to make it, you do need to also cut back your excess. Take a thorough inventory of all your expenditures and earnings down to the exact cent. You need to know where every single penny has come from and gone in the last few months even if you have been very profitable. You will find areas where money has been going that you don’t necessarily need right now. A good example of this includes travel expenses during a pandemic. Once you have run through the obvious cuts in spending there are some expenses that seem fixed but if you look into them further you would find that they can be negotiated. Things like rent, subscription fees and others can usually be negotiated in a difficult time. Many groups are even willing to exchange goods or services for other goods and services. Whatever it is your business does or provides, you can offer to exchange that for whatever it is that their business does or provides. It is important once you have trimmed up all expenses you can is to find opportunities to earn even a little bit more money. Things like the PPP loan, stimulus check or other bail out programs. These are very case by case specific but are certainly worth looking into. These opportunities are usually on a limited time basis so be aware of what is happening and make it happen for you.
Created on Aug 19th 2020 16:57. Viewed 1,144 times.