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2020 has been tumultuous, eventful, and full of uncertainty. We’ve added new phrases like COVID-19, social distancing, and flatten the curve to our vocabularies. If there’s one lesson we can all learn from the first three quarters of 2020, it’s to expect the unexpected. Business owners have undoubtedly had their fair share of curveballs thrown their way this year and there may be more in store for 2021.
While we all may be longing for things to go back to the way it was before the pandemic, it’s important to recognize that this isn’t going to happen overnight. There will continue to be new challenges to overcome, but keep in mind that with challenges come new opportunities for innovation and success.
So how can you plan for the remainder of the year with uncertainty looming overhead?
Consider these 5 simple steps to help you prepare your business to weather whatever storm the rest of the year may throw your way.
Digitize What You Can Now
The COVID-19 pandemic has accelerated the world’s digital transformation that was already well underway. Remote working, virtual job fairs, digital storefronts, and telemedicine have become the new normal. Wherever possible, prioritize your digital transformation now.
Consider an e-commerce site to help you retain your current customers and attract new ones. Take necessary steps now to ensure your workforce is equipped to operate remotely on short notice and make sure you have the tools you need for videoconferencing and communicating.
Be Flexible and Have a Backup Plan….and a Backup Plan for Your Backup Plan
Flexibility is one of the most important traits to have as a business owner. As the old expression says, “Even the best laid plans of mice and men often go awry.” That is certainly the case for 2020. Despite the setbacks we’ve encountered this year, remaining flexible will be the key to not only surviving, but also thriving. When strategizing for the coming months, make sure to have additional backup plans on hand so you are ready to adjust to different scenarios at the drop of a hat.
Now is the time for innovation. It’s a good idea to meet with your team and involve them in brainstorming sessions to figure out if there’s a way you can pivot to offer new services or products. Ask your team:
How can we better serve our customers?
What do our customers need or want right now?
Can we use the uncertainty that everyone is feeling to help meet the needs of our clients?
There are emerging opportunities all around us, so use the strengths of your business and of your team to figure out how to monetize them.
Be Prepared Financially
The pandemic has taught us just how important it is to be financially prepared for unexpected emergencies or crises. If you haven’t already, begin putting money aside each month to save for a rainy day. Having access to capital to use in case of emergency is crucial to surviving any unpredicted crisis.
Accept That the World Is Constantly Changing
Although it can be uncomfortable to acknowledge that a crisis like the COVID-19 pandemic or a natural disaster like the California wildfires can change the world as we know it, it’s much easier to adapt when you accept that things can change in the blink of an eye. Instead of wasting your energy on fighting the change or meeting it will reluctance, acknowledge that this is the current reality. Acceptance will enable you to begin focusing your energy on shifting to whatever needs to be done differently in order to be successful in the new business landscape.
As John F. Kennedy once said, “Change is the law of life. And those who look only to the past or the present are certain to miss the future.”
SBG Funding is dedicated to providing unparalleled support and in-depth financial proficiency to help you make the best decision for your business’s future. For more information on how SBG Funding can help your business during these unprecedented times, visit our website or apply here.
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