The pandemic-induced shutdown of typical ongoings worldwide has had an adverse effect on many people, in almost every way imaginable. For small businesses and small business owners, navigating the lockdown and figuring out how to operate is a real challenge, with some wondering whether they can even manage to come out of the other end intact.
In control of a small business or side venture, and concerned about how long-term lockdown might affect it in the day to day? We’ve compiled a short list of steps that you might want to take, giving your project the best chance of long-term success as we come out of the other end of the tunnel.
Using technology to your advantage
Most businesses in today’s climate can’t survive without an online presence of some sort anyway, but during the pandemic it’s crucial that you use technology in order to help you thrive and continue. If you have products to sell, there are a ton of different online platforms that you can use to ship worldwide and reach out to different people, or you could even set up your own digital storefront with relative ease if you haven’t already.
If you need to keep in contact with your co-workers/employees, platforms such as Zoom, Slack and Microsoft Teams can help, allowing you to setup separate channels and communicate/collaborate on different projects that still need to be competed when working from home.
Tip – If your business venture is the sort of thing that can’t really exist in lockdown, then there are still some things that you can be doing. Use social media to reach out to your clients, customers and followers, be honest and clear with them about the current situation that you and your business is in, and update them as things change. Keeping a good level of communication will help to personalise your efforts, and keep clients/customers mindful of you.
Strengthen your financial portfolio for the future
An important step for any entrepreneur, investor or small business owner to take when growing is to build their own financial portfolio, with different assets that can protect them in the event of struggles or downtrends in certain areas. If you haven’t considered something like this before, then now might be the perfect time to look into investing some of the money that you have saved for the future.
While some volatile investment markets have been shaky during these times of uncertainty, long-term investments, such as in the property market, for example, remain exciting and potentially lucrative. RWinvest are one of the many companies in the UK at the minute continuing to offer investors opportunities online, through screen sharing consultations, virtual reality viewings, and a range of different resources, guides and materials on the many different aspects of the property market.
Streamlining your outgoings
If you’ve noticed a decrease in income due to the COVID-19 pandemic (which is a common occurrence for many due to the fact that some are having to be more conservative with their earnings), it might be a good time to take a look at some of your outgoings and expenditures, and cut back where possible. Despite the uncertainty of the lockdown, and when things will fully go back to normal, it might also be a good idea to come up with some sort of adjusted schedule, plan, or roadmap, so that you have some new milestones to work towards within the new restrictions that are in place.
If you’re struggling to run your business altogether, and haven’t already, you might want to seek specific financial advice or aid from a relevant party. Remember, while it would be great to try and carry on as normal as best you can, at the end of the day if you can’t feasibly continue while in lockdown without causing yourself stress, it might be worth trying to wrap things up temporarily, and get back to them when things start to balance out and go back to normal. Stay positive, and help out those that are in need!
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