There are only two types of businesses that are Thriving right now in the recovery of the CoronaCrisis:
1- Those that planned ahead for such a crisis as this, and
2- Those that quickly pivot!
Which one are you?
While highs and Lows are just a part of business, this situation is unprecedented in modern times.
The 10 Strategies for Surviving Economy Slump:
Maybe it's time for you to diversify to essential products and services? Or perhaps you need a plan to downsize or establish new partnerships. Or this time is to regroup and rebuild to work smarter. If you use need emergency cash there's a strategy for that too!
All businesses are seasonal to some degree. Your annual highs and lows will differ. While this generation has never seen business conditions like the Covid-19 crisis, but we are all used to usual seasonal slumps such as the holidays. Whereas the people in your area will be spending their money on things other than your products/services. This can create a low in your business that can cause financial problems unless you assertively take action now.
There are some exceptions, like businesses that are prospering BECAUSE of the crisis. Like Christmas lows, for example, there are some retail businesses that make so much profit during the holiday season they can operate at a loss for the rest of the year. Maybe there is an approach you can take to make MORE, not LESS income during this time. My business and income has doubled!
Basically, entrepreneurs solve problems and provide solutions for their customers. What kind of solutions, you ask? Well, what are the current needs?
- Breweries are now making hand sanitizer.
- Car manufacturers are making respirators.
So can you pivot too? Let’s find out!