For small business owners, there’s hope! This COVID-19 pandemic is leaving a trail of distress, and turmoil affecting the American population and disrupting the global business environment in unprecedented ways. However, if you are a small business owner there is some good news. History shows that after every extreme economic downturn, new opportunities arise. The same is true for this pandemic. There is success to be had with innovative business ideas for 2021 that are true post-COVID growth opportunities.
Businesses who successfully survive the pandemic will be quick to understand that there will be no return to normal or return to the way business was conducted before. Among the many changes are the ways people work, communicate, shop, buy and educate. These changes directly impact how you -do business going forward.
Business Strategies for Post-COVID Recovery
There are three driving strategies for recovery. None of them are new ideas but their importance and method of execution are. The three strategies are:
- Reinvest in Your Business. A new reality in post-COVID business is you have a few choices. Grow your business, adapt your business, be acquired, or go out of business. The market will not allow you to remain stagnant. The number one way to ensure growth is to commit a significant percentage of profit to reinvestment. Reinvesting allows you to build a war chest to acquire competitors, upgrade employee talent, boost marketing and acquire technology that allows you to optimize operations and control costs. Decide what’s best for your business.
- Anticipate. Nobody knows what the economy will look like post-COVID-19. In 2005, the largest companies in the US were energy and financial giants like Exxon, GE, BP, and Bank of America. Today Amazon, Google, Microsoft, Facebook, and Apple lead the pack. These are all companies that drove growth through change. Do a deep dive into the future of your industry and competition. How will operations, sales, order fulfillment, and other operations change? Review your business plan and financial model and make necessary changes to meet projected new requirements. Have Plan B, C, D, and even E. Stay agile and don’t be afraid to pivot to take advantage of growth opportunities.
- Innovate. Innovation is creating or capturing a new value that allows a company to market to a larger field or significantly changes operations resulting in greater profits. It isn’t easy, particularly if you are a master of the status quo. In essence, it’s taking an idea and turning it into a practical application. It’s time-consuming, requires a ton of data, and has no guarantee there is value until it’s implemented. On the other hand, true innovation can be a game-changer and drive incredible growth. It is worth the time and resources needed to implement in your business.
It Can Take a Village
Recovering from this once-in-a-generation disaster is not simple. Unless you have the entrepreneurial chops of a Jeff Bezos or Elon Musk, you can probably benefit from outside advice on how to proceed. Wherever you are based if you are a San Diego-based company or beyond, the Strategic Business Advisory experts at ASCEND Business Advisory can help.
At ASCEND Business Advisory, no matter the condition of your company and the state of your records, our experts have extensive knowledge and experience in bringing back even the most dire of situations and return them on paths for growth and success. Contact us today and let’s explore the possibilities.