COVID 19 pandemic took the world by storm and slowed down the whole world. People were scared to leave their homes and meet each other. The world was paralyzed. Business, in particular, was at an all-time low except for essential services and financial services.
More than eight months in and life is slowly getting back to the new normal. Priorities and strategies in business have to change, looking into recovering my business some thoughts run through my mind.
- Is my business still relevant?
- Do I still have customers?
- Will customers still pay the same rate?
- Will I have to change how to deliver to my customers?
- What inputs do I need?
- What inputs do I need to get rid of?
- How will I finance my business?
- How can I save more?
Entrepreneurs never give up and are passionate about their WHY. However, in times like this, we need to adapt and make tough choices. In any business, the most important element is the CUSTOMER. What do they need? How much will they pay for it? Where and how will they acquire it? How can I produce it? Who will I partner with to achieve customer satisfaction?
Next on the list is, how will I FINANCE the business before I get the profits? My savings? Can I qualify for a loan? Perhaps an investor? Or an angel investor? A partner to inject some capital? Family and friends? Whichever way the business needs money to achieve its objectives.
Moreover, different expertise is needed to run a business well. This requires a TEAM to achieve the objectives of the business. What skills do I need? How much can I pay? How can I manage the team to produce? How will I motivate my team? These are the questions running through my mind.
Failing to plan is planning to fail. No truer words have been said. Every business has a VISION (dream) otherwise it is a hobby. To realize the vision, the business needs to have a PLAN and STRATEGY on how to execute it. What resources are required? How to achieve the desired end? How to move to the next level? To keep the plan in check you need to keep on checking this and tweaking it. As they say, the vision remains but the plans can change.
Further as well, this goes through my mind, you wonder; how do I get back on track after the 8 months of slow down? Do I just pack up or do I need to change course? Some things in the business landscape have changed, for instance, technology has become an integral tool for any business. Customer needs/wants have changed, employee working models have changed, normal financial partners aren’t so generous. It can be overwhelming for an entrepreneur as we are usually a lonely lot. YOU CAN’T GIVE UP!
Thankfully, there is a partner who can give you the necessary skills to overcome this hurdle, jumpstart and soar. The needed professional guidance and assistance connect you to partners who can help your business. Reach and grow your customers, most importantly a network of other entrepreneurs going through the same support and mentor you. This partner is Mpower Limited. Join us today!