Startups are always facing an uphill battle in gaining a foothold in the market. With hundreds of businesses competing for resources and customers, Many of these enterprises will need to put a good amount of time, money, and effort into their business growth.
However, many circumstances can affect a business’s stability, especially one that has just started. Major economic events and crises can usually affect the potential of these small businesses. This is one reason why around 70% of startups fail in their first decade of operation.
Since last year, many businesses have closed down due to the COVID-19 pandemic, which has caused a cascade of financial issues for different industries. As a result, businesses that want to maintain their day-to-day operations will need furlough employees that are more of a liability than an asset. In some cases, businesses are revamping much of their modus operandi to stay afloat. Of course, this will ultimately depend on the nature of the business. Most businesses that have to do face-to-face interactions with customers needed to close down due to the risk of transmission from COVID-19.
We understand that it’s hard to admit that your business might be struggling or having a harder time reeling in customers, especially when the current pandemic has affected traffic in your area. But most business owners are also stuck in a rock and a hard place: they want to satisfy their long-term customers while still making a good amount of revenue for themselves. But with the current economic recession caused by the COVID-19 pandemic, businesses are more inclined to survive rather than make their enterprise grow.
Of course, nothing good can come from just avoiding problems. The first step in reviving your business and restoring it to its former glory is recognizing that it’s struggling and not growing that it normally should. By setting your mindset to the fact that there are issues that need to be addressed, you are now consciously working towards a solution.
So what are some effective strategies that can help you revive your business? Here’s what you need to know:
Location Matters
During the past few months, many businesses and homeowners have been negotiating with their landlords for an extension when it comes to rent and monthly expenditures. This isn’t a surprise when the COVID-19 pandemic has caused a major backlash to the nation’s economy. Although some lenient landlords and property managers can consider businesses and workers that have been recently furloughed from their work, this is not a guarantee for everyone.
But there’s a silver lining if you’re still looking for a location: there are more options to choose from. It’s important not to make the mistake of settling down in a location with high rent or mortgage rates. Fortunately, some businesses can help you with zero-down payment mortgage applications. Not only will this help you find the best mortgage plan, but you’ll also be able to compare different rates with other locations.
Hiring Talented and Highly-skilled Employees
Let’s face it: nobody wants to have a deadweight employee in their company. Not only will this drag much of the team down, but this can also affect much of the business’s morale and how the business operates. That said, it’s important to think of your company’s workforce and how they are handling much of your daily operations. Remember: your employees are the backbone of your company.
You’ll want to maximize your gains and ensuring that you’re getting as much revenue as possible. The best way of doing this is by having just “enough” employees in your company that can do their tasks throughout the day without any backlogs.
For this reason, you’ll need to hire highly-skilled employees. However, this is easier said than done, especially if your business is in a smaller town since professionals tend to flock into urban centers. But that doesn’t mean that there’s no talent pool in your area. You might want to take some time to look for a good talent pool. There is a myriad of digital applications, such as LinkedIn, that can help you look for talent near your area.
Most hiring experts would suggest not hiring the first person that applies for your company. Instead, you can build up a pool of talent that can help you gauge who has the most skill in this matter.
There are different strategies that you can do to revive your business. Before you make any final decisions, it’s important to take a step back and think things through. Every aspect of your business should be weighed-in on before reviving it. The process of re-opening your business might seem a bit tricky at first, but you’ll eventually persevere.
We’re almost at the tail-end of the pandemic, and many businesses are optimistic that the economy will go up again. It’s important to be hopeful in this situation. Still, you’ll need to learn to adapt and formulate different strategies.
