There is no doubt that the COVID-19 pandemic has wreaked havoc across the world. Every industry has been affected and countless businesses have shut down because lockdowns depleted their profits. Now, after months when businesses were finally resuming their activities, the second wave of the coronavirus has once again begun to make itself known. There are thousands of businesses that are struggling to stay afloat now that social restrictions and other measures are once again being put into place to curb the spread of the virus. Israel Figa suggests some tips that businesses can use in order to survive in this pandemic and they are outlined below:
The first thing that Israel Figa recommends is for businesses to analyze their expenditure. Where are they currently spending money? The answer can help them in finding out which expenses are avoidable. Consider rent, excess marketing, and the size of the business and others that can be reduced without affecting the overall quality of your operations. Efficiency is vital to being successful and to stay ahead of rivals. A lot of businesses have excesses and COVID-19 provides them the perfect opportunity to get a leg up and cut them out. Likewise, it is also a good time to figure out where you can optimize your business. The key is to run as lean as you can, but not making any comprises on quality.
In this situation, it is difficult to understand current market trends or predict them, but this might actually work in favor of businesses. According to Israel Figa, if you spend some time understanding the current landscape, you will be able to optimize your business’s position. Maybe it is possible for your business to provide its product or services remotely. You can transform your business from in-person sales and services to online channels. If you can capitalize on this right now, you will have a completely new revenue stream to leverage or a new business pathway that can benefit you after the pandemic is over and you will be able to use it to get the business up and running again.
There are some businesses that are struggling more than others. Israel Figa recommends that you take a look at businesses that seem to be surviving in the crisis and figure out what they are doing differently. The best way you can understand is by looking at your direct and indirect competition because this will help you choose the right strategies for your business. Even though some strategies may not be applicable cross industries, you can certainly make some changes to fit them to your needs.
You can find numerous opportunities for adjusting the position and macro strategy of your business, which can help you in matching the competition. If you are able to figure out how your competitors are positioning themselves during this crisis and how they plan to adjust after it is over, it will give you an advantage as things start going back to normal.
Even though the short-term is certainly going to be dominated by the pandemic for some time, it is not the only thing you need to focus on. If you want your business to survive in the long-run, you have to shift your thoughts to the mid-term as well. With potential coronavirus vaccines expected to be rolled out in the next couple of months, Israel Figa believes it is more important than ever for businesses to start thinking about the future instead of just focusing on the now.
Do you think your customers are going to change after the pandemic is over? There is a possibility that some customers might prefer to do their buying remotely, even after the restrictions are lifted and things go back to normal. You have to consider whether traditional business models are going to make any sense when this happens. Regardless of the situation, you have to make some assumptions and adjustments to your business to keep it afloat during and after the worst is over.
There are a lot of people who may not like doing this, but it is undoubtedly important. One of the most difficult things that an entrepreneur has to do is understanding when it is worth it to pursue a business. Sure, before the pandemic, your business was doing well, but there is still a long way to go before you can even go close to that level again. The pandemic has given some businesses an excellent opportunity for some introspection. As per Israel Figa, it is time for you to assess your business. Consider how much you are spending and figure out how much money you are generating.
Think about whether it is best pursuit for you or not. In the short term, you might consider putting all your time, effort and resources into the business, but it is also time to consider if you should look at other areas for making money. Then, once the timing is right and things go back to normal, you can lean back into your business.
Once lockdowns were lifted, the market had experienced a boost and there had been hope of an economic recovery. But, the second wave has once again brought things to a standstill. The world is undoubtedly a scary place right now and businesses will have to adapt to the things that change permanently going forward. Israel Figa suggests that businesses should stay positive and start making preparations for some changes they would have to make after the pandemic is done. This will give them an edge when normal operations resume and will have them in making the most of the opportunities that present themselves.
With the help of these tips, a lot of businesses that are struggling due to the COVID-19 pandemic will be able to make adjustments that are necessary to stay afloat and then grow once it comes to an end.