Uncertainty will always be a factor when it comes to new products, technologies or markets. Uncertainty is inherent in any novel intervention, and fundamental to an entrepreneur’s life.
Yet, there are certain checks and balances you need to adhere to when the whole economy has been cast into gloom. With the coronavirus pandemic crippling the economic structure, here are specific ways you can ensure a smooth relaunching of your business.
Before relaunching your business, make sure to check that the demand for your products will be long-term. Contingent demand is likely to slow your business down in the long-term. Extensively researching the market will help. Try getting your hands on relevant public or private data on your genre of business. Gathering first-hand information also helps when conducting market research.
For every business, consumers are the key. Background information about your potential customers and the market competitors will help you make decisions. Try interacting with a focus group, or solicit the help of online surveys and telephonic interviews. Remember that the voices of your consumers matter.
Invest to Attract Investors
There has been a significant decline in investment in new businesses in recent times. Investors have become wary of global economic conditions and are actively looking for safe and secure investment options. So, during the current lack of investment, your competition becomes stiffer. Make sure to have a sound financial situation before even presenting your idea to potential investors. Try cutting costs on all the non-essential aspects of your business. Instill confidence in your investors that your idea would click. Remember that most of today’s big entities, including General Motors, FedEx, Disney, IBM, and Google, were once set up during economic downturns like the Great Depression and the dotcom bust.
Search for Like-Minded People
According to a report of the International Labor Organization (ILO), the COVID-19 pandemic has cost more than 400 million full-time jobs in the April-June 2020 quarter. The number includes a massive layoff from tech startups. Try acquiring people who are in line with your vision. Having a diverse talent pool for your organization has its own advantages. Another way of acquiring talent is to deal with freelancers. If you are cash strapped and can’t commit your staff of long-term employment, freelancers are your way out.
Curate a Plan with Short-term Needs and Long-term Vision
In these dynamic times, try having a short-term plan ready. It would be good to curate a plan for the next two years with a detailed analysis on a quarterly basis. It is advised to have an uninterrupted flow of money for the short-term. Even with a plan, there may be a few things that may not eventuate, but without a plan, the uncertainty may pose more enormous challenges.
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Never Forget the Product
The product is the only thing that matters in ebb and flow. So, never forget to make all your decisions product-centric. Product adaption is also required in such tough times. People’s preferences have changed from market to market. So, try making changes to your product as per the local market demand. It would be best if you remembered that the timing might be adverse, but innovation can help you adapt.
Get Ready for the Post-pandemic World
You must anticipate the recovery of the business ecosystem from this phase and get yourself up and running in time to capitalize and thrive. The post-pandemic world may be completely new, but with every challenge, you will grow. Try promoting your business’s digital brand identity. Try leveraging technology in every possible field. It is said that for every dark night there is a brighter day. The same applies to business.