Why 2020 doesn't have to be a write-off
With all that's happened over the last few months, you would be forgiven for thinking that 2020 is a write-off. With all the talk of the coronavirus, future economic struggle for businesses and many people losing their jobs, for some 2021 can't come soon enough. Where there are struggles however there are always opportunities and whilst this may have been one of the more challenging years for many of us, you can still make progress with your business.
Recovery It is realistic to think that for the vast majority of businesses the second half of 2020 will be solely about recovery. After months of closed shops and restaurants, many businesses find themselves in the red zone. If you can use the rest of the year to get back to some normality and get your business into a better position both financially and operationally that has to be considered a success. We understand that for many owners they will be nowhere near their goals that they set out at the start of the year but with all this happened the measure of a successful 2020 has to change. Like with everything that is rebuilt there was always an opportunity to make it better. Although you may as a business owner, freelancer or employee feel very far away from where you were at the start of the year the process of having to rebuild your business or refocus on your job role may result in a better future. We appreciate that it may be hard for at the moment to look on the brighter side of things but it's only with this attitude that we will bounce back from what has been a difficult time for all of us. We encourage you to not view your recovery as a repeat of things you've done before but view it as progress and a way to streamline and change your business for the better.
Evolution All that has happened with the coronavirus pandemic will in some way or another impact the way the majority of us live our lives going forward. These changes may be in the short-term or even in the long-term but consumer and public behaviour will be somewhat different. While this can cause challenges as your business will have to evolve it can be viewed as a potential way to add additional revenue streams. For example, the likelihood is, many more businesses will be open to allowing their staff to work from home. This is something that will have a huge effect on restaurants, cafes, pubs, catering services etc. With that mind, you can use the rest of 2020 to start exploring how you may be able to tap into a market of people working from home, rather than only focusing on people who are in the office. Like with everything that is rebuilt there was always an opportunity to make it better. Although you may as a business owner, freelancer or employee feel very far away from where you were at the start of the year the process of having to rebuild your business or refocus on your job role may result in a better future. We appreciate that it may be hard for at the moment to look on the brighter side of things but it's only with this attitude that we will bounce back from what has been a difficult time for all of us. We encourage you to not view your recovery as a repeat of things you've done before but view it as progress and a way to streamline and change your business for the better. It is important to stress that some of these changes will likely take months or even years to be properly felt within society. However, for many, a covid19 type scenario was never planned for, leaving thousands of businesses on the backfoot. If you can learn anything from what’s happened it is to be more adaptable as a business and be prepared and looking out for what changes may occur and how can you be in the best position to adapt to changes in consumer behaviour.
Make sure everything is in order for when you can return to work Lockdown came suddenly for most of us, so there’s likely some projects that had to be dropped or orders that may have gone unfulfilled. Take the time to evaluate your current workload and figure out what can be done now while still in lockdown and what will be the most efficient way for you and your employees to return to work. What needs to take priority? Are there any employees that may need to stay off work for longer due to their vulnerability? Are there any suppliers or partners that need to be coordinated with? Furthermore, take some time to evaluate your processes and the way you do things currently. Think about how you can make them more efficient, increase value-added, and of course, how you may be able to introduce remote working to areas of the business where it currently isn’t available.
As we've said above when businesses are struggling there are opportunities for people to grow and put themselves in a better position. The lockdown has seen many businesses unable to survive which is extremely sad for them and their employees however it may create new openings the businesses that have been able to survive once things get back to normal. Whether this is through access to new suppliers, new clients, or picking up where someone else left off, for the most part, people will find their markets less populated with competitors. There is also the prospect of fairly rapid growth for businesses in certain sectors. For many people, the usual way of life has disappeared and things they usually take for granted are at the forefront of their mind to do as soon as the lockdown is officially over. So, if you are the owner of a restaurant, café, hair salon, gym (the list goes on), if you were able to get your marketing right you may find yourself with more business than ever towards the back end of 2020. Of course, there are still going to be challenging times as businesses will have to navigate the rules of social distancing, economic pressure, and the fear of their customers, but as we all slip back into our usual way of living there really is an opportunity for businesses to make their mark.
Some small businesses will have had to make the difficult decision to let key members go or place them on furlough to cut costs. We understand that for these small businesses they may now find themselves short in certain areas, this may be marketing, HR, or IT support. If this sounds like you, we want to do our best to help. We appreciate that right now any free advice is as valuable as ever so be sure to follow minc across social media and get a helping hand in these areas. Furthermore, if you're looking for something more specific, we can support you with a range of business tasks. There will also be some people reading this that have been placed on furlough or potentially been made redundant over the last few months. We appreciate this must be a very difficult time for you and your family at home and we want to help you as individuals where we can. Of course, this isn't the case for everybody but I'm sure there are some of you who are trying to view this time as a wake-up call to perhaps try and set up that business you've always wanted and create a new way of working for yourself that fits around your family and the things that matter most. If this does sound like you and you were looking for some business support perhaps in the shape of a business mentor or other resources minc are happy to help in that area too.