Is covid-19 good or bad for my business? ??

These are crazy times we are all facing, the likes of which we have never experienced and, hopefully, will never have to again. Things are changing at a rapid rate and no one can predict what the coming weeks and months look like.

Much of what each of us had planned has been put on hold or drastically changed, and we’re learning to adapt to this change. There are only a few things that are certain in life and change is one of them – adapting to that change is crucial. Is now a good time to invest in my business? The answer is… it depends. Here are some key considerations:

Financial security ?– You will need to ask yourself if you have enough cash to get through this period. With this said, it’s not always a huge expense – you can be validating and testing ideas cost-effectively now with all the tools and services available. Especially in an environment where we are all expected to practise social distancing. Moving your business online, setting up e-commerce or online marketing or SEO doesn’t have to cost that much. Implementing suck things can help stabilise and in most cases increase your business revenue.

A “Job” isn’t as secure as people think ?- Unfortunately, during this time many people will have their hours cut and potentially lose their jobs. What this shows is that “Jobs” aren’t as secure as people think, owning your own business, at least allows you to control what you do, you can pivot and find new ways to make money when things get tough. In a job, someone else decides whether you stay or go. On top of that other person losing there jobs can affect your business income. Which is why during a time like this success businesses will innovate and prosper.

Adapt or Die ?- As a business you either adapt to change or you die. The advantage you have as a small or medium-sized business is you are lean and nimble and can quickly adapt to change, while large established businesses often can’t or won’t Which provides a great opportunity for your business right now.

Opportunities open up ?- When change happens opportunities open up, the more rapid the change, the more opportunities. Business is looking for greater efficiencies, bad processes become more apparent, consumers are looking to save money, problems that people never thought they had all of a sudden are glaringly obvious.

Working remotely allows you to work on your idea ???- Many of us have been thrust into a situation where we have to work remotely. One advantage of this is it gives you the flexibility and free time to be able to work on your ideas. During the bubonic plague of 1665, Isaac Newton was forced to stay home for a year… just saying.

Venture capital has dried up, for now ?- Investments into startup ventures have dried up, as the stock market dives and consumer confidence drops, as you would expect investors are looking to be significantly more conservative. This provide an opportunity for businesses like yours to innovate and capture market share.  

Success in difficult times ?- Traction is king, and even more so in difficult times. You will need to work harder, smarter and be more creative but if you can get traction and grow now, it will stand you in good stead for the good times. We are helping businesses make the best of challenging times if you’re interested in seeing how we can help you click here to apply for a call with us and set up a time to chat about your ideas more.