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These are crazy times we are all facing, the likes of which we have never experienced and, hopefully, will never have to again. However, things are changing rapidly, and no one can predict the coming weeks and months.
Much of what we planned is put on hold or drastically changed; we’re learning to adapt to changes. 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, many people will have their hours cut and potentially lose their jobs during this time. It shows that “Jobs” isn’t as secure as people think; owning your own business allows you to control what you do, and 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 people losing their jobs can affect your business income. But, it is why businesses will innovate and prosper during a time like this success.
Adapt or Die ?- As a business, you either adapt to change or die. The advantage you have as a small or medium-sized business is that you are lean and agile and can quickly adapt to change, while large established companies often can’t or won’t, Which provides an excellent opportunity for your business.
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, and problems that people never thought they had are glaringly obvious.
Working “flexible workplace” 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 work on your ideas. For example, during the bubonic plague of 1665, Isaac Newton was forced to stay home for a year.
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. Nevertheless, it has allowed businesses like yours to innovate and capture market share.
Success in difficult times ?- Traction is king, and even more so in difficult times. Of course, you will need to work harder, be more innovative 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.