As a result of COVID-19, a lot of businesses and SMEs have been affected worldwide.
Some might think this is the final battle, yet some say this is their best year ever. There are many ways to come back, grow, and use what we have learned so far this year as a way to improve your business.
1. Review and Study Your Financial Goals
COVID-19 has given many businesses and SMEs no choice but to re-evaluate their budget for the year 2020. Things have not gone to plan for so many reasons and your budget has undoubtedly been affected.
We recommend that you review your budget along with your current financial goals now that you should have been able to evaluate what current state your business is at, make the needed changes and act.
Now would be a good idea to put a lot of thought into what your goals are starting now until the year-end. Your budget should factor in all changes that had to be made and should also include realistic figures to help you achieve your goals.
2. Marketing
As we all know, marketing is a great way of getting your name out there into the world.
This way you can reach your target audience by using different marketing techniques aimed directly at whoever you choose.
We recommend you look at different ways of marketing your business or SME, as there are many different techniques to choose from. It is important for you to find a technique that suits your business needs so you can get the best results.
Some mediums to use are social media, SEO to improve your search rankings online, and still, som relevant magazines that your segment reads.
3. Online Store
If you do not already have an online store then it is suggested that you look into this option now. Many countries shut down and due to COVID-19 and the restrictions that came along with it, people are staying indoors and the numbers of people buying online have dramatically increased.
You will be inclined to make more sales online now in comparison to pre-COVID-19, as consumers are now into the idea of buying online instead of venturing into shops.
4. Manage your Cashflows
When managing your cashflows you should start by compiling a list of things you want your forecast to be based on. This may mean considering an estimate on how much the price of raw materials may increase and in turn what you will need to charge your customers to make a profit.
The current trading restrictions and environments may also need to be factored in as well as how much you expect your sales to grow or fall by.
Salaries may also need to be re-evaluated, including operational expenditure (OPEX).
5. Keep your business flexible
By keeping your business flexible and exploring new ways of adapting your business to COVID-19 could see it potentially grow. There have been many positive outcomes from COVID-19 but businesses have had to go through a lot of changes.
We recommend you look into ways you can make modifications to your business that will help with its growth and future.
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