Three Tips On Creating Business Beginnings During And After Covid19.

COVID19 has become the economic equalizer. Businesses the globe over are facing challenges in their own capacity. As a business owner, I can definitely relate to these challenges. Here are a few tips on how to sustain and grow your business during and after the COVID19.

Innovation

COVID19 has forced the business community to reinvent itself by embracing modern technology in order to stay afloat. The need to transform face to face interactions into digital connections is critical. Consider the technological opportunities available in your field and plug into them. If none are available, be the pioneer, but do not sleep on the new opportunities being birthed in this new season. Through creativity, any business can be a shinning light in the world of innovation.

Financial Restructure

Most businesses have most likely been forced to dip into their reserves to stay afloat. This season offers a downtime giving entrepreneurs an opportunity to reset. The first thing you should do is reach out to your creditors and request deferred payments or low interest rates. You can also reach out to your land lord to give you a one or two month break on rent. Create new lines of credit and look into transferring your untouched business savings into high yield savings accounts. Restructure by dumping unprofitable ventures and diversify your products and services.  The most important thing is to make sure you are able to meet future obligations.

Community Connections

While some countries are on lock down, others have opted for curfews allowing temporary movement during certain hours. Remember to maintain social distancing. Take the time to connect with your local community through charity events. Be a team player by reaching out to members of your local business community. If physical contact is unavailable, create an online charity event, but do not miss out on the opportunity to market your business through community connections.

The truth is, the world has changed and the business environment will never be the same. The good news is there is an opportunity to be the light in this dark tunnel through innovation and creativity. Tap into your resources and start building

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