Surviving in this time of the COVID19 pandemic is not only the goal of every citizen of the world but also for entrepreneurs. The scare brought by the coronavirus has resulted to hundreds of thousands, if not millions of workers who are now jobless and businesses are also forced to shut down.
With revenues decreasing and ongoing operational costs, entrepreneurs have switched on their contingency plans.
The past few months have not been easy for businesses. But since the start of vaccine roll out, countries have been slowly easing restrictions and businesses have re-opened.
However, with the uncertainty of the future and continued discoveries of mutations, entrepreneurs can only hope for their businesses not to shut down again.
It is what Gregory Grishayev has in mind when he started to experience a decrease in sales while doing his online selling business. He was just only about 18 years old when he decided not to push thru with his college degree and instead ventured into his first business through clothes selling on eBay.
The business was doing good that he ended up sourcing his supplies from China. But due to competition, Gregory Grishayev was forced to quit and ventured into another business.
Ideas after ideas, Gregory Grishayev never stopped from thinking outside the box. In fact, he drifted back to fashion by selling authentic leather bags back in 2013 but did not do well in the fashion industry.
The same with his light up shoes (Glidekicks), it performed well in the market only to fail by the end of 2014. But these failures did not stop him from hitting the “reinvent” button.
Keeping the business afloat and the doors open is the biggest issue facing small and big businesses today. Non-essential businesses must think about what the community needs most today.
In addition, entrepreneurs must revamp their strategies for the business to keep going while practicing the minimum health protocols.
Things to Consider for the Business to Get Through the COVID19 Crisis
Find Opportunities
Working hard has been the classic recipe to success but will never make your business survive during the pandemic. Instead, find new opportunities that will bring in revenue. Examine what the community needs especially for areas where non-essential movements are still not permitted. Do not wait until everything goes back to normal because the right time is now.
Consistent Cashflow
While your business is struggling, the operational costs remain. Go out and look for government aid or support to cover for lost funding. Do your homework and see what other cities or states have done to support their entrepreneurs for business survival or rebuild their businesses.
Collect these data and present it to your state or local government that they can use for reference or adapt the same approach.
Government programs are also great sources of funding which gives business owners more flexibility when it comes to repayment. With more time and flexibility, you can focus more on reviving the business.
Adapt
Keeping your business open amidst the pandemic requires new approaches. If you have been renting a space, you have the option to give it up and work remotely. Take advantage of the delivery services if you are into selling. Or make use of the quarantine time which means more people spend most of their time at home online.
As of 2019 and 2020, Internet users spend about 145 minutes per day on average. That means you can still sell your products or services virtually. Remote setup saves your business the ongoing operations costs while the business is continuously gaining profit.
Flexibility
Even when this pandemic is over, the ability to experiment and stretch must be constantly applied to your business principles. This pandemic is one of the challenges that every entrepreneur has to face, hence, the
Being able to adapt to changes and challenges will not only keep the business but also bring in great ideas which you can venture into in the future. The same with Gregory Grishayev, Eonsmoke was discovered after he quit eBay merchandise selling due to the stiff competition. In most cases, we only discover your capabilities when faced with uncertainties and unfavorable circumstances.
But the changes that entrepreneurs have applied to their businesses like selling or delivery processes, non-contact or remote work, virtual support, and such depend on the size or type of the business. But then again, regardless of the size and nature of the business, entrepreneurs should
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