Business Strategies for Uncertain Times
Whenever there is a major trend change, opportunities are created in Business. One would have to be in major denial to not know that 2020 represents one of the biggest trend changes of the modern age. The digital revolution has been ramping up for a couple of decades, but when COVID-19 hit the scene, all the pieces fell into place to change the way business is done. Face to face is no longer the way to do business, neither are business trips and conventions. Now things get done through video, through email and texting, and the office is often the employee’s house or car. Now it is up to you to catch up, here is what smart businesses will do to take advantage of the transition.
- Get Ahead of the Competition: Forget about your fiscal year, the time to plan for your next phase of business is right now. For the last several months you have probably been in survival mode, reacting to the changes as they happened. You need to stop doing that and make yourself a solid plan for the future, you need to make decisions now, so you can move ahead and claim the territory that has opened up.
- Be Realistic: We all wish some things could go back to the way they were. We knew how everything worked and we had our procedures worked out. Waiting to go back to business as usual is not going to get you anywhere. You know how to do things the old way already. You should embrace new methods and set up a digital office. Serviced offices in Gordon are available and you should also develop your social media presence and become the master of Zoom meetings.
- Set Reachable Targets: You might be poised to take over your industry, but probably you have unseen challenges ahead. Everyone is faced with the same degree of uncertainty, and everyone knows the economy is going to take a hard hit. If you set goals that are unrealistic, your credibility might be compromised. In this season of taking chances, low expectations are the safest way to navigate.
This next year will be a season of winners and losers, some of us are going to figure out the next big thing and predict the trend that carries us towards 2030. But some of us are in for hard times. As the markets will be unpredictable. The best path is to be forward thinking while remaining fiscally conservative.
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