COVID-19 changed the world in just a few months. The virus quickly spread across the globe, shutting down millions of businesses and causing a national lockdown – and now it seems like the end of the pandemic is finally in sight. But will the world return to normal? And what can business owners learn from COVID-19?
Here are six things business owners can learn from COVID-19.
1. 6 Things Business Owners Can Learn From COVID-19: You’re Not Alone
Did your business struggle during the pandemic? Did you have to close temporarily? If so, you’re not alone. Around one quarter of UK businesses have closed or paused operations due to the pandemic, and many businesses are still being affected by lockdown rules. Being a small business owner right now is very challenging, and you should pat yourself on the back for navigating this difficult journey. Remember that the worst is over now, and you can finally start to breathe and look forward to the future.
2. Technology Is A Game-Changer
Within just a few weeks millions of businesses had to go remote – and technology made this possible. Zoom became one of the most popular virtual meeting apps, and conferences became webinars. The businesses that embraced technology and change thrived, while businesses that were hesitant to change their operations suffered (and many closed).
The one thing we can learn from this is that it is important to embrace change, especially when it comes to business technology. There are countless apps and services that can enhance your daily operations – you just have to be willing to try them.
3. The Future Will Be Different
Lockdown rules may be easing, but some changes are here to stay. Remote work is now extremely popular, and it is likely that many businesses will allow their employees to continue working remotely. Businesses will also need to be extremely hygienic; hand sanitizer, face masks and daily deep cleans will likely be the norm for a long time. So don’t prepare for things to go back to how they used to be; instead prepare for the new normal, and be willing to adapt and change.
4. Community Can Help
Many business owners used to value their independence, but the pandemic taught us that community can help. Business that supported each other throughout the pandemic were more likely to survive; for instance, many businesses promoted each other on social media, helping to widen their audience, while other businesses managed to get reduced rates from long-time suppliers.
So if you really want your business to thrive other the coming months, consider networking with suppliers and other businesses. Creating solid, supportive relationships will benefit both you and the other company (and it could save your business when the going gets tough).
5. A Safety Net Is Essential
No business owner could have predicted the pandemic – and this is why it is important to ensure you have a safety net for when disaster strikes. It is useful to have a lump sum of money that your business can use in a crisis; maybe you could use it to pay staff, or maybe you could use the money to cover rent while your business is closed. It is also important to stay up to date with yearly taxes and expenses, as you will need this information if you ever need to apply for a loan.
6. This Will Pass
Things may be difficult right now, but the pandemic will eventually end. It may be very difficult, but the economy will recover and things will improve. For now take things day to day, and stay up to date with any news that could affect your business. Better times are coming!