Tips To Keep Your Business Afloat

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Unfortunately, due to the worldwide pandemic that we find ourselves in, businesses in most sectors seem to have seen a drastic drop in turnover. Since South Africa has implemented Level 3 of Lockdown, more businesses have had the opportunity to start operating again as close to “normal” as they possibly can.

Sadly for some industries, the wait to reopen continues. Premium, serviced office space providers Cube Workspace Managing Director, Jason Brooks gives a few practical pointers on how entrepreneurs can keep their business afloat during these uncertain times.

Reinvent your business

We cannot amplify enough how imperative this is. Times have changed for all of us and to survive, we have to adapt our businesses accordingly. Whether your business calls for face to face interactions or deliveries, we need to be smart with the changes that we implement.

For example, if your business is in the beauty industry, why not create “at home beauty kits” for your valued clients to still keep up with their beauty routines? You’ll still be promoting your brand, as well as earning an income to keep afloat. You never know, perhaps your business can provide its product and service more remotely than you realized.

Use the Internet

The internet is your cost-efficient, best friend right now, with digital being the new way of life. There’s no better time than now to move your business online. With numerous user-friendly platforms and resources out there, you are certainly going to find multiple ways to help optimize your business’s online presence. Something as simple as meeting with your employees and clients via an online video platform, such as Zoom or Skype.

The world is changing and online is the way to go! If you are a dance or yoga instructor, why not take your classes online or find a big enough space to still encourage social distancing? Workspace office solutions, such as Cube Workspace offers large boardrooms/ auditoriums, as well as virtual offices that can help you maintain a professional appearance and offer you a business address, dedicated telephone number with professional call answering service without occupying physical office space. What more could you need? 

Look at your competition

Some businesses within certain industries are suffering a lot more than others. Why not look at your competition to see how they are coping and what type of systems they have put in place to keep afloat through these tough times? Although some strategies might not be relatable or work for your business, they can potentially ignite ideas and creative ways in which you too can adapt and improve your business’s position. There are countless opportunities and platforms which you can use to better transform your current strategy.  

Have a strategy to reach your goals

With South Africa now being more than 100 days into lockdown, we are becoming more familiar with how businesses are allowed to operate. Without a goal and a strategy, it is merely just an idea. We’re not saying that you need to think of a strategy that is completely out of the box or extravagant; but by keeping track of your finances, having a well thought out plan and strategy on how your business will adapt to the current situation, and process on how you are going to implement it, is already a step in the right direction.

It becomes real and you can always refer back to your ideas to ensure that you’re on track. Keep in mind that your goal or strategy may change frequently, depending on where you find yourself, which is perfectly fine. As long as you have your business plans in writing, you’re one step ahead and on your way to success. 

Think about the medium-term

It’s great to think about the short-term and what is currently happening, but have you thought about how your customers will behave and perceive your business once the pandemic is over? Perhaps some of your customers would still prefer to purchase your product online or use your service remotely, even after the lockdown phases have passed? One needs to take into consideration if going back to your original business model is going to suffice for your business.

For example, airlines and cinemas will all need to adapt to our new way of life and change to cater to their customers in a new way once the pandemic has come to an end. Our world has changed, there’ no doubting that, and we cannot possibly go back to how we used to live and run our businesses, as we’d simply not survive. 

Use your time wisely

Should you have extra time on your hands due to not needing to commute to the office every day, utilize it to strengthen your skills by reading a business book, take an online course, or simply researching. By improving your own personal skills, you are improving your business skills too. Perhaps find a mentor or life coach who can undertake virtual calls to help you reach new heights, both personally and professionally.

Save money during these times and learn to do things yourself that you used to outsource. Some of your competitors will be using the lockdown as downtime – This is your opportunity to get ahead of them.  The above tips will assist your business now and into the future, as the world continues to adapt to our “new norm”.

Entrepreneurship has its challenging times, but if you allow your business to be flexible to change and adapt to current situations, you will have a better chance of surviving and coming out at the top.

For any enquiries on Cube Workspace’s serviced workspaces nationwide, please contact us.