COVID-19 related closures have changed business ownership as we know it. Some businesses were able to walk out of this situation relatively unscathed, while others had to completely shut down. How well a business did is largely due to the nature of the businesses. However, it also has a lot to do with how they were running their businesses prior to this pandemic. In this post, we will discuss what businesses that succeeded during COVID-19 did before and after shutdowns to stay successful.
Businesses that succeeded during COVID-19 used the downtime to innovate
Though they were closed, they were at the drawing board thinking of new ways they could serve their clients. With a new world comes new needs, and innovative business owners are finding ways to fill them. They also used this time to work on projects that seemed too time-consuming or complicated before.
Moving or adding services online
Businesses that succeeded during COVID found a way to continue to serve clients through closures. By doing this, they ensured that they would still have a revenue stream coming in as well as keeping themselves relevant during a trying time. Businesses that had little to no online component before COVID struggled with this because they were having to scrap something together very quickly.
Online services, webinars, and classes will continue to be popular even after businesses are able to open back up again. Even if you don’t “have” to, try to figure out a way to offer one or more of your services completely virtually. This way, you can make yourselves more accessible to a wider arrange of potential customers.
Businesses that succeeded during COVID-19 already had their finances and bookkeeping organized
Applying for financial aid (PPP, etc) was certainly not an easy task. It required business owners to very quickly have information regarding their expenses, payroll, and more on hand. This proved to be problematic for businesses that didn’t have organized books and processes. The businesses that succeeded during COVID-19 were able to apply for aid ASAP because they didn’t have to run around trying to organize and gather all of the proper paperwork. It was already set out for them and made it that much easier to apply.
If you don’t have a bookkeeper or use bookkeeping software, it is of the utmost importance that you get that setup. That way, you will always have a clear idea of where you stand in your finances. In addition, it makes it much easier for you to apply for federal aid during a pandemic, or when you talk to investors for your company.