Whilst there have certainly been a handful of big business losses throughout this global pandemic those which have been hit hardest are undoubtedly those who own small businesses. This of course is something that would worry anyone who has an interest in creating a small business or those who have just entered into the field. Whilst it is slightly unnerving, businesses guru William West Seegmiller actually believes that if owners are able to learn lessons from what has happened this year, that they can even put themselves in a stronger position to succeed. With this in mind, these are the lessons which Mr Seegmiller is referring to.
Risk Aversion
There is little point in a business taking zero risk on the basis that a pandemic may once again occur, but this should certainly heighten our sense with regards to how much financial risk we take on as a small business. Those who have been forced to close down are those who had large financial exposure at the beginning of the crisis.
The Important of Focus Switching
The key to the survival of so many in business this year has been the creativity and the flexibility of said businesses with regards to switching their focus. We have seen micro-breweries switching up operations to create alcohol gel for example, we have also seen textile workers switching from clothes to face masks. This ability to refocus and more importantly the understanding of the need to switch focus, has been critical in the survival of these companies.
Business 101
This experience has been one which has forced many companies to go back to the basic principles of business. This is that they have sought to sell products which they know will be popular such as things to do and use at home. This also means speaking directly with your loyal customers and showing them that you appreciate their continued custom. This is also about not trying to create some dominant brand to eat up market share but rather to simply sell as much as possible in order to keep things ticking over. If there is any positive that can be taken it is that this year has been a humbling one for those who had strayed too far from the basics.
The Need For An Online Portal
The only way that so many businesses have survived so far is that they were able to make the switch to online sales. There are many ways this can be done of course without necessarily launching a full blown online operation. We have seen some small sellers using the likes of Facebook and WhatsApp to communicate with their customers and make sales through that method. This is a behavior which looks set to stay and we can anticipate more online sales in the future, even after this has blown over. This is why there is a great need for having an online portal no matter what small business you have.
The keys to success in the future is learning the lessons of the past.
