The pandemic forced the entire world to re-evaluate every single aspect of our humanity, and none more so than the entire business sector. Opening a new business post-pandemic might seem a little daunting because it is. But here’s the good news: there are various ways to not only ensure your business survives in this brave, new world but also tools and ways of working that will ensure that you thrive. Here are some key mindsets to have for new business owners setting up shop post-COVID:
Profit Isn’t Instant, Even When You Make a Sale
Newbie business owners might think that just because you were able to sell a product or a service it means that you’ve made a profit.
That isn’t exactly true.
Remember: you have overheads to pay like rent, loans, investors, your employees, your raw materials, etc. etc.
Sales don’t equal profit, but it is part of profit-generation. This is why gap funding for working capital is essential: it allows you to continue your operations without dipping in too much into your profit and allowing you to space out loan payments (including your gap funds) in such a way that it’s not too much of a burden for you.
The Digital Business Owners Space isn’t the Future; It’s the Necessary Present
Applying digital solutions to your business isn’t just trendy tech, it’s been an important part of the business process since the start of the social media age. However, in the ‘new normal’, it’s morphed into an essential component of every business, one which can keep a business afloat and thriving post-pandemic. In this day and age, smoother business operations ensure that both your company and your customers have an overall positive experience.
Look into any and every digital solution possible, from digital marketing to cashless payments. Basically, if there’s any part of your business process that you can turn digital, do so. Heck, you can even opt for drone-delivered packages if product deliveries are part of your services.
The ‘new normal’ dictates that the less, direct person-to-person contact, the better, and digital solutions pretty much tackles that head-on. If you want your business to succeed post-pandemic, this is one of the most crucial things you need to keep in mind.
The “New Normal” Is Going to Be in Place for a Very Long Time
Speaking of the ‘new normal’, you need to read those two words again and internalize it: there’s no going back to ‘the way things were’, and over time, the ‘new’ normal is just going to be the normal. The COVID-19 crisis of 2020 rocked the entire world and affected every aspect of humanity, from culture and media to industry and business. If you thought you’ll become one of those millionaires who rent out Disneyland for their employees or drives around in a top-down convertible, you’re wrong: not because you can’t, but because you shouldn’t.
As a new business owner in the post-pandemic, the ways of our entrepreneur forebears need to be taken now with a grain of salt: concepts like ‘customer service’, ‘personalized client care’, and other aspects of the business process that require face-to-face or hands-on experience needs to be redefined in light of the pandemic.
COVID-19 has created a dangerous, new world, and business owners are now part of a select group of people that will be braving new environs and keeping afloat economies.