Businesses took a hit during 2020 and making a start again although seems to be difficult it is not impossible. According to a report of the National Federation of Independent Business (NFIB), 92% of businesses were hurt by the pandemic but there were 5% of businesses who experienced no effect at all. Well, my tech-based company BE, which I scaled up along with my brothers Monir and Ehsaan Islam, holds pride in being one of those businesses that not only survived but saw massive growth during this time. We developed effective solutions in the domain of travel, lifestyle, education and fintech and even during the face of unpredictable times it is contributing to lives of people. Here are our few recommendations that may help in getting a business back on track.
Utilize Financial Forecasting
If the term is unheard of, here is a brief rundown. Financial forecasting helps to estimate a business’s future financial health by looking at past financial data or reports, focusing on profit and loss statements, balance sheets, debt payment, and cash flow etc. With it, one can reduce financial risks by pumping money from the most money-consuming business processes and channeling it towards more profitable ones. Do start with this smart budgeting.
Create a Timeline for Rebuilding
Post COVID-19, several things need to be done but doing everything at once is not realistic. What can help is having a timeline to follow actions based on priority. For example, prioritize securing funding for the business, then work on setting a timeline for rehiring employees, restocking inventory, trimming non-essential spending, and conducting strategic marketing and, finally, reopening doors if the business remained closed for long.
Develop a Contingency Plan for Future Crisis
While this pandemic may seem like once-in-a-lifetime event, the reality is that an emergency can disrupt a business at any time. One should learn from the systemic changes that occurred in business during Covid-19 to prepare for the next crisis and insulate the business from future shocks. Systemic changes are about effects or events that have a much bigger foundational impact — paradigm transforming impacts. More than ever before, we, as entrepreneurs, focus on the rule with 3 R’s- stick to routine, keep our body and mind refreshed but reboot business to adapt to changes to scale up growth even during the critical times.
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