If you were running a profitable business before the COVID-19 pandemic, you might feel like you’ve spent the past year floundering as an entrepreneur. It’s been an especially rough year for business owners who manage gyms, bars, and movie theaters. However, this pandemic does not have to spell out the end of your business — in fact, it’s entirely possible for your company to thrive. Whether you need to switch up your sales strategy by going mobile or you’re ready to bring in more customers through digital marketing, these tips presented by Just Free Slides will help you take your business to the next level, despite the pandemic.
Administrative To-Do List
If your business has slowed down, use this time to take care of a few tasks that may have been on your to-do list for a while.
- Go through your receipts and invoices to get your finances organized for tax season.
- Have you tackled business formation yet? If not, think about moving forward with the process of forming an LLC.
- Is your inventory getting a bit messy? Whether you keep your supplies in a small shed or warehouse, it’s time to clean up!
- Have you thought about going back to school to help your business grow? Now’s the time to go after that master’s degree you’ve been thinking about for years. You can safely pursue this dream by enrolling at an online school.
Reducing Your Expenses
The pandemic has likely cut into your profits. Here’s how to reduce your expenses so that you can stabilize your business.
- Revise your business budget with the help of a financial consultant — make sure to check out their qualifications before deciding who to work with!
- Look into working with new suppliers who might be able to charge you less for materials of similar quality.
- You can save money and help the planet at the same time by implementing strategies that will help you lower your utility bills.
- If you have been renting a retail space, consider switching to a mobile vending cart for a whole new approach to business!
Pivot For the Moment
You’ll need to change up the way your business operates for the time being, so take this as an opportunity to innovate!
- With business going virtual, double down on your social media marketing efforts.
- Want to find a more effective way to connect with your customers? Consider investing in a mobile app so that they can shop from anywhere!
- Link up with a local charity to support people from your community who are in need because of the pandemic.
This pandemic has been a setback for many business owners, but now, it’s time to make your entrepreneurial comeback. Even in the midst of this trying time, there are opportunities for those who are willing to adapt. With these resources, you’ll be ready to meet any challenge!
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