While it's true that no one could have predicted the pandemic, entrepreneurs started 4 million new businesses in 2020. E-commerce and other online services saw a boom as brick-and-mortar businesses shut down. Then, just as it seems like the world would reopen, the Delta variant has business owners trying to decide what to do next.
If you're wondering how to grow your business during this pandemic, keep going with these tips.
Find Your "Why"
Many new business owners started new ventures because they needed income after losing their jobs. Others saw an opportunity and jumped in. Why did you start your business? Why do you want to or need to grow it?
Consider these questions:
- Did you start your business because of a passion? Is it time to rediscover that passion?
- Take a deep dive into your market or survey your customers. Is there a need that is still not being filled?
- Is your business just a "side hustle?" Are you ready to take it full-time?
- Are you feeling like your business has stalled? Is it time to pivot?
Find The Opportunities
Owning a business right now may be stressful but consider this:
You're running a company in the middle of a pandemic.
You have to give yourself some credit for what you've accomplished so far. You uncovered an opportunity to begin your business. Now, find the opportunities to grow. Reintroduce yourself to your audience or customers. Expand your email marketing list. Learn a new way of doing things to become more efficient. Reach out to potential partners in your network.
Consider these facts:
- There are more free or low-cost digital marketing tools at your disposal than ever before.
- There are more free or low-cost learning tools at your disposal than ever before.
- There are more free or low-cost networking tools at your disposal than ever before.
Find the Cash
The Small Business Association has a number of resources available for COVID-19 relief including debt relief, forgivable loans, and grants. Your business may also be its own resource for funds.
- Are you paying for tools, supplies, or office space that you no longer need?
- Are there delays in completing projects or missed opportunities for upselling?
- Are you paying too much to suppliers or vendors when better pricing may be available?
- Are you invoicing and getting paid on time by your customers?
If you've been putting off collections or allowing old invoices to be written off as bad debt, you may be missing out on available cash for growing your business. You can improve your cash flow by reviewing your accounts receivable aging reports and following up on past due accounts. Or, if the accounts are already 60+ days past due or written off as bad debt, you can send them to a third-party debt collections agency and only pay a fee if any amount is collected.
Learn more about B2B debt collections and uncover the cash needed to grow your business.