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.
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:
See also: 10 Steps to a Successful Pivot of Business Strategy
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:
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.
Consider this:
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.