The Top 5 Lessons Small Business Owners Learned From Covid-19
It has been an uncertain time for small and large businesses alike, but there were lessons to be learned through it all. Several successful business owners will tell you that they mastered their niche through trial and error and learning from their mistakes.
So what exactly have these businesses learned through the uncertainty and rocky sales and other twists and turns of the pandemic? Here we’ve compiled the top five lessons that small business owners have learned from the Covid-19 outbreak.
#1: Social Media is Everything
While most people were quarantined in their homes for several months, it seemed as though the only way to advertise and stay relevant was through technology – especially social media. For example, small restaurants were forced to put money into advertising through Facebook and Instagram to profit through delivery services like Uber Eats. Many had to invest more money into a digital marketing strategy. Whatever it may be for your business, having a strong social media presence can make a world of difference.
#2: Working From Home, Works
Being forced to work from home opened the eyes of business owners of all sizes; they realized that working from home may work in industries that had previously seemed impossible. Through Zoom, Skype, and other online platforms, it was far easier than expected to adapt to a fully online workplace. As long as a company is willing to adapt, it has the ability to make it through big changes. It is also crucial that your company implements a secure cybersecurity plan to protect your data assets from threats. Keeping your company’s confidential information safe, as well as your customers’, should be at the top of your list. With laptops full of information going home to employees’ households, you never know where crucial information could end up.
#3: Always Have a Plan B
Covid-19 proved to all of us that everything could change in a flash. Strictly brick and mortar businesses pre-COVID had to scramble to create a digital marketing strategy to keep their business profitable. Having a backup plan and always looking at your business from all angles is essential.
#4: Secure Your Cash Flow
Your business must always stay prepared with enough cash to last at least one month (but preferably six) in the event you’re forced to close. You never know how long your business may be closed for, and you’ll want to have enough money in the bank to make it through any crisis that may arise.
#5: Things Will Get Better
It may be hard to keep your head up, but if history has taught us anything, it’s that the American economy always bounces back. It’s essential to keep moving and stay focused on the goals you’ve set for your company. The business goals can still be reached; the path to them may just look a bit different than you planned.
We hope you found these lessons helpful! Remember to stay optimistic about your business’s future, and if you need any advice, Taurus CPA Solutions is here for you. Visit our services page for more info or contact us online today.