Business

Bridging the Gap to Business Growth

Startup companies normally face a set of challenges that cause many to throw in the towel within the first year. There are many obstacles to overcome, most related to finances. But in this past year, young companies have faced unprecedented difficulties spanning labor shortages, cost increases, supply chain disruption, local health mandates and more. It’s a time when every investment must be justified and bring value.

Some of your average considerations are:

  1. How many people can you maintain on payroll?
  2. Should you use freelancers instead of full-time employees?
  3. Should you buy or rent expensive equipment?
  4. Is it possible for staff to work remotely from their homes to save on overhead?
  5. Can you do your job efficiently with free applications or do you need to invest in professional software?

Often, the goal is to get by with an adequate software or piece of equipment until the company can afford to invest in something with higher quality.

This year, businesses have other things to worry about. The type of business you are in is directly related to your ability to operate at full capacity. Any event related business came to a complete stop throughout the peak times of the virus. There’s very little creativity that can make up for the inability to gather in large groups. The businesses that found ways to adapt had to make substantial investments to create separation between people, such as installing plexiglass barrier and enforcing six-foot spacing by changing the floor layout.

It takes a lot of fortitude to push through the initial challenges. To survive the waves of our current health crisis, a business owner must think outside the box, reaching out through new sales channels, testing different vertical markets and ways to position products and services.

It’s important to be prepared for whatever might come our way. Some musts on the to do list include:

  1. Setup and test remote access for workers
  2. Choose a video conferencing platform for web-based meetings
  3. Plan work schedules that allow for social distancing (alternate in-office and at-home workdays)
  4. Use software that will improve communications between departments, streamline work processes, save on labor, etc.
  5. Research alternate suppliers located within shorter distances to your location
  6. Make online purchase accessible to your customers with a mobile-friendly website
  7. Use new social media platforms to reach new users
  8. Simplify various sales channels with a system that integrates sales orders with backend operations

If your business is situated in a state or city that imposes unfair mandates, consider relocating. The cost of doing business will be much higher if you can’t retain employees or afford lawyer’s fees associated with fighting unfair demands.

These are times when people want to support businesses that get behind the oppressed or injured party. Think about your audience and who they support and consider donating a portion of sales. This is an effective way of reassuring customers that they are getting behind a reputable company.

Be prepared to be inventive and battle more unforeseen challenges. Great business owners are the ones that learn how to survive and thrive in the face of the worst adversity. If you visit this site you will know a lot of news https://www.integrityfirsthomebuyers.com/

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