The last year has been unprecedented. Businesses across the board have been impacted in some way by the pandemic. While some have thrived thanks to a surge in interest in their sector, others have had to close their doors and wait until lockdowns eased.
As a business owner, you may have had to move your workforce away from the main office and provided them with communication tools so that they could work from home. Or you might have had to quickly set up sales on your website. Perhaps you own a small eatery and you’ve adapted to takeaway deals for customers? However, as we emerge from lockdown, businesses are reopening, and customers are buying again.
With so much change underway, you may be wondering what opportunities there are for businesses now? Here, we look at how not only is this a chance to head out on an even keel, but it is, in fact, a time for you to grow your SME.
Why now?
Whatever you’ve done to weather recent events, you’ve made it and now we’re at a stage where the country is opening up. Add to that the rollout of the vaccine, and it’s clear that we are beginning to see a significant change.
After a year of staying at home, people are ready to pick up where things left off. Customers are making their way to beer gardens, planning staycations, and there is an appetite for finding some normality. Add to that the warmer summer months kicking in just as we fully reopen, and it’s clear that we’re on track for a significant change – and your business could be part of that.
While so many are feeling positive, now is a good time to seize the opportunity to attract new customers or clients to your business.
Goals to set
To make progress in this new post-lockdown world, you’ll ned to start with reassessing your business needs. How much has your business been impacted by the pandemic? What do your profit margins look like at this stage?
Once you have a clear picture of where your company stands, you can update your business plan and budget. For many, the original plans and figures are a distant memory. Adaptations to strategies and revised budgets designed to get through the pandemic mean that many business owners are effectively starting from scratch now.
If this is you, use this blank page to weigh up what you want to do next. It may be that you have a vision for the coming months and years and that means tapping into new sources of investment and financial input. By lining everything up now, you can set goals for the future.
Opportunities ahead
Where you invest your money next will be key. Do you want to grow your team? Expand to another country by adapting your website? Tap into new suppliers?
Take the time to look at the opportunities that are open to you now. As we emerge from the events of the last year, we can grow our businesses in ways that we may not have considered previously.