Covid-19 brought to business the immediate realization that many are financially prepared for a crisis.
With many attempting to effectively manage the crisis, there were one too many hiccups along the way that proved too much for businesses. But as we move from 2020 to 2021, these businesses are starting to look forward even though they are still in midst of the pandemic.
As the pandemic grew from months to where we are today eventually, the looming question is: Are we ready for the post-pandemic business scene? Are all going to stay digital or will the analog scene make its comeback?
Some of these hurdles are clear to see, while others may be prancing out of nowhere to catch us off-guard. With that said, here are 5 probable unforeseen post-pandemic hurdles that you or your business may face in 2021 and beyond.
Business leaders who were landed face first in the pandemic dealt with the instant impact of it all. Starting at the foundation of it all, interaction was accelerated to a quicker pace, both between clients and teammates. Some even might say that 2021 could even mean greater acceleration when it comes to adapting to change.
Some of these would also be driven by internal factors. However, most would still be from an external factor. Businesses have been upgrading technology or simply upgrading their knowledge of technology to stay ahead of the post-pandemic scene, there isn’t a reason to be going back is there?
2022 could only mean more acceleration and more acceleration as we attempt to move towards co-existing with this virus. What we did prior to that will only serve as a solid foundation for the future.
E-commerce is already a force to be reckoned with in the business world and others such as data digitization would move to take on an even greater role. Physical locations could even start being a thing of the past and online sales may be bigger than ever before.
2. The government
As experienced with the many lockdowns throughout 2020/2021, the pandemic has saw an increase in government intervention for businesses. Whether it’s simply financial stimuluses or to deny them from opening, thousands have been jobless since and the number is still increasing by day.
Whether you see them as an ally or the opposite, what happened this whole year serves as a painful reminder that lockdowns aren’t a business’s best friend even though if it’s vital in beating a pandemic.
Although several one-time pay offs were announced along with moratoriums, none could turn a blind eye towards the eventual political instability that shunned all. So, it won’t be too bold to anticipate greater government involvement and moves in all things as businesses move forward.
Raising capital has always been one of the most primary concerns for businesses. Now that we don’t even know when a recovery will be possible, the process to find local investors to raise capital has turned for the worst, let along foreign.
Investors stand to be betting against the odds whenever putting down an investment, and even more so this year as many are losing money more than they ever did years prior. Resulting from this, businesses are relying on sheer determination or government intervention for their economic survival while they battle it out.
Whether your business can achieve access to valuable capital and produce a healthy ROI (return of investment) may really mean if it’s able to remain in operation or not post-pandemic.
4. Quickly pivoting a business strategy
When the pandemic officially hit ground, companies big and small pivoted their strategy to stay above the waters. Whether it’s handing HR issues or leveraging new technology, it was a winner gets all situation.
For example, restaurants picked up on online ordering and food delivering, retail stores set up online stores to make sure its customers are seeing their products in their devices. Even AirAsia looked to expand from just a flight booking app to being a “super app” with reaches in the e-wallet, food delivery industries to name a few.
Companies and restaurants had to also understand the importance of digital spaces and the data behind it. These businesses now are starting to train teams in technology that were not considered essential before the pandemic happened. The future may be scary, but there are more than enough tools out there to help us overcome obstacles.
5. Searching for new marketing channels
Out with the old and in with the new, that is very much what is reality today. Business owners are often overwhelmed by the idea of having old market channels being phased out, for example, flyers, print ads and signage. Like what do we do now?
The best way to identify new top marketing channels for your brands is to evaluate and test out different strategies based on your observation. See what your competitors are doing in your industry and keep an eye out for those with similar size, demographics and products.
Subscribe to marketing blogs and other reading materials, you’d be surprised to see how much people are willing to share free content that would take your business to new heights. If you proceed to try two or three marketing channels over the year, you’ll land yourself in one that really works for your brand in ways that you never thought were possible.
6. Refreshing your budget
Although hit hard by its effects, there is hope and subtle signs that the economy will eventually be back on its feet, is your budget ready for it though? And if so, what does a post-pandemic budget even look like?
According to CNBC, a post-pandemic budget’s prices will rise due to inflation. All those includes things such as gas, food, and other products and services. A pre-pandemic budget just might now work for right now.
An important part is to also make sure you’re allocating enough of your earnings to savings in an emergency as your future self would appreciate that. Many had dipped into those funds during the pandemic and rebuilding it should be priority after that.
Other ways to budget for a post-pandemic time is to create/improve cash flow runway to withstand future crisis, automate processes, go remote, invest in your employees and continue to grow.
Wrapping it all up
Every company needs to plan a yearly budget and do their best to stick with it. When setting one in this post-pandemic era, finances can be hard to come by and that’s why a business loan just might make perfect sense in the long run. Read here to know the necessities to qualify for a business loan.
Budgeting should start with an estimated revenue from your sales or services. Other aspects to think about would be fixed costs, variable costs, one-off costs, cash flow and profit. You’d also budget based on the type of business you have, which varies from seasonal, e-commerce and start up etc.
Time waits for no one, same goes for your business. When you’re ready to expand, there might be times where you find yourself not having sufficient funds. Now that you need land, equipment and more inventory for said expansion, this is where a business loan might work for you.
Finsource Credit not only offers five different loans and financing, but also provides credit counseling from experts in its advisors!
With a clean loan, property loan, 2 in 1 financing, gap financing and invoice financing suited to meet your financial needs, our loan advisors are ready for your questions 24/7, contact us today to learn more about how we can be off assistance to your financing needs.
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