The coronavirus disease 2019, or COVID-19, originating from Wuhan, China, rapidly spread across neighboring Asian countries before going global. Because of this, governments around the world implemented safety measures in an attempt to isolate the virus and prevent further spread and transmission. Various businesses and establishments were then forced to halt their day-to-day business operations due to the implementation of lockdowns. As a result, the economy declined substantially since there was no significant movement of goods and services.
Roughly two years into the COVID-19 pandemic, the whole world is still living through its aftermath, particularly on the medical and socioeconomic aspects. Businesses are slowly returning to their operations and customers are enjoying shopping at the comfort of their home. However, will businesses be prepared if another surge hits them when they least expect it?
In September 2020, data released by the Department of Trade and Industry showed that micro small and medium enterprises (MSMEs) comprised the biggest percentage among businesses that were forced to shut down during the pandemic in the Philippines. Despite this crisis, it is still an advantage to have a good business idea; however, it will not be easy for a business to thrive during the pandemic. Being able to adapt and plan accordingly will allow a business to succeed even during these trying times.
Here are some pandemic-proof business ideas that you may start:
1. Water-refilling station
2. Rice business
3. E-commerce store
4. Delivery or “pasabuy” business
5. Food business
6. Fitness and Wellness programs
Business owners face a significant challenge as they shift from traditional markets into virtual marketplaces. This transition is vital for every business to assess if they are viable to adapt and thrive amidst the pandemic.
Here are four ways business owners can protect their business during crises:
The pandemic has severely and negatively affected numerous businesses, but it also taught business owners to create and develop a business plan that is flexible regardless of whatever health or economic situation. Business owners are to reevaluate their operations by considering their product standing, learning new ways to meet customer needs, and adjusting their platform to fit the current trends.
Aside from creating a flexible business plan, business owners must also reevaluate their budget. An emergency fund, which can cover at least three to six months of operating expenses, must be included in the budget plan of the business. Having an emergency management plan incorporated with the business plan and budget plan will allow the business to continue activities during an emergency crisis.
With the so-called “new normal,” most customers spend their day at home and do purchases virtually. Online shopping applications like Shopee, Lazada, Grab, and several others are widely used to acquire basic necessities. A business owner must be able to identify these changes and adjust their marketing approach by creating social media pages to increase their online presence. In addition to this, supplementary products may also be included to meet the current needs of the market.
As the traditional business landscape changes in light of the pandemic, business owners must be able to assess how to execute their business plan as well as protect its employees at the same time. Employees who cannot avoid commuting to work are at high risk of exposure. In order to protect these employees, business owners must offer health care packages and/or insurances to be prepared in times of hospitalization.
Business owners may also give their employees the option to work remotely as it provides benefits such as a flexible work schedule, an increase in employee productivity, and save transportation costs.
The pandemic has accelerated the shift from a traditional market into a virtual one. It also taught most business owners about the importance of investing in technology. Business owners must carefully plan how the business will adapt in the digital world. They must invest with technologies that will allow the business to operate smoothly and effectively even in a remote setting. It may include software, gadgets, and other technologies that may help in maximizing the productivity and efficiency of employees.
When you consider all these points, it is more than possible to run a business that will not be affected by any drastic crises. Be aware of the importance of an innovative business plan, a prudent budget, and following the latest technology trends for optimal results!
Our business consulting services can help you in your transition to a pandemic-proof business, so please feel free to send us an inquiry!
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