10 Business mistakes to avoid post-COVID-19.With the emergence of lockdown and social distancing, businesses are now incorporating innovative working arrangements.
Not only did COVID-19 spread globally, it also stopped all activities in almost every sphere of human endeavour.
Apart from the fact that the pandemic affected many lives, it also brought about a great disruption in the business sector.SMEs and large enterprises have experienced various forms of contractions, and this has led to business closure for some.
10 Business mistakes to avoid post-COVID-19
Many companies thrived on an existing modus operandi and were not prepared for the impacts of the pandemic. However, with the emergence of lockdown and social distancing, businesses are now incorporating innovative working arrangements like remote working, online services as well as regular variation in shifts.
While the pandemic is still being brought under control, a new order of business operations has been established and going forward, businesses must carefully plan and think out ways to thrive.
While planning on how to navigate the whole situation carefully, it is advisable to take note of certain mistakes that could hinder their progress.
This article provides for you ten (10) mistakes you should avoid making in your business post-COVID-19.
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1. Not having an online presence
The pandemic brought a halt to movement and large gatherings, and this stopped many businesses that existed mainly on physical interactions to stop and pack up.
Business owners must learn that it is a huge travesty to plan their strategy without having an online presence; in fact, they would be missing a lot. They must strategically think of going digital and maximize the opportunities that come from interacting with over 4.5 billion people.
2. Limiting the business vision
The pandemic has pushed heads of enterprises to a position of mere survival. Plans and decisions are being made just for the moment without considering the long term existence of the business.
Every business started off with a mission, a set of objectives to achieve and needs to meet. Regardless of the economic transition, it is important to hold those goals in mind while constantly seeking ways to attain them.
3. Poor marketing strategy
With the emphasis placed on marketing, especially on digital marketing lately, and the importance it holds for any business, it is not only a mistake for an establishment to limit its marketing strategies but a business taboo as well.
Many products and services have emerged during the pandemic which poses competition to already existing providers. It is a necessity to brush up the marketing game in order to gain relevance in the business sector and source for more leads as well.
4. Building on hope
Optimism is good, but planning is better. We are moving into an era of intense technological integration which has influenced various business operations. E-commerce, as well as remote working, has become a norm and businesses will have to move with the flow. There are quite a number of entrepreneurs who are waiting for the tides to calm so they can paddle their boats. The trick is in planning while waiting. It is okay to place one’s bet on hope but mapping out plans for sustenance is more advantageous.
5. Unplanned redundancy
It will seem like the way out for most enterprises to lay off some of their workers in order to survive the disastrous financial situation they may experience. However, one key factor in adopting this strategy is to carefully examine the effect it might have on the growth of the business.
Over time, there might be a need to hire new workers which will incur a cost in recruiting and training new employees. Low man-power influences productivity. As such, measures must be put in place to make up for the labour pool that will be cut off. Business mistakes.
6. Pouring new wine in old wineskins
Innovation has been on the rise on account of the pandemic. New commercial and industrial techniques are sprouting paving the way for longevity. Business mistakes.
Holding onto old and familiar methods that are no longer effective could constitute a big mistake for any business. Entrepreneurs and managers have to embrace the reality that comes with post-COVID-19 with a sense of focus. Business mistakes.
7. Ill-suited rigidity
Flexibility is one of the keys to thriving after the transition. Understand that the pandemic has affected the world economically and otherwise. Hence, it is crucial to adapt to the changes by inculcating new plans, being versatile and multifaceted rather than being inappropriately unbending. Business mistakes.
8. Neglecting creativity
Neglecting the power of creativity is a costly mistake every business should avoid making. The post-COVID-19 period will be a salient time to be creative and innovative. Business mistakes.
Establishments should be on the lookout for how to meet the needs of consumers, ways to improve their services in order to stay in vogue. Teachers are resorting to virtual classrooms; traders are integrating e-commerce; companies are investing in work-from-home technology. It is all about creativity.
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9. Ineffective communication
With much regards given to remote work and other emerging working arrangements, it is important to devise means to ensure effective discharge of duties by members of any business.
The ineffective flow of communication can retard the growth of businesses which is one of the mistakes to avert. When workers understand that it takes collective effort to ensure the continuity of the business, it becomes easy for them to efficiently invest their energy.Business mistakes.
10. Poor assessment
Disregarding the place of systematic evaluation of the performance of any enterprise is one of the business mistakes to avoid post-COVID-19. There should be a feasible assessment carried out to ascertain where the business stands in terms of labour force, expenditures, cash flow and returns on investment.
Conclusively, there is no green light as to whether a post-COVID-19 will exist or not. However, as the virus lingers, each business owner must adjust to make sure they do not make the above-mentioned mistakes or other possible business mistakes that may not have been mentioned in this article.
In today’s society, money is very important as it determines the progress of an individual, his business, and the nation at large. However, when dealing with money, it is crucial to know how to manage and spend it; hence, the essentiality of financial goals. Financial goals are achievements set for the future measured on a monetary scale.
Financial goals can be seen as blueprints to achieving great feats with money. Although many understand their importance, however, they are still not proficient at setting them and actually achieving them.
As such, this article reveals the top five (5) ways to set financial goals and ace them. Business mistakes.
1. Set money aside for the big stuff
The big stuff could be anything, such as a new car, a trip abroad, new devices/gadgets etc. They are basically, purchases/events that require a lot of money which you cannot provide all at once without it taking a toll on your finances.
Business mistakes.. To help you ace your goals, plan for the big things, make an estimate of how much you need, spread it over a period of months/weeks/years and keep in an account where you cannot access it until the set date.
2. Plan your expenditure
The saying that money is slow to come in but finishes quickly is true. This week you are buying everything you feel you need and then the next one, you are broke and so close to asking for a salary advance to get through the last week of the month.
A part of finance is planning. It means allocating money to certain needs and expenses. If you are to ace those goals, you must plan your expenses, make a budget and stick to it, from food, to clothing, to transport and even a gift for a friend’s birthday, they are all expenses that should be planned while you create a budget.
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3. Reduce Cost When you Can
As you make plans, make sure you are spending the least possible amount in cases where you can. You must remember that it shouldn’t cost an arm and a leg to prove that it is good. If there is a way to cut cost, make sure you do it. Business mistakes.
If eating out is expensive, try cooking your own meals and saving the extra coins, or carpool with a friend/colleague to reduce the cost of transport or buying secondhand clothes instead of new ones that cost more. Whatever you do, make sure you are spending the least possible amount at any time.
Saving and investing are great ways to build wealth. It is essential to have your money increase over time, and not just holed up in a bank account, and this is why investing is key. Business mistakes.
As you make plans to invest, there would be many enticing packages promising you an incredible percent returns on your money. Please do your research and ask questions.
Make sure you are putting your money into something you are 100% convinced about. Do not consider investing in a Ponzi scheme. A seemingly low ROI is better than a scam taking all your money away.
5. Clear previous debts
It is ironic to set financial goals with financial liability tethered to you. This will surely pull you back, in one way or another. Before you decide to set financial goals, ensure you pay back all debts. Having a clear conscience and a clean financial slate is crucial if you are to make progress financially.
Your financial goals are attainable, so set them reasonably and carry out periodic checks to ascertain how well you are doing from time to time. Ensure you act on the tips given in this article, and you can be sure to experience financial growth. Business mistakes.
Business mistakes.. Many conclude that one should either be career-driven or have an entrepreneurial mindset to earn money; however, that does not have to be so. In this pioneering era, career-oriented individuals are looking for opportunities to maximize their profits, and one of the best ways of doing this is to invest in a side business.
On that note, this article reveals ten businesses that you can engage in to complement your day-to-day work earnings. It is important to note that doing any of these will depend on factors such as time, skill and capital. Hence, it is critical to first weigh these variables before you delve into anything.
1. Blogging: Many are oblivious to this, but there is untapped potential in blogging. The most important thing to consider is to deliver unrivaled content of great quality. Business mistakes.
While there are lots of people involved in blogging, not everyone does it right. You have to create a niche for yourself and decide what topics to focus your writings on. Then you work on building an audience for yourself.
2. Podcasting: Create regular podcasts on topics that you care about, and find an audience that shares that interest. If you do, then this is a great way to earn some spare change while you keep your job.
Listen to great podcasters and adopt one or two techniques from them. The more your audience grows, the more money you make from your podcast. Business mistakes.
3. Graphic Design: While you may be working as an entrepreneur or an employee, boosting your portfolio in designs and illustrations is a great way to sustain your professional career. Business mistakes.
Graphics designers are in high demand currently; as such, having prior knowledge in graphic design is a plus. However, it does not mean you cannot start from scratch and be successful.
With creativity, dedication and graphic design tools like Corel Draw and Adobe Illustrator, you can be paid to create images and designs.Business mistakes.
4. Influencer marketing: This is a 21st-century business. It is a form of social media marketing that has to do with endorsement deals and product placement. People that do this type of marketing are mostly celebrities or people with a large following or fan base across social platforms.
Getting into this type of business does not require much in terms of capital. You will need to create viral, yet exciting content that will drive people to your page, convert those page visits to follows and make an active follower base. You can reach out to companies directly, or they can contact you if you have gained a large fan base.
5. Social Media Manager: Social media managers are in charge of representing companies or brands online. You will be required to create engaging contents, respond to comments and enquiries, and compile campaigns to increase visibility. Business mistakes.
It is essential to have a number of skills at your disposal, and an active online presence as well as the ability to follow trends immediately. You are solely responsible for providing recommendations and advice necessary to enhance the brand’s online presence. The beautiful part is that you can do it from anywhere.
6. Fitness Coach: As a personal fitness trainer, you can work part-time while you keep your job full time. This is a double earning side business because you earn money and still get to keep your charisma and physical fitness. Business mistakes.
You can provide instructions, workout sessions, training and challenges to help other individuals stay in shape. You can also create manuals and booklets on healthy living. Business mistakes.
The best part is that you can do it from the comfort of your home. With time, this can become a full-time job. Check out professional trainers for tips on how to become one.
7. Trading: You can become a professional foreign exchange trader or a Cryptocurrency trader. Your job will involve learning about foreign exchange or Cryptocurrency markets and educating people on that.
You can also buy and sell these financial assets, as they are highly sought after in the market. Business mistakes.
8. Content Writing: Content writers are internet-savvy, tech enthusiasts that specialize in providing relevant content for websites and companies. Business mistakes.
Content writing, these days goes beyond just putting words on paper. Every business has a specific audience, and it is your job to provide relevant content for said audience.
You have to stay at the top of your game to remain relevant. There is not much needed in terms of investment to be a content writer. You just have to write and keep learning. Business mistakes.
9. Online Tutoring: Another great way of making money online is by offering paid courses on any topic you have garnered expertise on. You can create a masterclass or go as far as creating an eBook.
The important thing is that you know what you are teaching. It can be as mundane as offering cooking classes or teaching people how to optimize their living space. You can even provide a free course on basic training to attract people and have them pay for more advanced training. Business mistakes.
You just have to understand the market and use whatever sales strategies needed to sell your skill. Monetize your knowledge. Business mistakes.
10. Uber Driving: This is another excellent way for you to make money and be your own boss. You can do it yourself or even contract someone to do it for you.
If you have a personal car, you can use it after work hours or during the weekends to drive people around and earn money. Business mistakes.
Better still, you can make some arrangements with a car dealer and use theirs instead. Whatever way you decide to go about it. One thing is certain – it would be a win for you.
All in all, aside business has a lot of wonderful advantages. Besides being another source of revenue, it is also a great way to broaden your horizon and add to your repertoire. Business mistakes.
Towards the end of 2019, many businesses wrote their plans, strategies and goals for 2020 and were ready to dominate the market. However, the year did not start as many thought it would. The COVID-19 pandemic brought about new ways of doing things, which is now known as the ‘new normal’. Business mistakes.
As scary as the thought might be, the new normal might last for a very long time. Therefore, businesses need to find a balance between what worked in the past and what needs to be done to adjust to the new normal. While some businesses were forced to shut down, many businesses had to change their strategy in order to adjust to the new normal.
Any business can survive the pandemic and adjust to the new normal just by pivoting to a new business strategy. As a business owner, you have to think about growth and look for methods you can adopt in your business to adjust to the new normal and remain relevant.
Keep reading to discover ten (10) things you can adopt in your business to adjust to the new normal. Business mistakes.
1. Accept the changes
The first and most important thing to do for your business to adjust to the new normal is to accept the changes and embrace the new normal. Waiting for things to go back to normal before you continue your business is the wrong move because things might never go back to the way they were.Business mistakes.
2. Think Technology
Innovation and the use of technology in businesses have been on the rise, before the pandemic. Technology is the future of the business world. The latest trend since the pandemic started is to replace manpower with technology. With this, the business continues without endangering the lives of the employees.
3. Change your business model
Business mistakes. Reinvent your business, align your business strategies with society’s changing needs and develop a low-cost business model that would help you to stay in business while delivering your best.
4. Involve your employees
The business world has reached a level where you have to involve your employees in the decision-making process. This gives them a sense of responsibility and makes them more involved in the growth of the organisation. Involving your employees will help the business to adjust well and experience growth.
5. Focus on your customers
Listen to your customers. Make an effort to meet their increasing demand and take advantage of their changing attitudes and behaviour. You can do this by conducting a survey and requesting feedback. This is the best time to conduct market research and get all the information you need. This way, you would know if you are on the right track. Business mistakes
6. Stay connected
Business mistakes. Transitioning from the current state (Covid-19) to recovery state (Post Covid-19) requires staying connected to the outside world. The question; ‘what is working or not working for other businesses?’ should be asked as often as possible.
7. Adopt a mobile strategy
Business mistakes. Since the beginning of the pandemic, the majority switched to remote working, which might have brought about a reduction or lack of communication for some businesses. Business owners should work on their communication system during this period by employing a mobile strategy to get employees up and running.
8. Focus on advertisement and marketing
To cut costs, many businesses are cutting their advertising and marketing budgets, so any business that focuses on advertising and marketing will get all the attention it needs now.Business mistakes
9. Collaboration, flexibility and accountability
The best time for flexibility, collaboration and accountability in business is now. Adopting systems such as informal interactions and remote work would help build a flexible, accountable and better workforce. Not only will this make your employees happy, but it will also give your business the exposure it needs.Business mistakes
10. Risk management systems
Businesses should take advantage of this opportunity to set up a risk management system. The pandemic is enough enlightenment for businesses to know that they should put measures in place to identify, assess, monitor and mitigate the impact of risk on their business in future.Business mistakes
If your business has been affected by the pandemic, you can get back on your feet and begin to break new grounds. All you have to do is adjust your business to the new normal by thinking differently and being strategic in all dealings.