The COVID-19 pandemic only really took hold globally in the following year of 2020, when businesses bore the brunt of a natural course of action which saw many operations halted. In some cases things had to come to a complete standstill, but with regards to your business, how would you go about turning things around beyond the pandemic?
Research & Development Funding
Research and Development Funding is a common term for a company that seeks financial help from the federal government. Instead of borrowing money from banks or investors, a company can use research and development funding to develop an innovative product that helps the company produce more profit and be more successful.
Governments cannot pull the whole economy out of a post-pandemic slump by themselves, so align your immediate growth vision with projects they’re likely to fund you to facilitate. Naturally this might mean you’d have to slightly alter your mission or vision, or both…
Relief Funding
Governments often have a relief fund in place, made available during times of crisis. Often qualifying for this relief fund is just a matter of having all of the affairs of your business in order, so applying is one way you can turn your business around following the global health pandemic.
Make sure to apply wherever it is you feel you may qualify. It’d make for a pleasant surprise to find that you do indeed qualify, in spite of the preliminary screening parameters’ suggestion that you fall short with your business.
B2B Alignment
Businesses targeting the same consumer with different products are joining forces to save costs spent on marketing and in some instances costs spent in the production phase of their offerings.
Many consumers are taking back control of how they spend their disposable income. That means retailers can no longer drive customer purchases by marketing cheaper products that are not necessarily better. A record number of businesses across the globe have announced that they are switching to “low-cost shopping” through data and communications providers and their partner service providers. “Companies are now seeing the advantages of combining online purchasing with direct delivery of products, as well as embracing virtual stores, where consumers can buy directly from a retailer, whether that be a company’s online store, or another retailer that they have partnered with.
The most obvious representation of these B2B alignments is most evident through some online video ads you see, or even on television, where two distinctive brands make a clear appearance.
Business Turnaround Consulting Services
Being at the ground-level of the business world will undeniably have you already thinking about the mentioned and explored post-pandemic turnaround strategies, but which one do you go with? Or which combination do you go with? Which one would you implement first?
These are concerns that can only really be properly addressed through your collaboration with business turnaround specialists, who would naturally have more of a bigger-picture view of the market your business is active in, along with the subsequent network which needs to be tapped into in order to make any turnaround strategy work efficiently.
Infographic created by Clover Network, a POS system company
