The pandemic has taken an economic toll on business owners and entrepreneurs around the world.
Maintaining optimism can be hard under the circumstances, but staying composed under stress is all in a day’s work for anyone who runs a business.
By taking bold and calculated actions now, you can position your business for a stronger and faster recovery when the effects dwindle. Here are some tips to help a business rally during and after coronavirus.
CHECK YOUR COMPETITORS
Some small businesses are doing better than others. Examine the ones that appear to be faring well and try to understand what they are doing to weather the downturn. Attention to the strategies of both direct and indirect competition can provide insight into best practices that you could adapt to help your business survive and thrive.
BE PATIENT AND STAY POSITIVE
In the midst of so much suffering right now, it’s a challenge to keep in mind that the pandemic will end and daily life will return to normal. To prepare your business for that moment, consider the current situation as an opportunity to learn and grow.
Seek out guidance from experts. Learn from other entrepreneurs who have achieved the success you’re pursuing. Study the data in detail to gain a deeper understanding of your market and the competition.
As daunting as the economic impact of COVID has been, it’s important to recognize the situation as another test that comes with entrepreneurship. Remember the mission that drives you, and the long-term view that guides you every day.
Maintaining a clear focus on a goal can provide inspiration in difficult times.
THINK ABOUT BUYING COMMERCIAL PROPERTY
It might sound counterintuitive, but the state of the economy does not define the growth phase of a company. These phases are internal to the organization.
So, now could be the time to lock in a low interest rate and negotiate a real-estate contract before prices begin to escalate. And sellers may be ready to cut a deal.
Commercial real estate may be one of the best investments you ever make, but it’s also a decision that must be weighed very carefully. Each scenario presents different opportunities and pitfalls.
Under the right circumstances, the potential rewards of such an investment can be great — building equity, making expenses more predictable and possibly securing tax and financing advantages.
TCU financing, guaranteed by the Small Business Administration (SBA), offers pre-qualification status and early determination of how much financing could be available.
Explore our small business financing options and find out how to use small business loans by contacting a member of TCU’s Business Lending team.
This article is for educational purposes only and doesn’t constitute tax, legal or accounting advice. No material here is a recommendation. Please consult with an attorney or tax professional for guidance.