Coping with the pandemic
As the covid-19 cases in Malaysia breaching a new high everyday since last week, our hopes of returning to our old life shattered into a million pieces. While the government are struggling to keep the country afloat, we as a responsible business owners are trying to keep our business ongoing as well. Malaysia will undeniably suffer a dire consequences should one day majority of the businesses in our country collapse.
At this point of time, there really isn't much that we can do other than continue playing our role as a responsible citizen to stay home and wait for things to get better while juggling to keep out business running. With low to no income during this lockdown period and ongoing financial liability, here are a few tips that I have accumulate since the pandemic last year to keep things going.
Restructure. While many perceive this pandemic pessimistically, I look at this pandemic as an opportunity. An opportunity to restructure the business, shaving off unnecessary bits of the business and strengthening the core bits. This may seems like a small insignificant thing to do but they do pay off in long term as you grow from a small scale business.
Relearn. As we are all stuck in the lockdown, there is no better way to utilise this time to relearn the things that you already know to a greater depth. It may seem like going against our natural instinct which is to immediately seek for additional side income but if you do have enough financial resources to ride through the storm learning now will multiple your returns in the future.
Rethink. Think again what is necessary in your business. Think of the new ways to present your business to a greater heights. Think of the next necessary steps, scale down, scale up, expand or diversify. At this period of time you may also want to consider putting your long term goals on hold and rethink of the short term goal to adapt to the current situation. This will lead to the next point.
Reinvest. With all the preparation that you have done on the above. Look for the right opportunity to reinvest into areas that benefits your business. Be it marketing, branding, research, sales approach, etc. Strengthening areas that are required will smoothen your journey to next tips.
Regain. Gaining back your business and financial income may not be easy now which is why it is crucial to have a proper plan laid out. Things will be better and it will be the time for you to regain market share with a proper strategy in place.
If you have notice, all the tips above contains a "Re" prefix which is commonly used to indicate repetition or backward. It might sounds counterintuitive as we are all trying to move forward but it is important that we do not lose our roots especially in times like this. As roots will be the foundation we rely on to keeping our business structure and identity.