The Covid scare continues to haunt us even if most people have received the vaccinations. It is like dealing with new mutations of the virus that has kept us paralyzed in attaining our goals. While we do hope that we can move quickly, quickly freely like we used to. It may seem not that possible sometime soon.

Indeed, businesses have thrived for the past years. Food businesses, in particular, have become prosperous. Imagine if you would just think of selling something online just to get by after being laid off or prevented from returning. Most of these online businesses remained active and even found themselves in a better position in the market. But what about those businesses that offer services?  

However, to pursue the business, they must face these challenges. They are not easy to overcome, particularly these days. Hence, knowing these challenges can somehow allow them to create better plans to remain the business afloat.

     1.  Lack of business development skills. Our primary concern these days is how to keep our surroundings as clean and healthy as possible. Hence, businesses that offer home and office sanitation became popular. It may seem easy at first as perceived as "just cleaning." But then again, being a business, one should know precisely what needs to be done and how to handle people.

Being the business owner, you are the driving force behind creating and growing the business. Unfortunately, some business owners are also why a company does not prosper. First and foremost, the (aspiring) business owner needs to have the ability to start and sustain a business. That being said, this does not only mean having the right mindset but also considering the training that one might need. To learn the skills and right attitude with the help of someone who knows more about (the) business.

Know your limitations and designate someone to do specific jobs for the business to focus on areas you are excellent at.

     2.  Financial challenges. The one massive mistake business owners make is not knowing how to use their money wisely. One may think that he has earned so much in a particular month. And would spend it on personal things without realizing that he should just set a certain percentage from the business earnings. Any business should prioritize the cash flow. Expenses should not exceed the company's profit.

Take, for example, our situation now. Although you may think that you are earning more than you expect because your business has become successful, consider that the economy is still unstable. Anything can happen because of the pandemic. Apart from having enough resources to sustain the company, you should also consider saving up for your personal needs.

     3.  Technology. While we want to save as much as possible to help the business grow, certain aspects of the industry need to be financially supported. Such as the kind of technology to assist the business run as efficiently as possible. The system used should be good enough to become productive and help ease all the problems in providing service.

     4.  Consumer awareness. How do you let the market know how good you are with the services you render to your customers? By ensuring that you provide the best possible solutions to your customers. Alongside a great customer relationship. To make this possible, business owners should take advantage of the various social media platforms to stay connected with their customers. And introduce their company and its services to the market to increase their customer base. Similarly, the information that customers may need should be provided instantly. This allows the customer to remain loyal and not to look for others.

     5.  Hiring new employees. This is quite a challenge these days, particularly since we want to be safe from getting infected with the virus. Apart from choosing the right people to do specific jobs for the company, it is also a challenge to know which among these willing "new employees" can remain healthy and work seamlessly.

     6.  Poor execution of marketing plans. As I always mention, the projects that you create as you start your business may no longer be helpful in the coming months. Therefore, it is best to check on these plans and know if they are still likely to work in the current times.

We could not discriminate against people from getting a job if we knew that they had the virus before. At the back of our minds, we know that those who have had COVID are more likely to be re-infected, leading to possible exposure in the workplace. But, if you want to remain in the business, you will find all possible ways to protect your employees. And that is by keeping the workplace sanitized all the time and implementing health protocols to keep the workplace safe.  

The battle against COVID19 may not be over too soon. The challenges in business may continue to pour in, but having a backup plan in place might just save you from closing the business. Hence, we must continue to do our share in making a safer and better place for everyone.

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You may contact Armando "Butz" Bartolome for questions and more information.

By email: aob@gmb.ph

FB Page: Armando Bartolome

Linkedin: https://www.linkedin.com/in/franguru/ 

Website: https://www.gmb.ph