The pandemic is still ravaging our communities. Although the worldwide death toll is significantly slowing down, we are still struggling to keep our finances afloat. Entrepreneurs also toil to keep their companies open. As a businessman, the task ahead is daunting.
Even with the government’s financial aid, you still must manage other aspects of your business to keep it afloat. You might be wondering if you need new equipment. If you do, should you buy it or lease it? Then there is also the issue of the physical arrangement of your current premises. The list goes on and on.
Fret not! You can successfully make out of this. With strategic investment and calculated movements, your company will not only survive. But it may even expand.
Buying new equipment is not enough to keep your company an ongoing concern. You must understand what the average bloke needs. You can gather this information through social media. Most entrepreneurs use this tool to promote their products. Use it for data gathering.
This step will help you determine if you should continue with your current direction. Or if you should abort the mission and rethink your plan. When you align your product to fit the needs of the regular folk, your company has a better chance of survival. Marketing experts consider this the S in the SIVA marketing mix.
Once you identify what path you will take, you can proceed with your plans. It is easier for you to carry it out if you have the equipment. The question is whether you should purchase the machinery or lease it. You should carefully weigh the different factors.
Let us say that you are in the patisserie business. Due to the lockdown measures, some of your machinery might have gathered dust. Its condition made you think that you must replace it. If you constantly use that piece of equipment, it would be prudent to purchase it.
If you plan to buy the piece of equipment, you can opt to use the government’s financial aid. Or you can finance the equipment. Going for the first option will not increase your financial obligations. But it lessens your cash on hand. Thus, you might need to check alternatives to acquire other necessities.
Choosing to finance the machinery will not affect your liquidity. In this scenario, you acquire the machinery and still have enough cash for your daily operations. But it may be a tad challenging to qualify for an equipment financing scheme.
CNBC reported that many consumers turn to online shopping. It is a great decision to tap into that market. But this does not mean that you should not immediately buy a delivery van. Your customers can find cheap alternatives to get the goods that they have ordered.
In this case, you can opt for leasing the delivery van. This option is a less financial burden compared to financing the piece of equipment. Or you can contract a third party to deliver the item for you. You will find many companies that offer long-haul transportation.
Let us go back to social media to promote your product or service. But do not immediately jump on board this train. It is more prudent if you will engage in the professional of an SEO company. Their services will gain you followers who will eventually turn into paying customers.
Their services may seem redundant. After all, you can hire a freelance graphic artist to beautify your website. But the freelancer may not know how to attract traffic to your website. They can make it aesthetically pleasing. But they might not draw in crowds.
On the other hand, an SEO company can bring corporate clients and end-all consumers to your doorstep. They can achieve this by creating a professional-looking website. It will draw other businesses to your website.
They will likely offer packages that include ways to increase your search engine visibility. If you choose such a bundle, it will contain online articles that will attract traffic to your website. These blogs will gain the trust of consumers.
On its own, this is already an excellent marketing strategy. But you can further increase your online presence by linking your website to your social media account.
These steps can help your company survive the economic collapse brought by Covid-19. Of course, you can modify them to fit your business. These measures will strengthen your business as it faces another crisis. If you can strategically map out your movement, these steps can help you expand your operations.