As the global pandemic persists, smart businesses across Canada are becoming creative and realigning their marketing strategies to better address the evolving business climate and develop their business post-pandemic. On a smaller scale, the small and micro business owners keep on adopting new marketing policies to differentiate themselves in the trying economy.
Few great ideas become cultural sensations on their own. Even truly innovative ideas usually require a great deal of funding and planning to scale up a business. It’s a difficult and challenging procedure at the best of times, and the COVID-19 pandemic has been far from the best of times.
The pandemic hasn’t just hit businesses to scale up but has hit every type of business around the world, and Canada is no exception. Many businesses have been negatively impacted on a large scale, some potentially beyond repair. Overall, the picture for business is quite poor. Irrespective of the product or service, the massive relocation of operations during the lockdown has been highly crushing for most businesses.
If you’re a business owner who has suffered a lot during the pandemic and planning to get out from the eerie shadow of the COVID-19 pandemic, here are some important tactics and strategies that can help leverage a seamless scaling process even during unpredictable times.
Tips to Scale Your Business
Due to the ongoing pandemic, almost all companies in Canada are facing vague challenges. However, as the times have changed, companies must change their business strategies to gain a competitive edge. It is necessary for companies to identify and recognize these roadblocks early to strategize and re-evaluate other options.
Let us take a look at some proven strategies that can help you scale your business post-pandemic.
- More Planning
Sound planning advice is the most widely discussed among startups or small businesses. For entrepreneurs, it is vital to have a clear-cut idea of:
- Business goals
- A step-by-step framework of how to accomplish each goal
- Detailed financial planning
This is basically the keystone of successful businesses. The execution of each growth stage to propel towards the next goal is considered to be the most challenging. This is why most businesses have failed. Most do not adequately plan how to fund and achieve each micro-goal that finally fulfills their aims.
For businesses planning to scale post-pandemic, they still need this planning, but on a larger scale. Strategies need to be more flexible and adaptable in order to accommodate modifications generated by subsequent lockdowns or minor restrictions such as social distancing.Proven Strategies that help Scale Your Business Post-Pandemic in Canada Click To Tweet
- Implement a Fully Virtual Business Model
The pandemic has proven that many companies can function perfectly when all their employees work from home. Many who have had to transition from office work to remote work have also enjoyed the newfound flexibility (and lack of commuting options) that a remote work lifestyle offers.
You should run a cost-benefit analysis by bringing your unit back to the office instead of going remote permanently. You have to think about all the overhead that a full virtual operations setup would eliminate for your business. For one thing, you don’t have to spend capital on renting an office space every month. You also don’t have to buy supplies and snacks for the office. Virtual businesses have fewer overheads and therefore higher margins.
The total money you save when executing a fully virtual business model can be utilized in a variety of ways to scale your business.
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- Manage Your Cash Flow
You need to focus more on the company’s cash flow. If you overlook it, you might have a completely wrong idea of how much your business is really profiting each month. This can lead you to inadvertently make executive decisions that could hurt your company’s bottom line. For instance, you might think that your company has enough cash to hire an extra customer service representative or assistant, but that really is not the case.
To prevent this from happening, you need to know how much money your company spends a month on overheads such as CMS platform subscriptions and other software, advertising expenses, etc. You should also calculate how much you are spending on the payroll.
The bottom line is that you can scale your business without worrying about going over your monthly budget.
The Key Takeaway
As we begin to somewhat recover from the COVID-19 crisis, you must take the necessary steps to make sure your business thrives. All of these above-mentioned steps will definitely help your business thrive post-pandemic and beyond.