The market always evolves. While the pandemic has created additional financial pressure for most businesses, it also rendered some business models obsolete or struggling to hold on while serving a shrinking market.
In this episode, we’ll talk about how to navigate a significant loss in revenue so your business can survive and soon return to the place where it thrives.
1. Make adjustments quickly when you start losing revenue.
Don’t overreact and make drastic changes based on one bad month, but do make sure you’re making the small changes that might save you a lot of heartache in the long run. Take a look at what you can cut back on or readjust easily without affecting your people.
2. When revenue drops and looks to continue on that trend, it might be time to pivot.
Take a look at how the construction industry pivoted in 2008, or how the restaurant industry embraced takeout during the 2020 pandemic. To survive, you might need a new product or outlet. Be willing to research the possibilities and take that risk.
3. The people who helped you get to where you are now might not be the people who help you get to the next season.
And there’s nothing wrong with that! Sometimes, it just makes more sense for both parties to move on. There’s no hard feelings and nothing to be ashamed of – it’s just a new season. Don’t let an irrational sense of loyalty cause you to eventually do harm to your business and employees.
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