Use This Time Wisely
With everything that is going on in the world right now, you may be concerned how to move forward with starting your business. Or better yet, if you are already in business what should you be doing during this critical time. Strategize!
Here are some tips:
If You're Starting A Business:
Develop Your Business Concept - Your business concept should show why your product or service is viable, how you plan to meet the unique needs of your customers and how you plan to make money doing that.
Conduct a Market Analysis - Define your market and industry, demographics, and your pricing and promotions.
Marketing Pipeline - Identify your communication, sales, and distribution channels.
Management Team - Start putting your management team in place. Outline who has what decision making responsibilities. Highlight the expertise of your management and senior team.
What is Your Marketing Plan? - Research and explain the external market in which your business is competing. What are your future marketing efforts? Set clear, realistic, and measurable targets.
If You Are In Business:
Budget - If you haven't done so already this is a good time to set up your business budget. There is a plethora of templates on-line that you can choose from and can modify it for your own needs.
Marketing - Update your Social Media platforms with posts. Let people know your hours, and what you are doing during this critical time.
Finances - Look for grants that your business can qualify for. Monitor your credit score. Evaluate if you will need a loan to keep you afloat until your back up and running; interest rates are at an all time low.
This is the time to focus on things that might get pushed down on your priority list. Keep the main thing the main thing. Distractions will come, but stay focused and this too shall past.
If you have questions or just want to reach out, we are here.
Email us at: theBVDCenter@gmail.com.