This year has been a whirlwind. From Bill Gates, one of the original tech entrepreneurs resigning, the price of oil dropping to an all-time low, costing less than a family-sized bucket from KFC, and let us not get into how the voice of Cardi B yelling “Corona Virus” has been stuck in our heads during this pandemic.
However, for those that are business-minded, and are trying to make the best out of a not so great situation, what are the steps and precautions you need to take during this outbreak?
Now, more than ever, the businesses that opted not to continue their operations online, are the ones currently suffering the most, however, it’s never too late to migrate into the year 2020, even if some of us would rather go back to 2019.
Thankfully, our little island in the sun has been working extra hard to ensure the safety of its residents, as we face this pandemic, we have to bond together and become one team against the virus that is endangering our public health and safety, so, in turn, how can startups, small businesses, and that cute little corner shop that sells art play a role?
How the Kingdom of Bahrain is supporting its home-grown businesses
Bahrain has been continuously commended for their efforts when it comes to controlling the health, and socioeconomic side effects that are the result of the current ongoing pandemic is doing its part, with initiatives that include labor fund Tamkeen, and their programs that aim to aid the institutions currently being affected by the coronavirus outbreak , the postponement of loan repayments, and urging consumers to buy local, all in order to ensure the safety and well-being of their residents, as well as the booming ecosystem of startups and small-to-medium businesses, and while that may ease your anxiety in regards to the situation, the effect of this virus has been detrimental in terms of both the mental wellbeing of entrepreneurs as well as their income, going online is no longer an option, it’s a way of life.
Digitalization and an online presence
Having an online presence alone is no longer enough, as you need to be able to operate, sell, retain and garner a larger audience, even in times of crisis. Now, we don’t expect people to capitalize on the misfortunes of others or go ahead and buy all of the sanitizers available in a 50 kilometer radius and price gouge them, however, ensuring that your business survives during times like these is vital.
Setting up a fully encompassing online shop as an extension to your business may not be the easiest task to do right now, especially if you are yet to test out how receptive the market may be to the products or services you offer.
Fear not, there is always a loophole! When there’s a will to sell, survive, and thrive during these hard times, there’s most definitely more than a few ways.
For instance, a solution could be accessing e-commerce platform, Homiez, not only to ensure that you have your necessities (and luxuries!) during this period, however, as a business with limited time to transfer their sales operations online, setting up as a vendor within a Bahrain-based e-commerce platform that is already a hub for more than 150 stores could be an option. Not only would most of the process be done online, but businesses can also set up their virtual storefront within a period of 48 hours!
Develop and retain a positive outlook and solution-based thinking
The main difference between being able to survive and thriving doesn’t just lie in how hard you work, it includes whether or not you run your business in a smart manner, how you deal with situations such as these can either elevate the status of your organization or, have you become as obsolete as a floppy disk in 2020. Purely a relic of the past.
It’s not just about thinking outside of the box, its also about diversifying your sources of revenue, expanding your reach and maximizing the impact your business has online, don’t let another pandemic get in the way, let this be a lesson on how to improve how your business functions, rather than an unfortunate series of circumstances that hold you back.
Stop thinking about “missed opportunities” and focus on the now
While It shouldn’t have taken a global emergency to get you up and running in order to keep up with the times, but things happen, and instead of mourning the past, or living in fear of the future, our advice for entrepreneurs is to focus on the now, enlighten the present with a solution-based mentality.
As we adjust how we go on to live our daily lives, our businesses need to be adjusted accordingly, both internally and in terms of how businesses connect to with their respective customer base and clients, nothing new right?
Whether it’s by adopting a remote-working policy, turning your weekly meetings into virtual ones, or better yet, summing it up in an email. In an era where shopping, cashless payments and a plethora of services can be conducted with a few clicks from the safety net of your own house, and are being promoted heavily as governments from all around the world try to control the spread of the disease while looking for innovative methods to combat it, startups and small businesses need to adapt to this situation to keep their businesses alive, even when most of the workforce is in quarantine.