We are all waiting for the updates regarding the lifting of enhanced community quarantine in Luzon. In case the President lifts the quarantine, some businesses will start opening again. People will begin to embrace the new normal. If you own a business and you are looking forward to operating again, do you think you are ready to open your business again? Are you ready to face the challenges that you are about to encounter? If you are looking for information to inspire you to start again, continue reading my blog!
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020
Some people will start again from scratch, including those employees who are on unpaid leaves during the lockdown. If they are included in your target market, expect that there will be slow growth in your sales. Your business will not be able to recover in a day. You have to wait for weeks or even months so you can recover the losses you incurred during the lockdown. As part of your business operation, it’s normal. You don’t have to make a big sale on the first day you resume your business after ECQ. Remember—slow growth is still progress.
Apart from the slow growth in sales, both customers and businesses will face the “new normal.” This means that not everyone will go back to the same production or consumption of goods. If there’s one thing that is improved, that’s surely the ability of businesses to offer free and paid deliveries to customers. When you resume your business, expect that there is a lesser number of customers who will visit your store. Some will criticize how safe your store is from coronavirus. Some will prefer to order online. You will see a lot of new ways of how customers will adjust and you should embrace the change as a business owner.
To make sure that your business can operate well after the ECQ, your supplies should last for weeks or a couple of months. This is so you can prepare in case another ECQ will be implemented. Monitor your inventories and ensure that you can sell them timely. Contact your suppliers and ask if there will be challenges when you order in the future. Use this chance to communicate with people keeping your supply chain.