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Business After COVID: How Companies Should Brace For It

Photo by Yaroslav Danylchenko from Pexels

Right now, COVID-19 has had a big impact on just about every aspect of American life. A massive portion of Americans are working from home and getting accustomed to video meetings and new workspaces. Newer methods of shopping — like contactless and curbside pickup, mobile payment, and delivery services — have all quickly become normal options. And while in-person sales are down, online sales are up significantly. 

Average income is down for almost everybody and demand has quickly shifted. Luxury purchases — with a few exceptions, like skincare, hair care and makeup products — are down, and demand for food items and household goods are way, way up.

These changes are not expected to last forever, but it is likely that things will not ever return to business-as-usual. Instead, we are probably headed for a new normal — a future that is somewhere between the present and the world pre-COVID.

Here is how the crisis is likely to change the American economy, and how companies can prepare for business after the COVID-19 crisis.

Topics: Business Planning Business Trends

The Twelve Most Effective Business Models Explained with Coffee Metaphors (Infographic)

If you have a great business idea, selecting a profitable business model is essential to future success. Your business model explains what product or service your company plans to sell and it outline your company’s blueprint for making profit. Business models also identify how you will market your product or service, how much it will cost to run your business, and much more.

A majority of business startups fail in the first four years – in fact, of all the small businesses started in 2011, only 4% made it into the second year – so it’s important that you pick the business model that sets your company up for success.

How to Pick a Business Model

When you are selecting a business model, keep in mind that the best model allows you to fulfill customer and client needs at a reasonable cost, while still aligning with your core company values and objectives.

Here are 3 good questions to ask yourself in the planning stages:

  1. Value: Have you thought of a unique value proposition that makes your product or service valuable? How are you different from your competitors?

  2. Target Market: Who will you be marketing your product or service to? Are there enough people in this market to sustain your business and do they have a need for this?

  3. Costs: How much will your product or service cost to create? Does it have the chance to be profitable? Can it be scalable?

These are questions you should ask yourself in the early stages of writing your business plan. You don’t want to waste your time writing up a plan only to discover later that profitability is not an option.

Topics: Start a Business Business Planning

“Get Rich Quick” by Selling Information

“Anyone can do it” – is probably true. “Anyone” can be a great success selling MLM products, while singing on American Idol, be a bestselling author, or be successful after being rejected on Shark Tank.

Is it possible to get 1,000,000 purchases of a product?  Possibly, but the list of considerations below have to line up perfectly and good karma will be needed.

The get rich quick plan to sell 1,000,000 may require:

20,000,000 views at 5% conversion = 1,000,000 purchases
  or
10,000,000 views at 10% conversion = 1,000,000 purchases

Topics: Business Success Business Planning

10 Apps and Tools for Entrepreneurs to Write a Winning Business Plan

You are highly motivated; you hear others say ‘you are a genius, and you just had a million-dollar idea. Even with a genius idea for a new business, you know the importance of getting your idea down in a well thought out plan. It is no secret that a majority of business startups fail in the first four years.

Topics: Start a Business Startup Business Planning Entrepreneurship

Do this Entrepreneur Savvy Test BEFORE you start a business

Are you thinking that it would be great to work for yourself?  As an entrepreneur, do you feel that you may have more choices and the opportunity to "get rich"? How many times have you looked in the mirror and said: “It’s time to say goodbye to the boss”?

While you may have a great talent and/or the idea of the century, there is more to being successful as an entrepreneur. There is a mindset, some call it a personality, and I would call it Entrepreneurial Savvy.

Most entrepreneurs have good energy, are persistent and no doubt create resources where there seem to be none available. Creative problem solving is included in their arsenal along with the ability to make decisions. I often refer to them as being “M.A.D.” (M.A.D. = Making A Decision).  Many times you will see entrepreneurs who have a great ability to motivate, persuade and inspire others, which are all aspects of a good leader.

Topics: Start a Business Startup Leadership Business Planning Entrepreneurship Test Assessment

5 Essentials to Business Success

To execute your business success plan more effectively, here are (5) five essentials to ensure a long term healthy and prosperous business and answer the question:  "How Can You Improve Business in the Next 12 Months?"

Topics: Business Success Leadership Business Planning Business Success Tips

When is the Best Time to Sell Everything?

Turning a point of view upside down offers those in business new opportunities. The infographic below shows you when it is the best time to buy everything.  If this is true and people are following this mindset, think about how prepared you are.

Using research conducted by Lifehacker.com, the following infographic provides a general buying guide for 2013 which is sending entrepreneurs a signal for when to sell.

Topics: Marketing Plan Business Planning Ecommerce

10 Rules for a Great Startup Idea [infographic]

The best idea in the world has no value without execution.  Even so, perfect execution does not make up for a start up idea which is flawed.  

In the past, one of the favorite rules is "You have tried to kill your idea."  The best ideas from brilliant people often come have a one sided view.  The idea is amazing but without an understanding of either the market or the competitors... it is doomed to fail.   Being first to market can be critical.

Topics: Start a Business Startup Business Planning

Checklist to Start a Personal Revolt

On July 4th every year, fireworks inspire me to think about my own evolution, beliefs, business activities and even relationships.  Many of are pushed to the curb into a "stand-by mode" even though most are considered to be acceptable to good.

This has an impact on the calendar since less time is spent on activities which basically make me feel validated and boost my ego, but not best use of time.  The next step is to add activities to the schedule which seriously challenges my comfort level and skills.

In the article: 5 Essentials to Business Success, you will see: "Good enough today is not good enough tomorrow".  Humans moan resist change because few look forward to more studying, more trial & error and possibly more work.  

Topics: Profit Business Planning Business Success Tips Personal Development

The Shift is Happening Now - Gary Vaynerchuk video

the-shift-is-happening-now.jpg

If you are not yet inspired to change, evolve, adapt or think differently, then you may never be.  The world has already shifted and you are living in the middle of enormous change. (Though most change is unseen)  In the future you will look back and realize when it happened and how you missed it. 

... Or you can watch the video and listen to Gary Vaynerchuk share how and why to think differently about the world.  This relates to both business and personal and you will want to watch it until the end.

Topics: Social Media Marketing Business Planning

Small Businesses can Avoid Water Damaged Documents when the next Storm Hits

How much damage can a hurricane do in an area that rarely experiences them? A big storm can cause enough destruction to shut down operations for several days – if not permanently. You spend years building your business; what can unpreparedness cost your enterprise? By making a plan and taking steps to prevent water damage, you can spend less money on document restoration and bounce back before your competitors do.

Topics: Business Planning Risk Management Emergency Planning

Starting a Freelance Business – How to Take Care of Legal, Tax and Contractual Paperwork

If you are new to freelancing or thinking of becoming a freelancer, you’ll no doubt have lots of questions, especially about the legal and regulatory paperwork you need to obtain and manage throughout the business year.

Freelancing, particularly if you are unincorporated, is one of the least paperwork-intensive forms of business ownership. Nevertheless, you are still a business and you need to be sure you have the right licenses or permits, make estimated tax payments on time, report your earnings each year, and deal with client paperwork such as contracts, non-disclosure agreements, and more.

Topics: Taxes Government Business Planning Legal