It’s no secret that many business sectors around the world are struggling to keep their heads above water during the coronavirus pandemic. From travel to hospitality and tourism to retail and manufacturing, many companies have seen considerable declines in revenues and slow in business growth,
And while companies consider how to balance profits with worker and customer safety, many are faced with the need to rethink not only how they operate, but what services or products they offer. Some have even needed to completely reinvent themselves to adjust to the new reality we’re all facing.
But there’s a surprising upside for businesses during a downturn. While times might be challenging, they also present a number of opportunities that, if done well, can result in business growth now and in years to come. Let’s take a look at three areas businesses should consider investing in that will help them not only weather the current storm but also succeed well beyond it.
Invest in Efficiencies
There’s really never a wrong time to find ways to make your business more efficient, but it’s absolutely essential to do during a financial downturn. Why? Because efficient businesses can essentially generate more profit for less effort. And when feeling an economic squeeze by outside factors, companies need to get as much value out of their processes as possible.
Today, automation technology is largely responsible for increasing business efficiency, which started long before the pandemic gripped the world. But automation isn’t the only way to look at streamlining business operations. It’s a good idea to look at your general business processes, supply chains, and really every aspect of your business to find areas that can be improved.
Invest in Equipment
With many businesses struggling, now is an excellent time to be looking for capital investments in equipment. Similar to the point above, upgrading equipment for some companies will increase efficiencies, or perhaps improve quality, or both. Or perhaps investing in some new equipment will also enable your business to expand its offerings, opening up new lines of revenue. What’s more, capital investments in equipment can also help to support the flagging economy. Indeed, you’ll possibly find better deals on equipment now than you might during more prosperous times, while also assisting other companies in overcoming their own financial challenges.
Invest in People
Processes and equipment are essential, but most businesses are nothing without their people. And having the right people working on your business is crucial in any type of economic condition. But hiring during a pandemic can be risky. Even though there are literally tens of millions of people currently out of work, their skills do not necessarily align with the skillsets needed for the post-COVID world.
That’s where hiring freelancers or remote workers can be a good investment for businesses looking to sustain growth during—and beyond—the pandemic. Not only are freelancers and remote workers often less expensive, but they come built-in with the skill sets your business needs today. And, while some working relationships with freelancers or remote workers might be temporary, you might end up finding someone who adds so much value to their position that you offer them a full-time, permanent job.
If you’re looking to invest in people for your business or improve business growth, look no further than Thanks. We have thousands of highly skilled freelancers and remote workers available for a wide variety of roles, including marketing, content writing, customer service, graphic design, and more. Simply sign up as an employer or contact us about our concierge service, where we do all the work of sourcing candidates for you.