In the post-pandemic economy, small business leaders will need new strategies for success

In the post-pandemic economy, small business leaders will need new strategies for success



New normal.

This is a phrase we have been hearing for more than a year. It usually refers to how we must adapt and adapt to changing security protocols, shopping habits, work and school environments, etc. as we spend our daily lives in a pandemic.

New normal It also applies to small business leaders as they adjust their operating models to meet changing customer needs and safety regulations.In fact, in the fall of 2020 WSFS Bank Investigation It is found that most companies (88%) have changed their operations in response to the pandemic, and almost all companies (89%) are likely to retain the new operating model.

But for many small businesses, the new normal will be even more.

Business leaders will be in a New economy This will bring opportunities and challenges. Some business owners may not want to advance and choose to develop an exit strategy, while others will continue to open new paths for their businesses.

In any case, it needs to be changed. Here is how you can start planning for the future of your business in the new economy.

Have an entrepreneurial mindset

Although this is not the time to fully return to the drawing board and disrupt the way you run your business, look at all aspects of your business as you did when you first started.

It’s time to discuss how you provide products and services, what products you provide, how you interact with customers in the long term, and how

Leverage supplier, bank, and other relationships

Coming out of the pandemic and preparing for continued success.

This is a good time to showcase your entrepreneurial power.

Diversify your business

Even if we emerge from the pandemic, the new habits and new ways of our daily and professional lives will continue to exist.

As a small business owner, you need to pay attention to and adapt to customer behavior. More than half (54%) of the companies surveyed by WSFS stated that they experienced growth during the pandemic, and four-tenths (42%) of the companies indicated that “focusing on my customers” was the main driver.

Consumers and B2B customers are now accustomed to interacting with your business in new ways and buying your products and services; these habits may continue to some extent into the future.

Find new sources of income for your business. During the pandemic, did you achieve great success in expanding your business through social media? Hold seminars for other small business leaders to help them learn the know-how and generate potential customers, potential cooperation opportunities or new customers.

Collaborate within your community

Even if your business can survive or thrive during the pandemic, other businesses and industries will not be so lucky.

It’s time to use what you’ve learned to help other businesses, to help those who stayed as you innovate and create new ways of operating, develop relationships, and strengthen your role in the community and industry.

A good way to do this is to partner with other local small businesses to provide customers with packages with unique products. Use themes for packages that attract consumers, such as holiday packages and seasonal products.

In the long run, everyone will become stronger as a result. You can help lead the way.

Using these methods and other methods specific to your business, develop a strong strategic plan now so that you can build upon the pandemic of new consumer spending habits, continued use of technology platforms, and visionary small business operating methods Prepare the economy and source of income.

About Candice Caruso

Candice Caruso
He is the Senior Vice President and Director of Government Guaranteed Loans of WSFS Bank. She has more than 20 years of experience in the financial services industry, including 12 years of experience as a commercial financing expert, and has published special reports on Bloomberg Radio, CNBC’s Closing Clock, Wall Street Journal and Franchise World.


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