It has been nearly 8 months since the novel coronavirus outbreak began in Wuhan, China, and much of the world is still plagued with catastrophe. At the time of this writing, there have been 19M+ reported cases worldwide. Some countries, such as Germany, are divided on whether or not to restrict social gatherings, and citizens are protesting whilst avoiding social distancing guidelines. Unemployment continues to be a problem, with the U.S. being particularly hit hard with an unemployment rate of ~11.1%. And nearly every week we hear of our favorite restaurants and shops being forced out of business due to lack of cash flow.
Disasters will always occur periodically, whether it be public health issues or stock market crashes. You as an entrepreneur need to be aware of this fact, be able to brace yourself, and pivot when the time is right. So what does this mean for you and your startup or small business during the pandemic? The virus will continue spreading even under the best of social distancing and hygiene practices until we have a vaccine, so don’t complain about it. Pivot your ship and do what you need to do to ride out the pandemic. The silver lining here is that smaller organizations are more lean and can pivot more easily than larger corporations can.
New Situations Call for New Market Demands
The most obvious solution to new changes in the business world is to capitalize on how your business can deliver a good or service to customers to meet new market demands.
When music festivals and concerts that were scheduled for 2020 got canceled, event organizers began to stream events (live and pre-recorded) on Twitch, YouTube, and other streaming platforms. Some restaurants began selling ingredients directly to customers and shifted towards deliverable meals (even if they previously did not offer takeaway) and shorter, more manageable menus. Instagram, owned by Facebook, introduced Reels to compete with TikTok and entice the attention of millions of users.
How to Ensure You Can Meet Market Demands
It is possible to stay afloat in these times, though your business would have to be aligned with the trends that come with pandemic, including remote work, shorter supply chains, and technologic platforms, and continue to be profitable and trustworthy even after the pandemic ceases. Video conferencing is now the norm for business meetings and remote learning, and other important services (such as delivery) need to be available online or on mobile to be useful for consumers. Content creators have formulated online videos and tutorials for their viewers, even those who traditionally worked directly in-person with their customers (such as fitness instructors).
How Aquifer Market Services Can Help You During the Pandemic
One advantage we have is we are a virtual CFO; we can operate your business’ day-to-day financial and accounting operations remotely at a lower cost to you than hiring a full-time finance team. We are here to help you ensure that your business will be financially viable throughout the pandemic and beyond. We are always seeking to help more businesses; click here to schedule your free consultation with a financial professional.
We’re your next CFO. You need more than a bookkeeper and less than a full-time CFO. Accounting firms or bookkeepers simply do your yearly tax return but who can help you with the day-to-day accounting & finance complexities that every small business faces? We’re the tenacious partner who will work closely with you to create a strategic path forward. A path that positions your startup for optimum performance, prolonged growth, and limited risks.
According to this article by The Fintech Times, 41% of businesses plan to scrap their banking providers due to slow support during COVID-19. If your business is having trouble with liquidity or managing banking relationships, visit us today at www.aquifercfo.com. Our track record speaks for itself. We’ve successfully raised over $65 million in VC funding and have 15+ years of finance experience under our belt. Our services include financial modelling, data analytics, capital fundraising, transaction advisory, and accounting system setup.
Still not convinced? Ask yourself this:
- Is your financial system set up and organized?
- Do you know your company’s outlook in 3–5 years?
- Are you aware of key factors that impact your financials?
- Are you prepared for tough questions from VCs?
Focus on generating revenue. Leave the rest to us. Contact us today for a free consultation.
Until next time,
Rich Zhou, CEO