COVID-19 has affected businesses greatly, with some going bankrupt and others struggling. People that had planned to establish a business were forced to shelve the idea until later.
But what if I told you there was a way around the groom?
The basic foundation of innovation is problem-solving, no matter the economic condition. Of course, every society will always have a need, in the form of goods and services, and this is what drives businesses.
It is often the uniqueness of an idea, tested through market research, that wins the customers. But the uniqueness and the ability to offer value better than anyone else is not sufficient by itself, given the current market conditions.
The business must also cater to the ‘new normal.’
Customers are slowly adjusting to the new way of doing things such as shopping online and interacting over a network. Leverage on the budding shopping patterns, and with the right guidance, you can ride the current market storm and come out on top.
Financing and Guidance for Your Business
In times of economic downturn, startups can weather the situation through agility and flexibility. Giant corporations or more established businesses may not have the same advantage, but what can they do?
Well, your business can cut costs and undercut competitors, much like companies such as Tesla and Facebook did years ago. Most people are looking to make savings, and you must use this to your advantage.
The Founder Institute may help those looking for financing for their Silicon Valley business. Through a four-month core program, the organization provides high potential teams and entrepreneurs with a structured growth process and devoted support network.
Contact JOHO Marketing if you need more help with strategic marketing and customized tips on maintaining a competitive advantage.