SPONSORED POST
The last 12 months have been challenging for businesses and entrepreneurs throughout Essex. This time last year, the word “pandemic” was something we were not so familiar with, but today it has changed almost everything we do. Many found it hard to survive over the last year and across the UK, more than 6 million businesses said they were unsure how they would continue. Recent estimates suggest that unemployment could rise to 2.6 million by June. Those of you that have adapted and are still going strong deserve a pat on the back. But how to keep up the momentum?
The importance of budgeting
Creating a realistic budget and sticking to it is an essential part of the business. But revising your usual budget processes during a time of pandemic is important. You need to look at things differently, reduce spending, keep money in savings, and invest in things that will help you succeed. For example, alternative marketing and advertising, delivery services, apps, etc
Investments in financial markets
2020 was a very tumultuous year for the world’s financial markets. This leads to significant price drops and increases, often in very short times. This volatility was actually good news for traders as it meant more opportunities for them to capitalize on market uncertainty. The last year saw a big increase in the number of amateur traders getting involved with stock trading UK. Following the markets and participating in trading also taught many business owners about how the economy works, improving financial literacy.
Focus on the local area
The pandemic really brought people back to a local level. As many were stuck at home and smaller businesses faced uphill struggles, a somewhat unofficial campaign started to encourage people to support local businesses. Instead of shopping at big national or international brands, shoppers tried to funnel their spending into local alternatives. Of course, this required that businesses step up their service and flexibility to meet demand. The last 12 months really saw an increase in interest in entrepreneurs and family-owned businesses, something that was great news for Essex’s thousands of small to medium enterprises.
Quick adaptation
Those that adapted, remained ahead; those that failed to, ended up closed. The Essex local council announced a grant last year that would help local businesses adapt their operations to the pandemic. The money was designed to help enable them to carry out their work safely and to navigate the uncertainty of the near future. Other funds also became available for businesses that were struggling to make ends meet. But, above all, companies had to understand how to adapt their offerings to suit the new reality. This included changing marketing techniques, focussing on delivery options, and upgrading online offerings.
The next few months will be sink or swim for many businesses. Those that can adapt, be flexible, and proactive in their approaches will succeed; those that cannot, will find it difficult to continue. As consumers have less money to spend, they will make smarter choices with their purchases, looking to local businesses before big nationals. This means that, as entrepreneurs, we need to learn from our lessons and move forward with strategies that work in this ever-changing environment.
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