The whole world is reeling from the impact of the pandemic. The Philippines, alone, has over 2 million confirmed cases with more than thirty thousand deaths. Millions go hungry because of the job loss brought about by the lockdown mandate.
Recent news brings us glad tiding. Last August 10, Reuters published an update about the Philippine economy. The article states that we are steadily beating the Covid-19 economic slump. As an entrepreneur, you should capitalize on this. The question is how.
You may already have taken the easy part of your company’s recovery process. But you still have several things to do. You also have to take tough calls. One difficult decision is how to wisely spend the money that you have borrowed from the bank.
Before anything else, you must map out every move that you make. It will ensure that you will not go beyond your budget. This step will help you identify possible risks. Thus, you can plan on the measures that you will take to lessen their negative impact.
Carrying out a feasibility study can help you in this planning stage. It seems an unnecessary expense, especially since you are on a tight budget. Is there a way around it? Please take note that market research can help you see the pulse of the people.
If a renowned consultant conducts the study, you might even take her findings to a bank. They can finance your business based on the expert’s favorable recommendation. What are a few thousand Pesos compared to the millions that the bank can loan you? If you still think that you cannot afford a full-scale feasibility study, you can try an incidence check from Dynata.
An incidence check will only cost a fraction of a full-scale feasibility study. But the company will not give an analysis of the survey. They will only deliver the raw data that they have gathered during the sampling. Another disadvantage is that you will create the questionnaire yourself. It may not lead to productive answers.
Once you have the results of the full-scale feasibility study or the simple incidence check, you can proceed with the investment. Carrying out your plans will be easier if you have the right tools with you. For example, you are debating whether you should purchase a commercial truck.
If you will purchase one, would you be able to save money? Or is it more sensible to hire a third-party logistics company to take the goods to your client? If you handle several transactions involving a bulk purchase, it might be more prudent to scout for cheap deals from reliable commercial truck dealers.
Your team can immediately deliver the merchandise. Although you have to worry about the fuel consumption and the maintenance cost, these expenses can be part of your deductibles. The truck itself will become an asset. It is a win-win situation.
You might want to check good software support. Investing in one will make operations run smoothly. It will also prevent any staff frustration. Let us say that you currently use Microsoft Excel to categorize your client list.
In this situation, your team can use the find function to look up any client. Microsoft excel already allows online collaboration, so your field team can access whatever the headquarters input. You may create a separate tab for each customer. The problem with this scenario is that it will take time to find the client’s information.
Investing in a CRM will solve this problem. Your team can efficiently locate client information and their past purchases. Thus, your staff can competently process repeat orders.
Yes, you can rely on your previous clientele. But your company will do better if you tap into a new market. The question is how you can find new customers. An SEO company can solve this dilemma.
Their services can draw new corporate clients and end-user customers. Most of them offer packages that include website creation and accompanying articles that will boost your online presence. Again, you might be skeptical about engaging in their aid. After all, you have to think about your budget.
You might be tempted to hire a graphic designer to create the website for you. But this is not a wise move because the result may not draw in crowds. On the other hand, if you ask for professional help, you are guaranteed that your website will gather traffic. These pedestrian readers may eventually become paying buyers.
Experts have a dim view of the global economy. Their grim forecast is exactly the reason why you should carefully plan out the future of your company. A well-laid strategy can help your business survive the financial downpour. The blueprint can even aid in its expansion.