In today's new normal, shifting strategy and leveraging technology are key to achieving a sustainable path to profitability
BY BOB HOUSE, PRESIDENT, BIZBUYSELL @BIZBUYSELL
The coronavirus pandemic will leave a lasting impression across the small business landscape. We're a long way away, it seems, from lunch buffets, self-serve yogurt and tester samples at the cosmetic counter, at least in their pre-pandemic form. We've shifted to a contact-free society where curbside pick-up and virtual office visits are the new norm.
For some business owners, this can mean either the threat of becoming obsolete or the opportunity of a lifetime. Yet, most fall somewhere in between, and have discovered they must pivot their business model, leverage technology and be creative to achieve a sustainable path to profitability.
The following are five ways small businesses can effectively pivot to a new strategy which preserves long-term resilience and growth:
Overall, small businesses must look ahead at how their pivots can further extend their capabilities, increase cash flow and profitability. The pandemic will someday be behind us, but many of the ways in which we do business are here to stay.
Inc. helps entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today. Subscribe here for unlimited access.
Read more from INC.