Is It a Good Idea to Expand Your Business During a Pandemic?
The prospect of looking to expand your business during a pandemic may sound absurd to most people, and expanding a business under the same conditions sounds even more absurd amid the economic collapse, business closures, and overbearing uncertainty. Surprisingly enough however, many experts actually recommend expanding your business during a pandemic.
Here are some key reasons for keeping business expansion in mind during this time:
As strange as it may sound, an economic crisis actually increases opportunity. When new problems arise, so does a need for new solutions. The trick here is to be able to create, perfect, and market these solutions in innovative ways. If your solution proves to be effective, and the need for the solution is higher than what your business is capable of providing, expanding your business may be the right call.
Economic recessions also mean that many businesses are forced to close. Even when businesses close, the demand for the goods and services doesn’t cease, leading to a gap that needs to be filled. With less competition on the market, it’s going to be much easier to gain revenue and secure loyal customers.
More Resources Are Available
Another factor that makes economic recessions a good time to expand is that there are now more resources available from businesses that need to sell off their equipment or lay off employees. This is usually a good time to buy equipment at a significantly lower price, along with hiring skilled workers who are seeking employment.
However, before expanding, it’s important to ensure that you have the resources that are necessary to support such a significant change. Make sure that you have sufficient finances. It’s also important to place an emphasis on managing your people well. Companies like GNA Partners provide a wide array of HR solutions for businesses that need to organize and deploy rapidly, as is the case with a rapid business expansion.
We have to recognize that even when our business is successful, we need to partner up with someone who can help us navigate through the expansion. This could mean partnering up with a local courier in the area you plan to expand to, or working with other businesses to augment each other’s strengths and complement each other’s weaknesses. After all, a crisis is not a time to take advantage of one another, but rather a chance to build something together to help society.
If you’re still on the fence about whether or not to expand your business during a pandemic, know that many industry giants were created from recessions, and many others expanded because of recessions. It’s all a matter of being able to identify a problem and providing a solution to that problem. And also being able to navigate the times with creativity and a solution-mindset that looks for the unique angles of needs and ways to accomplish it that others are missing.
So evaluate your business, the market, and ways you can adjust or pivot to make your way forward.