4 Entrepreneurial Investments Worth Making in The New Normal
Entrepreneurs need to solidify their financial future, after suffering from the economic crisis caused by the COVID-19 pandemic. A study on entrepreneurship performance during the pandemic revealed that most small- and medium-sized enterprises encountered severe liquidity shortages as their revenues quickly decreased. Unfortunately, 86% of small businesses need to immediately cut down expenses or look for extra funding, even if they experienced revenue loss for just two months.
Economic crises come unexpectedly, which is why entrepreneurs need to make wise investments that can safeguard their future. As we enter the new normal, here are the following entrepreneurial investments that can make you more resilient:
Improve your skills as a business leader
Business trends have changed during the pandemic. This has led to Greg Whitwell, chair of the Global Alliance in Management Education (CEMS), to say that business leaders are in a unique educational position: “We have been presented with a rare opportunity to redefine our business-as-usual approach. What has emerged from this crisis is the transformative effect of open and empathetic leadership.”
You can redefine your business-as-usual approach in a number of ways. Today there are plenty of short courses available online that require only a little time and financial investment. You can find professional advice from top business leaders on platforms like Udemy and edX. With the new normal giving many in business more time, you can go further and master core and new business skills by investing in an online business administration degree. These 100% online degrees will cultivate your knowledge in management, finance, law, marketing, and operations through a digital setting, allowing you to upskill and work at the same time if necessary. Not only will you learn new and relevant skills but you will gain a qualification that will make you a specialist in the business landscape.
Equip your business with new technology
After working on your own upskilling, you need to invest in your own business by equipping it with new technology. Innovative tools can help improve your business processes and make it more efficient, especially during this era of digitalization. Our article on the top label printing innovations for 2022 highlighted that electronic products, like digital label printing, will become more popular due to the growth of e-commerce. You can even create these using automated label design software solutions, which can help you coordinate with couriers, monitor the production process, and manage payments through cloud platforms. By investing in automated solutions, you can streamline your business processes and align it with new digital business trends.
Build your business brand through publicity
Once you’ve improved your business skills and your company’s processes, it’s time to establish your brand’s digital presence through social media. Investing in your business brand is important because it forms the image and reputation of your company in the minds of your target consumers. After all, consumers will gain interest in your business and support its growth if your brand is visible and aligned with them. So if you want to build your business brand, you can start by investing in the growth of your businesses’ social media channels. You can accomplish this by purchasing software programs that are vital to creating social media content and campaigns. Of course, you also need to work with social media managers who can generate content and engage with your audience through various platforms.
Invest in other promising companies
You can also grow your own wealth by investing in the stocks of other companies. Once you’ve set aside a significant amount of profit from your own business, you can support emerging startups by investing in their company. Your investment in small businesses can help new entrepreneurs further expand their startup to the point that they can account for operating costs, salaries, and more. Your contribution to the growth of these small businesses will then be rewarded once they declare dividends from their profits. Aside from growing your wealth, this investment can provide you with an opportunity to network with fellow entrepreneurs and investors. This networking opportunity will help you establish your company brand and widen your partnerships.
The COVID-19 pandemic has changed the world of business, so you need to make sure that you can keep up as the world emerges into the new normal. You can grow your business and make it more relevant during this time by investing in your business skills, equipping your company with new technology, building your business brand on digital channels, and making business investments.
Submitted by Isabelle Dean for allprintheads.com