The global pandemic has rocked the world, and unfortunately, businesses have taken quite a brutal hit from this. According to experts, the tide is far from settling, and companies need to get ready for rocky times even after the pandemic is over. Having adjusted and adapted to entrepreneurship amidst the pandemic, Garrett Roberts shares some helpful tips that businesses could employ to keep their heads above water.
Garrett Roberts is an entrepreneur who is very passionate about financial literacy. He has many businesses in the digital space and helps other entrepreneurs launch and establish their ventures. Garrett is also one half of the “Da Rich Family,” a YouTube duo where he is known as “Richoffthenet.” Their YouTube channel mainly focuses on financial education and vlogs.
Garrett Roberts has worked extremely hard to pull his businesses up and succeed amidst the pandemic.
Adapt to current market trends
According to Garrett Roberts, even though the market trends are difficult to understand and predict, you should find a way to use them to your advantage. Take some time to study the trends, understand the landscape, and adapt accordingly. Roberts explains that there are so many possibilities that companies have not explored – maybe you can reposition your brand, or your brand might work better than you thought by going remote.
Keep an eye on your competitors
What have your competitors been doing amidst the pandemic? Can you learn anything from their steps? Garrett says that the key to success is doing things differently. Though some businesses have been hit harder than others, there are pacesetters in each industry, and there’s a lot you can borrow from these competitors. Roberts encourages entrepreneurs to look at the strategies these businesses apply and tweak them to suit their needs.
Make use of technological advancements
Being in the digital space, Garrett Roberts knows the value of leveraging technology to grow your business. The need for specialized digital skillsets has accelerated since the pandemic hit, and you can align your business with today’s technologies and platforms to succeed.
Keep an open mind
Yes, the world is scary right now, but Garrett Roberts says that it will get better. Therefore, you should approach your problems with an open mind and try to find a way around them to keep your business running and growing. Keeping a positive mindset will help you find solutions more easily.
Analyze your burn-rate
The times call for businesses to go bare-bones, and Garrett Roberts recommends taking a look at where your business is spending money and considering where you can cut back or divert those funds. As a business owner, you need to run the business as lean as possible and strategize ways to continue making money. Focus your money on growing and cut out excess expenses like office space, the size of your company, marketing costs, and the like.
Garrett Roberts has built a financial education platform, and through them, helped countless people from all parts of the world start their online businesses. Though we’re in the middle of a global pandemic, Garrett urges entrepreneurs to think big, retreat, strategize, and keep their momentum going to succeed during these challenging times.