WASHINGTON — In today's world, even the weather can affect a business’s bottom line. So it's fair to assume social distancing requirements will come with their own set of challenges for business owners.
Experts say entrepreneurs need to rethink their business plan and be willing to think outside the box in order to make a profit post-pandemic.
“If you go to a pre-pandemic world, 80% of the traffic was already shifting from this laptop to this device,” Dave Jakubowski said, as he held up his cell phone. "Social distancing is driving more people to their devices. So, if you, as a business, don't get literate in the language of this phone, you're going to be at a disadvantage."
Jakubowski is the CEO and co-founder of Ureeka, an online platform offering small businesses free workshops, mentorship and peer advice until 2021.
“Many of those peers are in a phase one step ahead of you," he said. "They've already been where you're likely to go."
Here’s what Jakubowski said businesses can do to survive beyond reopening:
- Look at the numbers. How many customers do you need to get yourself to first break-even and then to get cash flow? What are the numbers that you need to keep your business sustainable?
- Consider how social distancing affects your business
- Expand ways to engage with customers online
"The underpinning of that whole thing is that you have to become a creative financier," Jakubowski said. "That means becoming a good negotiator, talking to your vendors, talking to your landlord, working out a payment plan."
Jakubowski said entrepreneurs need a plan B and C and will likely have to experiment to figure their path forward.
