We have been seeing many entrepreneurs scaling their businesses during the pandemic. Their erratic decision-making has only made them regret because the pandemic has opened up many opportunities to grow as well.
In this blog post, we are going to address the reasons why scaling down a business is not a great idea during COVID-19 pandemic. Let’s get started!
5 Reasons Why Every Entrepreneur Regrets Scaling Down Due to Coronavirus
Here are the reasons why you should not have scaled your business down during the coronavirus pandemic.
Online Businesses Are Thriving
Businesses are going online to ensure the customers can find them even during the pandemic. With the help of a well-built website, businesses are able to keep their services open 24/7. They can order online and get their stuff delivered at their doorstep. The no-contact delivery also helps. Thus, scaling down the business is just not the right alternative.
Working From Home is Effective
Since businesses are able to keep their revenue intact during the pandemic, there’s no need to lay your employees off. Instead, you can make them work from home by taking the advantage of technology. This is important because post coronavirus, the supply and demand chain will normalize and you will be forced to hire complete strangers.
Pivoting The Business Model Works
Rethinking your marketing strategy can help you sell your products and services during the pandemic. All you could do was re-model the product and services to make their usage apt during the pandemic. You could have figured out ways to show that you care about your customers and how you are changing your products to ensure the customers are safe during the pandemic.
Government Has Put Partial Lockdown
In most parts of the world, the governments have lifted the complete lockdowns. Instead, they have forced partial lockdown and people are allowed to go out and shop. If you have scaled down thinking that the lockdown is going to last for a long time, well, you were dead wrong.
Surge in Purchases Post Lockdown
As we mentioned earlier, the purchases are going to normalize or even grow post coronavirus since people will be looking to make more and more purchases and stock the essentials in case further lockdowns are announced. So, while you have scaled down your business now, you will feel the heat post-coronavirus.
One of the most common reasons why entrepreneurs have scaled their businesses down is because they lack the ability to stay calm during a crisis. While the pandemic has slowed things down at present, the opportunities it is creating are only going to blow up post-lockdown. What do you think is the right business strategy during the pandemic? Share your opinions in the comments section. We’d love to hear from you!