Reinvent your business during the crisis

The last ten months for Chilean companies have been very hard, first due to the social outbreak in October and then the pandemic. How to keep them afloat in these circumstances? Reinvent your business during the crisis and find new opportunities. Follow these recommendations from Hispanic Entrepreneurs.

Accelerated changes

As a result of the events that have taken place in Chile and the world, consumers are no longer the same. Their priorities and way of consumption have changed.

Faced with this reality, companies must also make adjustments to survive the crisis. It is necessary to adapt to the new circumstances or, sooner or later, they will close their doors.

Market analysis must be continuous because consumption will continue to change, just as it has in recent months. That also means there will be new business opportunities that businesses large and small can take advantage of.

In Chile, where more than 98% of companies are SMEs, adapting to new circumstances is vital. The quarantine has forced changes and many have discovered new niches over the course of it.

Adjustments within organizations allow them to stay active. At the same time they contribute to cushioning the effect on the development of the country that has also been hit.

Reinvent your business during the crisis

Starting over is not an easy task and involves keeping a close eye on new job opportunities. But the important thing is that there are and, thanks to this, many companies have managed to stay afloat.

In the same way, people who have lost their jobs can improve their family finances thanks to these opportunities.

Changes, although at first they seem complicated, can give you a lot of satisfaction. For example, increase sales to levels that you have not achieved before or find new niches in which to offer your product or service.

In today's circumstances making adjustments is a must. There are many ways to reinvent a company during the pandemic and here is a list of the actions that you can apply.

Migrate to e-commerce

There are companies that have a website only for support, many did not even have one before the pandemic began. If you are in either of these two categories, you should know that this is the time to start selling online.

With the quarantine, most of the physical stores closed. So only those that sell basic necessities remained open. This forced the rest to find a way to survive the crisis.

Going from the physical store to selling online is the most natural decision. So your business remains active and you even enjoy advantages that you did not have before. For example, expanding the geographic scope where your clientele is or staying open 24/7. In addition, with a quality service and adequate digital marketing strategies you can attract customers to repeat the purchase.

Adjust to the market with the same resources you have

If you were forced to close your company, it is likely that the raw material you use or even finished products has been left in stock.

There is no need for you to lose what you have in stock if it is possible to use it in another way.

Study the market needs and analyze how you can use what you already have to satisfy them. You will be surprised by the opportunities for change that you will discover. And, by making the adjustments well, you will also get a expansion of your business which you had not thought about before.

Teach others

Your startup can become a channel to help others start their business.

If you had to paralyze your activities or stay at home, take advantage of technology and offer some of your talent to others. You can do it through online courses. There are simple platforms to use where you can get started in this work.

An advantage of this is that you will start generating passive income. That is, after you publish the course, it will remain available for those interested to do so.

In this sense, you can also offer advice and talks through social networks for your clients. This will help your business gain recognition.

What can I do in Chile?

In the middle of the year the V Survey of Micro-entrepreneurship that spoke of the best types of entrepreneurship in Chile.

The gastronomic and tourist ones headed the list. A few months later, these are the sectors hardest hit by the crisis. Although this does not mean that you should discard them entirely.

In the gastronomic you can offer food at home. On the other hand, if you have a hotel or inn that remains closed, you could also consider the services of the restaurant at home. Something that should be clear is that you should already be organizing hygiene and disinfection plans for the spaces by the time you reactivate operations.

There are other sectors in which the current situation has had a positive impact. Among these we find the supplies and grocery stores, since they are in high demand and are of first necessity.

Hygiene and personal care items have also gained relevance, even before the pandemic. So beauty products, spa services, hairdressers and gyms would be more in demand.

With all the time people spend at home, they need more entertainment and leisure options. For this, online games and applications are an investment alternative.

Likewise, technological services to facilitate work and education from home are essential at this time.

These are some startup options you can consider. But if you already have a company, reinvent your business during the crisis and keep it going.