Sit back or push ahead? With the pandemic continuing to wreak havoc on our economy, many industries are suffering terrible losses. While this kind of pandemic hasn’t affected the world in most of our lifetimes, we’ve still been through some bad economic times recently. Just because times are tough doesn’t mean there aren’t opportunities for entrepreneurs. Even though it may sound counterintuitive, some venture capital funds are still out there funding companies. So, if your business has weathered the storm that is 2020 so far, the natural question is:
Should I sit back and ride this out or should I push ahead for growth?
Many of my clients suffered a harrowing spring, but have come through the worst of it (we all hope). Rather than wait for another government stimulus package, some of them are choosing to push ahead with expansion and growth. They recognize that there are still opportunities out there for them. This week, Knowledge@Wharton had an article discussing just this topic, Should Entrepreneurs Wait Out the Pandemic or Forge Ahead?
There’s Money Out There
According to Kathryn Stewart, the founder and managing director of Cranbrook Capital, some of her companies “have had the best weeks and months they’ve ever had.” She says that “about $314 billion in early-stage VC funding is currently available” and the deals are providing decent value for investors.
Business Partnerships
One tool that is available to businesses is a business partnership. Although the demand for your particular product or service may be waning, there can be opportunities to partner up with other businesses that need the infrastructure to grow. The Wharton article points to companies leasing out unused portions of their warehouses. Or in Utah, companies working with the government to convert their factories into mask-making facilities.
Delays in Payment
Even before the pandemic, it was all too common that businesses weren’t getting paid on time. Many of my clients, even in the best of times, had invoices that went unpaid for far too long. With the effect of the pandemic on the economy, it can be disastrous if one of your suppliers or customers in your chain is unable to make payments. Do you have contingency plans in case that happens? Is there somewhere else you can turn to for the products you need?
So Where Is Your Business Going?
How are things with your business? Have you found ways to survive in this pandemic? Is it time to take that next step and rebuild and grow your business? We’re only halfway through 2020, there’s still more than five months left to see what you can do to turn this year around and push ahead.
You May Also Like
- Business Reopenings: Hiring Employees Or Independent Contractors?
- Re-Engineer Your Company For A Safe Return To Work
- Plans To Help You Keep Your Company Afloat
Next Steps
If you or your business are looking for ways to grow in this pandemic economy, give me a call and we can schedule a Legal Strategy Session to discuss some strategies to ensure you’ve got what you need to take those next steps – (877) AMAYERS.
