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Why Your Business Idea from Six Months Ago Probably Needs an Adjustment – HindSight

Why Your Business Idea from Six Months Ago Probably Needs an Adjustment

Six months ago seems like an entire lifetime ago, right? Well, just like how the entire world was different six months ago, your business plan will look very different now. Here are some reasons why you’ll need to revamp your current business idea and how to turn it into something successful and worthwhile.

Cautious Lenders

Just like in any difficult economic times, lenders are being more cautious with who they are lending money to and investing in. You’ll need to talk with any current investors or lenders and see what they are thinking as well as be open with any potential investors or lenders. You’ll need to make sure that you have a strong plan that won’t require too much risk in order to have your lenders or investors feel comfortable taking a risk on you and your company. You may need to change a few things on your master plan, but it’ll be worth it in the end if you can get the support of lenders.

More People are Shopping Online

When the world went digital, shopping did, too. More and more people are shopping online and in times of stress, stress-buying has become very popular. COVID-19 may have accelerated the online shopping trend by 4 to 6 years. But what does that mean? That acceleration means that now is the perfect time to go online. You’ll get more business by focusing on your online platform that you probably would have before, which means that your business will grow much faster.

Changing Needs

Just like with any other time, people’s needs and wants are constantly changing. In the midst of, and soon after, a global pandemic, however, people’s needs are shifting rapidly. Where things like selfie sticks were massively popular a few years ago, things like blue-light blocking glasses and lumbar support chairs are now common purchases.

Catering to customers who have similar issues or things they have in common will help you to know what kinds of services or products are most important to supply.  Paying attention to the changing needs of your current or potential customers will help you to build a successful company.

There are a few ways that you can update your old business plan to still work in a pandemic ridden society. Making sure to focus on the needs of the customers as well as creating a strong online platform are ways to be aware of the needs of the public and have your business dreams come true.

Read this next: How the Pandemic-Fueled Recession is Creating Investment Opportunities