COVID-19: Why it’s absolutely the right time to grow your business

COVID-19 has either created or amplified problems for business, including but not limited to:

• Supply chain issues and price hikes
• Shipping delays and price escalation
• A shortage of staff due to closed borders, low unemployment figures or ‘The Great Resignation’
• Unparalleled demand outstripping supply in some sectors
• Inflation starting to gather unwanted momentum

Maximise growth opportunities

While many are grappling to keep up with growing demand, many are not maximising the opportunity to grow market share and remain competitive.  The danger in this, is that many of their gains in the buoyant times will be squandered as the market constricts (and in time it will).

Many businesses are fighting day in and day out just to keep on top of their orders.  Their supply chains are stressed, and they are often juggling production schedules to manufacture what they can, when they can.

Competitive positioning

For those who can take a strategic moment to contemplate what’s occurring, they are likely to realise:

• The bigger a customer you are to your suppliers, the more likely you will get your supplies
• The bigger your business, the less likely it will be impacted by the absence of an individual staff member due to COVID-related matters, or by those wanting to experience ‘The Great Resignation'
• With scale, resources can be diverted to explore new technologies and negotiate with outsource partners
• Many a competitor is frustrated and just wants to retire

So, turn short-term gains into long-term gains by considering how to grow your market share.  If you don’t, others will, and your busy period will mask the actual deterioration of your market share, which will become apparent when the current peak is traversed through.  If you don’t act now, expect yet another busy time rebuilding your business.