Wait or innovate: know how to make the best decision for your pandemic business

Should you wait or innovate in the face of the pandemic?

Of course, there is an obvious answer to this question: innovate!

But we must not forget one thing: some entrepreneurs are certainly at risk or have family members in this situation.

Others are not exactly in that group, but they have small children and do not want them to be at even greater risk.

Unless these people operate 100% online, they obviously prefer isolation and protection inside their homes, to the point of leaving as little as possible, only when necessary.

That said, I ask again: should you wait or innovate in your business?

That’s what we will understand next!

In what situations is it worth waiting for?

Considering your company’s survival, it is only worth waiting and not taking action if you have cash.

And that money has to be enough to cover all expenses for a long time.

But how do you know when the pandemic will end to ensure that it will not be lacking?

According to an article published by Rede D’or São Luiz, “until there is a vaccine, researchers estimate that it can persist for another 18 months and even reach two years, depending on the region.”

Therefore, even if the news regarding vaccine production is optimistic, it is essential that you consider the number above, since none of them has yet to be shown to be 100% effective.

And even when that happens, it is not guaranteed that the vaccine will arrive in the following month to all Brazilians, after all, there are several procedures involved (approval, production, etc.).

In addition to the aforementioned 18 months, you need to take into account a few more considering the resumption time of your business.

This means that many of your potential customers have been impacted by the crisis and therefore are unlikely to put money on certain products or services.

It is also important to provide a marketing budget so that you can come up with everything after this difficult period is over.

Innovation is the key in the face of a crisis

Well, nobody imagined a pandemic spreading the world.

But it really came from one hour to the next and it impacted several businesses.

But several of them managed to innovate and reinvent themselves.

Some have reduced their revenue, others are just enough to maintain themselves, many have reduced their staff to avoid losses, and several have even increased their profits with really innovative ideas.

So, the phrase “in the face of a serious problem you find a solution” is really true.

Several companies realized that they were actually in a huge comfort zone until a pandemic made them rethink.

In any case, the fact is that in the meantime I have seen a children’s buffet failing while another made party kits to deliver to the homes of the small birthdays.

I also saw one who started creating beautiful baskets with brownie, cookies, chocolate lollipops and teddy bears for parents to cheer the kids up during this difficult period.

I came across a wedding buffet simply by closing the doors while others bet on the sale of beautiful flower arrangements to sell not only to brides, but to the whole country.

In fact, many of these entrepreneurs were emphatic in saying that they will not abandon their new ventures when the crisis is gone.

On the contrary, they will add new products or services to increase their revenues when all this is over.

Well, wait or innovate?

Do what is best for you and your business (perhaps more for you and your family than for your business at the moment).

Just be careful not to let something so important undone that you created with so much effort and dedication.