Being Resourceful and Running Your Business During COVID-19
Resources and Scarcity: The New Normal During COVID-19
It does not always have to be a giant crisis if you cannot get what you need for some of your items, as long as you are not manufacturing something like...acetaminophen. This was an issue very early in the COVID crisis that should be a warning to us all: do not ever rely on one particular outlet for your products, or for key ingredients or components in your products.
It became clear early on that China and India had been supplying most of the world with acetaminophen products as well as most of the prescription drugs we get in the West—especially generic drugs. It also became a worry that here in the United States, there could be an actual drug shortage due to the Coronavirus in China. Essentially, the world would be in trouble if China could not export its products.
What does this tell us about the state of medicine in the United States? We might have a big resource problem. The State of California was already playing with the idea of creating its own generic drug label. Gavin Newsome’s radical proposition is more about having enough purchasing power to buy in bulk and keep costs low. While this is a good first step to being resourceful, if California started manufacturing generic drugs and sold them to itself and other states, then we could be far more impressed with its resourcefulness.
So, how can you be resourceful?
You do not have to be in the world’s top five largest economies to figure out how to be resourceful. What happens when you cannot get what you need to make one of your best-selling products in the middle of a pandemic? It might seem like a disaster initially, but actually, it is a good opportunity to rethink your product, your price point, the way you manufacture your product(s) and your retail outlets.
Consider Your Key Ingredients
While your key ingredients might work well, consider that there might be an even better key ingredient that could work in your product that you did not truly consider. If you make a meditation spray for your Yoga Practice, and you cannot afford any good quality frankincense essential oil, you might consider simply substituting your spray with lavender, eucalyptus or sandalwood, which are all also very popular essential oils found in meditation mixes.
If you make computer products, perhaps you could consider getting into the electronics recycling business to harvest some of the materials you might need to reduce the cost of manufacturing specific components. You can always re-sell other parts of the used components to dealers around the world. Some people do very well just recycling old computers. It could be a new off-shoot to your business.
Consider Your Packaging
Perhaps you started a business with something simple, such as a few home fragrance sprays that sell well on a few online platforms; however, due to the COVID-19 crisis, nobody is particularly interested in the home sprays and maybe your client base is middle class to upper middle class but has suddenly been furloughed. How do you adapt? The easiest way is to change your packaging. Change your packaging, change your target audience.
Perhaps you never considered putting regular room spray into a perfume bottle and upcharging. You could open a whole new line, sell your spray on a different platform and make a much larger profit than you had in the past. The one segment of society that still has money during this pandemic is the wealthy and they are bored. They want to shop, but they have limited resources they can tap. After all, Neiman Marcus just filed for bankruptcy.
Packaging can change your product from everyday drab to fun and fabulous. You could also go from changing $10 a bottle to $25 a bottle, for the same item. The only difference is that you pay a bit more for the packaging.
Consider Going Wholesale
If you have sold retail for several years, sometimes going Wholesale can be intimidating. Big numbers get thrown around. Big commitments and orders are expected and promised. You are expected to deliver. Do you think you can? This is the best time to do your homework. The marketplace is just opening up. Businesses are willing to work with others far more readily than just a few months ago if it means the difference between thriving or going under.
Being a wholesaler can be complicated depending on what you are selling so it is always good to check with your state tax board and your local city regulations. You are also expected to be able to deliver professional looking packaged goods in large quantities so you should do your homework before you go around pitching.
If you have a product that is doing well, try listing it on RangeMe or even HSN/QVC. You never know what might be the next favorite product highlighted. It could be yours.
Being resourceful during a pandemic or any crisis simply means you should never panic. That is not going to help you. If you do panic, it is okay. It happens to most people. Once you calm down, There are a few simple steps to follow can keep you on the right track:
Take a deep breath and then go for a walk. Some of the best ideas come from walking
Talk with your co-workers or co-owners about the issue. Brainstorm. Bouncing ideas off each other, even if you are six feet apart, on an app online or on the phone works just as well.
Although you might have done this before, take a look at your competition. How are they handling things? Can you copy them? Can you copy them but improve on their methods?
Think about how you might grow your business, or streamline it. This is a great time to reassess everything that might now be working.
Be kind to yourself. While it might seem like a time to rest, this is a time to take advantage of a shifting perspective in the world. Catch your breath, take as many breaks as you need, but do not give up.
By the end of the pandemic, you might end up with a more successful business than you started with. It is all in your perspective and attitude. Think positive because it is not going to help anyone if you sit around thinking negatively about how bad everything is.
If you were able to grow your business and help it to thrive, we would love to hear from you! We look forward to spreading positive problem-solving strategies for businesses to help overcome any difficult times.
