The lockdown due to the Covid-19 pandemic is slowly being eased and the economy is starting, but until when? This is the New Normal, your business needs to transform digitally for your business to succeed. Majority is trying to transform digitally by using Facebook. You can see it in the number of new FB pages for online businesses. Personally, I receive around 5 FB page invites per day. But operating a business is not just creating your product and an FB page. You do not even know if your target market is in FB, or in IG, or on YT. Social Media is just a Marketing Tool, how do you convert the likes to actual sales.
That is not all, even a sole proprietor have to do the different functions seen in large corporations (Finance, Marketing, Sales, HR, Operations, Administration, etc.). And lastly, do not forget the requirements for government compliances, Intellectual Property, Data Privacy, etc..
Do you know that less than 0.7% of businesses survive beyond 5 years? I think this is much less during the Covid-19 Pandemic. So even before you register your business, plan and prepare. It is harder to close a business than to register a new one. I learned that painful lesson the hard way.
Do not worry, SMEpinoy is here to assist you by providing knowledge and services to help businesses succeed in the New Normal.
