In 2020, many businesses, both local and big corporations, took major hits due to the Covid-19 Pandemic. Even those that were able to stay afloat were not left unscathed. Everyone had to make significant adjustments to how they were operating their businesses, and online presence became a MUST to continue generating revenue.
So, here we are now, almost a year since Governor McMaster reopened all non-essential businesses. Like everything else, businesses adjusted to the new way of life; but, what does that look like? How have these adjustments affected the way we do business, and how businesses in our area are growing?
On our April WBTW Living Local Carolina Financial Friday Community Panel, we sat down with business experts Michael King, Owner/Founder of King One Properties International, and David Welborn, Carolina Trust AVP Commercial Lending, to find out how businesses have been doing since reopening.
Michael and David mentioned several tips for those looking to start or grow their businesses right now :
Distinguish Yourself
The key to success during a time like this is to distinguish yourself from your competitors. With so many new start-up business trends, many people are opening the same type of businesses in the same area. Ensuring that your business offers something unique or special that your competitors do not will help you stand out and have a better chance at succeeding.
Create an Adaptable and Flexible Environment
The pandemic shifted everyone's typical routine and work style. Chances are, you had to learn to be flexible and adapt to the new way of life. Whether that meant working from home, staying home with your kids, or implementing CDC guidelines in your work environment, things shifted.
Businesses that continue to have that adaptable and flexible mindset have a better chance at growth. If the pandemic taught us anything, it was that nothing is guaranteed to stay the same; so, we have to be open to adapting when necessary and flexible enough that change doesn't hinder our ability to do business.
Take Advantage of Low Commercial Lending Rates
If you've considered taking out a commercial loan to help grow your business, now is a great time. Like other loan rates, commercial lending rates are extremely low.
"A commercial loan, which is typically a couple of points higher, is now what a mortgage was five years ago," said David Welborn, Carolina Trust AVP Commercial Lending.
Seek Help From Your Lender
Everyone is climbing back onto their feet from the pandemic at a different pace. Some businesses have been able to bounce back quicker than others. If you find yourself in a tight spot, go to your lender first; don't wait until you're at the end of your rope before seeking help. Let your lender devise a financial plan to help you get back on your feet at a pace that works for you and your business.
