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The latest pandemic has accelerated the digital transformation in a way that many business owners never expected.  Particularly since businesses have to identify new ways of operating in response to the stay-at-home orders that were issued by the government, not to mention the limitations due to social distancing.

Even the concept of digital transformation has changed, shifting from a customer centered approach to tactics that are designed to safeguard the health and safety of workers.  This has made the prospect of adopting new forms of technology and methods far more difficult.  The following changes are just a few that some have noted.

 

If an Indianapolis website design firm was undecided about the notion of going through a digital transformation before the pandemic came, they have probably realized that they no longer have a choice.  Companies that could initially compete with their rivals without abandoning traditional techniques have discovered they can’t survive in a post-coronavirus world.  In some cases, digital transformation is no longer an option.  It has become crucial to most businesses that hope to compete favorably in the future.

 

For the longest time, digital transformation trends were meant to meet the needs of consumers.  Most strategies that were crafted and deployed by an Indianapolis website design firm revolved around a desire to enhance the customer experience.  Although the customer still matters, workers have become the bigger priority for now.  Many companies are working to develop a variety of methods that can meet the needs of consumers without risking the lives of employees.

 

The pandemic has revealed to small and large businesses that physical premises are not a requirement for success.  Stay-at-home orders made conventional operations all but impossible as many firms were forced to close.  However, business in various parts of the world is proceeding as companies have adopted technology that enable workers to continue working from home.  These latest trends are alarming but they are here to stay for now and any business that wants to survive the pandemic must evolve accordingly.

Some small business websites have dismissed debt as an inherently negative aspect of being in business.  They claim that it deprives small businesses and prevents them from achieving their full potential.  But this viewpoint is shortsighted as it fails to recognize that debt can expedite a company’s growth by lowering financial costs and allowing owners to benefit from tax incentives.  At a certain point though, debt could become an overwhelming burden so the following indicates what amount is too much.

 

Debt is only useful when it works in a positive way for a business owner and it becomes a threat once it starts working against a business.  Many small business websites tend to classify a company’s debt as a burden.  Especially when the debt begins to outpace revenue and the financial resources that are used to cover debt exceed the amount being invested back into the business.

Situations like this typically materialize as a result of external factors beyond the control of a business owner, such as clients that keep paying late or a drastic drop in revenue.  If it goes unchecked, a small business that is deeply burdened with debt will likely collapse.

 

Companies that are struggling under the stress of excessive debt need to analyze their situation immediately.  That means using a program that takes into account your total debt, identifying the debts associated with the most serious consequences, and then create a strategy that prioritizes a resolution.

There are different types of debt and some of it is far more damaging than others.  For instance, if you don’t pay your employees, they would probably quit and your operations might come to a halt.  As such, you are better off prioritizing your payroll since it allows the business to continue.

You can always renegotiate the terms of banks loans to secure a more lenient payment plan.  Alternative payment plans should be considered with creditors to give your business the breathing room it needs to manage debt efficiently.  If a business struggles for many months with their financial management efforts, it could ruin their credit rating and deplete their savings.

Some small business websites like to emphasize the importance of funding from reliable sources to avoid cash flow problems, especially after a launch.  However, it isn’t easy for start-ups to secure funds since banks are hesitant to loan them money.  They are risky ventures, and unless you are independently wealthy, you need to get creative to finance your new business.  These are just a few of the more interesting options that are available.

 

One of the easiest ways to finance a start-up is to reach out to your closest connections.  A few owners have wealthy friends and family members that are more than willing to invest in a business venture being operated by someone they trust.  It takes a lot of courage to ask for money from family and friends.  Although a loan acquired through such circumstances is much easier to manage as the terms are usually less stressful.

 

Most people have too much pride to ask for money from their family and friends.  Therefore, small business websites usually encourage them to find outside investors.  You need a solid business plan, thorough market research data, and a pitch that will intrigue potential investors.

 

This option is tricky as business owners are expected to reveal their concept to the public.  Potential donors are going to demand details before they decide to get involved in a business venture and this allows others to adopt your business idea.  In many cases, the finances that are secured through crowdfunding have fewer strings attached.

 

There are several organizations that offer large sums of money to start-ups that can present the most innovative ideas.  The key is to stand out from the crowd but it requires a solid concept that immediately sets you apart from the competition.

If you succeed, your idea may get the exposure it needs to advance.  Never assume that your business is doomed just because you can’t get a loan.  There are numerous ways to secure substantial funding if you consider all the options that are available for new businesses!