The Coronavirus pandemic has certainly given us all worries, be it the lack of job security, businesses closing down permanently, and financial struggles becoming a common reality amongst the public.
Though, are there still certain positives we can take from the pandemic? Your first thought is likely ‘no, not at all’, but the owner of NME says otherwise.
The NME business model
NME is a music magazine that has been around since 1952, though in recent years the magazine has gone fully digital due to its previous lack of physical sales. Since then the magazine has gone through so many iterations to keep up with the times and develop alongside their ageing audience, all the while attempting new ways of getting hold of a brand new customer-base.
Fast-track to 2020, NME is now owned by a company called BandLab, which also specialises in musical equipment and instruments. They’ve been able to expand NME and make it available in more areas of the world during the pandemic.
The BBC have reported on this further, they state, “Mr Kuok says he has a sense of duty to protect the NME’s legacy: “We feel there is a responsibility not just to the brand, but also there is a responsibility of being a credible brand.”
“And he hinted at new NME-related launches both in the UK and internationally, with announcements expected later this year and in early 2021.
The company bought a 49% stake in US rock magazine Rolling Stone in 2016, but sold that holding less three years later after failing to buy the rest of the business”.
Other companies will likely be influenced by this type of business activity in the near future and attempt to achieve a level of growth similar to that of NME’s.
Business positivity can be difficult to find
It remains true that we must most definitely take this pandemic seriously, it is extremely dangerous and life threatening. Though, we must also remain positive from a business point of view, trying to focus on how our companies can survive the pandemic, and planning just how they’ll thrive after it finally comes to a halt.
Focus on positivity within your business, how you’re still managing to connect with your audience, how online sales have improved since your physical shop had to temporarily close down; literally anything you can grasp onto in this dire time of need. We all need cheering up, and shifting your main focus onto how your business can succeed once more will inject some much needed positivity into your life for sure.
As the pandemic seems to be once again worsening across the UK, you should focus your full efforts on making the right choices for the future survival of your business. Keeping your company afloat may once again prove to be a real task over the winter months, so be sure to take care of the finer details of your venture. A second lockdown may eventually arrive, as multiple areas of the UK are more or less shut down again, though we don’t want to see a repeat showing of the disastrous effects the last one had on our country’s business industries.
Stress can put a stop to business growth
The high stress levels of business owners can put a stop to them achieving company growth; this is a major concern in the current pandemic climate. They pour their heart and soul into the business venture they choose to proceed with, hoping it can become a global brand, or even just make enough money to earn them a living. Failure isn’t something they want to think about, but it is naturally always in the back of their minds.
35% of business owners lose the motivation to run their business at least once a year due to stress related issues, making it one of the largest stress inducing positions anyone can take in the workplace.
Entrepreneur state that one of the ways you can reduce this stress factor, if you’re the owner of a business, is to remember what’s going right. They suggest, “You can improve your stress management in business by reminding yourself of the things that are going right. List out all your accomplishments and any small business milestones you’ve achieved.
There are probably more than you realise. Don’t neglect even the smallest accomplishments. Put your list somewhere you can easily see it, such as on your desk or the wall. Whenever you feel stressed about all the things that are going wrong, look at your list. Take a moment to remember all the things that have gone right.
The NME business model is showing how you can take an old, and somewhat outdated product, and then proceed to modernise it (by taking into the digital age and embracing the use of online media). This way you can find a new audience, while possibly reigniting your old audience, as they see the improvements and advancements that you’re making and just how exactly you’re becoming even more convenient and beneficial to them. This signifies the importance of updating a product over time in order to get your audience back on your side, instead of allowing them to drift away and become consumers of other company’s offerings.
Try not to let things get in the way of the advancements of your company, as that would only hold you back and not allow you to achieve your long term business goals and dreams. Stress, as well as the other hardships brought on by Covid-19, can disrupt your business and stop it from advancing into a successful future.
Invoice Finance could put an end to your past problems
Invoice Factoring is a type of business finance which releases cash currently tied up in outstanding customer invoices. This business solution is ideal for helping fund expansion plans, improving your cashflow and collect payment from your customers. There are two main types of funding options: factoring and discounting. With factoring the factors provides both funding and credit control. Invoice factoring is simply a way to release the funds that’s tied up in your unpaid invoices. Instead of waiting for your customers to pay, you borrow against the money you’re owed and is a type of debt financing. Not only do you get the money you’re owed without the wait, we chase up your outstanding sales ledger for you with debt collection services.