Wednesday, April 29, 2020

What we learned during the pandemic and tips for new entrepreneurs

Niyazi Abbasov, Director of Business Advisory Services at Baker Tilly talked on what is learned during the pandemic and shared his advice to new entrepreneurs. http://abc.az/en/news/45554

 1. Interest in online businesses - The pandemic period has proven that the demand for businesses such as online supermarkets and online pharmacies will increase. It is possible to buy daily necessities, order electronics and buy medicines without leaving home.

2. Online Delivery - Although this sector has developed in recent years, the pandemic era has dramatically increased the demand for these businesses.

3. Online Education Services - The world's leading universities and educational institutions are already increasing their online education opportunities. Online universities and training center businesses need to expand.

4. Online Financial Services - online banking and fast money transfers (you can make such transfers even without a bank card)

5. Digital marketing services - digital marketing / influencer marketing channels can quickly promote the product knowing no boundaries.

6. “Cash is king” - the crisis indicates that companies should have a 3-month reserve cash for the “difficult days” and a plan B for unforeseen crises.

7. Unlike industries such as hotels and restaurants, the production of food and daily necessities is a low-margin business, but demand is constant. Investing in this area should be the focus.

8. Entrepreneurs should make financially justified investments like "measure seven times, cut once."

9. The sharp decline in oil prices will further accelerate the development of the non-oil sector. Innovative projects, ICT, tourism, agriculture, production of daily necessities, medicines and medical materials, production of hydrocarbons and chemical products must be accelerated.