We’re still recovering from the pandemic. For some, it meant recovering losses; others, it could be a total restart.
That’s why here at First Standard we offer qualified loan applicants the opportunity to prioritize recovery by paying interest only in the first 6 months.
We understand that what we all need is ‘konting buwelo’ before we can get back on the success ladder.
So on top of the promo, we’ve listed some tips on how to get that “buwelo para sa pag-asenso muli”:
1. Get ready to go back to basics
We should be ready to think: “we’re starting again”. It’s important to acknowledge the losses–and not let sentiment get in the way–so that we can plan ahead and move forward.
And the good news is: you’ve done this before! Think back to the days you first started your business, go back to what worked for you, and move from there. Don’t be ashamed to start all over again–a success story is never a straight line.
2. Minimize losses
If it’s costing you more money, press pause. Maybe you were at the point of expanding your business when the pandemic hit; you can’t just pick it up where you left off.
This might mean stripping your business down to its basic essential needs or even doing some of the work yourself. Focus muna tayo sa mga products at services kung saan pinakamalaki ang ating kita. The name of the game for now: hindi malugi.
3. Reinvest in your business
Kasama sa pagbuwelo ang paniniwala muli sa negosyo mo. You can reinvest in your business–either from your profits, own personal finances, or securing financing from institutions.
This means announcing your big comeback to customers to win them back. You can have a promo discount or promote your business on social media. These are all affordable (if not free) ways to bring back your (and win more) customers.
4. Choose the most flexible option
Lastly, kailangang maging wais–more than you’ve ever been before. Check every expense, every decision, every effort; always look for the best and most flexible option for you.
This could involve asking questions like: “Can I pay this expense in installments?”, “Is this really necessary to keep my business running?”, or “Is there a cheaper option?” It would take a lot of time and effort to research all the options but it will be worth it once you see the overall effect on your profitability.
As for securing financing from institutions, there’s no one strict way to do it. There are options out there that would be most beneficial to your current situation so choose the most flexible to help you with that buwelo.