By Scarlett Brown
These black swan events are taking a toll on many, no matter how tough the situation may appear to be, with these difficulties, openings come, too. With the lockdown extending to different phases around the world, the economies seemed to have crashed to a million fragments. Amidst the falling economies and the shutdown, it is difficult to continue without incurring any loss. The situation is alike for the big businesses and the budding start-ups. Here we share a few tips from entrepreneurs who are managing to survive this outbreak.
Track Expenses
When the whole world is hit by COVID-19, it is vital for all the businesses to keep an eye on their expenses (fixed and variable). It will give you a clear picture of where you stand financially as well as let you plan ahead considering the disconcerted market scenario. You can implement it when the situation gets even worse.
Check Business Model Feasibility
Considering that the market situation is getting even worse day by day, it is imperative for all entrepreneurs as well as settled business owners that they reconsider their business model. Assess whether is it working according to your assumptions or not. Be mindful of what the runway is. Also, evaluate the impact on new sales and collections.
Plan Policies
We all understand that it is quite difficult to calculate how long this epidemic is going to be, so it is very important to be prepared for all the situations. Ex: if we consider that it will remain till 3 months, then you can take a pause on new hirings, travel, marketing, etc. If the situation persists for over 9 months to a year, negotiate the fixed expenses like salary, rent, payment, etc.
Invest Patiently
It is quite understood that every business needs capital to run, but the questions that will strike in the minds of every owner where will this capital come from. If the epidemic continues, investors will become more vigilant and may delay the investments, but there is nothing to worry about as if you notice, the economy bounces back after the end of any crisis.
Keep Yourself Motivated
Although it is not easy to simply wait to pass the storm, you don’t have any other option. There were and will be many dark moments, but you don’t have to lose your hope. It is important to remain focused and motivated. You exist for not only yourself but also for an array of employees, stakeholders, clients, and many more. So, think about all and not lose hope.
Plan to Rebound
Regardless of what your situation is in this epidemic, you need to keep driving yourself. Even though you have experienced a narrow reduction in your business, keep working hard and thinking smart. None of us know when these days will pass and how the new days will look, but one thing that we all know is, this shall too pass. So, be prepared, analyze every situation, and bounce back strongly.
Communicate Effectively
It is necessary that you keep passing proper messages to everybody associated with you, be it your employees, clients, or stakeholders. Keep them updated with the development of your business. It’s very important to win their confidence at this time of crisis. It can be done only by keeping the situation transparent. They need to be comforted, so lead from the front.
Keep Your Passion High
Many entrepreneurs start a business of their own based on the field or area they are passionate about. Passion is a core element of success. However, if you have not found any, this is the best time to look for what you want the most. Use this time to re-focus, set your priorities, and know what is important and what is not. Rarely, you will get this kind of opportunity, so take its maximum advantage.
Don’t Quit
Whatever the situation arises or no matter how difficult the condition becomes, you may feel like nothing will go right, always remember this shall too pass. There is no way out than keeping your hopes high. Make tough decisions to survive, do things differently, only keep one thing constant, i.e., keep believing in yourself. Work hard, always learn, and never quit. This mantra will sail your boat through the storm.
None of us know how’s the future going to be. May not all the industry exist once it is all over, but your decisions, patience, and focus will help you bounce back strongly with minimal loss. In this difficult time, it is important to stand united and help each other in every possible way. Always remember some of the best work is done in the hardest times.
