Uncertainty is a part of life and learning to deal with uncertainties is an opportunity for growth as it leads to a change in perception. Learning to embrace the uncertainties is a step towards transformation.
It’s time to recession-proof your business, stay motivated, connected and lead your teams and entire business through the crisis. The economic crisis during COVID-19 is inevitable. Remember, there is a light at the end of the tunnel. The key is to learn how to manage your mindset, your finances, and your team. It’s important to identify resources that can help your business survive. In this article, you will discover how to adjust your mindset to handle the challenges ahead in a calm, confident, and organised manner. Why is it critical to manage your internal and external finances and how to decide what needs your attention?
Delegate Tasks: Delegate tasks to your employees or everyone wants to support during a crisis. Apply the 80-20 rule here. Focus on the 20 per cent that is critical and that can only be done by you.
Evaluate your finances: Next important point is evaluating your finances. Go through everything and look for things that are non-essential. Cancel all the reoccurring charges on subscriptions, memberships etc that you would not be using. Keep doing this exercise once a month during the crisis. It will be helpful to take print outs of all your expenses and physically strikeout what is non-essential. Once you figure out the Core essentials cost to run your business you will get further clarity on your financial status and projections.
Communication: Communicating with your teams, customers and partner and being transparent. Inform the truth but only what is necessary and ask them if they are able to step up. Try to renegotiate with your vendors and partners. Remember during a crisis there is support but you have to ask for it. Communicate with your clients and partners and tell them that you are facing challenges. Keep communication frequent. Get in touch with your bank and the assistance they can provide.
Creativity and going digital: Ensure that you look for options to sell your services online and through other ways. Partner with complementary businesses to make money who provide similar services. For example: If you run a car wash, reach out to cleaning services and they can offer home cleaning with car wash. The best way to find these options is to research on other small businesses that are in similar are of business as yours and see what they are doing. Learn from them and add your own style to it and launch it.
Support: Look for government and community support. There are programs built specifically for you, to support small businesses including Grants during COVID-19. This support can come from Federal government, State government and even your local council. Also, look for private companies, foundations and organisations.
Ash Sharma, Executive Officer, ASPL Group