Challenges Faced By Business Owners
One major challenge that businesses have faced during the covid-19 period is reduced inflow of customers into the business. As a result, there has been a huge shrinkage in company revenues. In addition, other areas such as the supply chain are have been disrupted, making it hard for businesses to operate. The corona virus pandemic has brought a lot of risk factors with it making it a struggle for businesses to conduct business as they have in the past prior to Covid-19.
Actions to Take
As a business, it is important to look at your capacity and determine how a business can diversify. Covid-19 has brought with it a lot of setbacks, one major one that most businesses are still struggling with is that of a face to face experience with clients. This is devastating for businesses that provide services that are people-centered e.g. events associated with large gatherings.
The pandemic has brought a halt to such events hence the need for a business to diversify and venture into other elements by introducing additional services that can use to actually leverage the situation and stare a business in the safe zone as they seek to survive.
Characteristics and Attributes Business Owners Need
• Positive Mindset
As a business owner, you need to have a positive mindset embedded in you, you should be able to withstand and weather the storm. Don’t just invest in having a positive mindset but develop a positive culture too when things are getting tough. Always remain positive.
No matter the situation always stick to the vision of your business, never let your vision die because of the prevailing situations. Set objectives to meet your vision and let them be your driving force.
• Create Opportunities
No matter the prevailing situation, never stomach negativity. Always remain positive and keep an eye out for opportunities that may come out of the dare situation you are facing.
Communication is vital, especially positive communication. Keep your relationships with your customers and various stakeholders open, keep them involved in what’s going and what your planned course of action in light of the prevailing situation will be.
Developing positivity in a business
Maintaining a positive mindset may be the hardest thing to do especially when your business is not making sales and yet there bills to pay, salaries, and rentals. But developing such in your business can only be achieved by having a clear organization setup and personal framework.
The business setup will require a business owner to think ahead and put in place a business continuity plan or risk assessment management. This will allow you to prepare for any catastrophic event that should or rather would occur and enable the business to have fallen back safe. In short always, ensure that your business has a contingency plan.
On a personal level though as a business owner, you need to be a cheerleader. There will be moments where things seem to be working against you, but you need to be positive. Think of other opportunities you can invest in, learn from the negatives they can be a benchmark for you to move on.
Building resiliency in your business
Resilience is a personal characteristic that one needs to have but a business also needs to build this character in it. One way of doing so is to put in place a succession plan. Identify people that are resilient and groom them to take over in the event of your demise.
• Be Explorative
Explore options as a business and place figures on your contingency plan. Always set aside money for you’re contingency.
• Maintain Networks
You can’t survive if you’re not making sales, as your business seeks to build resilience it should seek to maintain networks active. Communicate with your clients in times of uncertainty. Even a simple quick hello will do, it will help them know that you are still open for business despite the prevailing situation.
Opportunities are always there to ensure that you are always marketing and telling your clients what you are capable of doing.
• Be positive as you come up with your business plans, projections and decisions ensure that you have a focus and that you should drive you to achieve what you want.
• As you seek to build a culture of resilience look at things like company reputation and technological disruptions, quickly invest in those things before it is too late.
• Opportunities will always be there, no matter how many market shifts occur, remain positive, and stick to the vision that your company has.
“In times of uncertainty always remain positive and look for opportunities. Learn from the negatives, they can be a benchmark for you to move on.”
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