Business Survival during Uncertain Times
Uncertainty is much like the oxygen we breathe, it is always there, and there is nothing you can do about it. For many businesses, things have been good for the past few years.
However, the outbreak of Coronavirus disrupted the norm and many business owners are now feeling vulnerable, isolated, and worried about the survival of their businesses. There is great uncertainty surrounding the current situation in most parts of the world, but that doesn’t mean that it is permanent.
The intent of this blog post is not to give you false hope of when the pandemic will end or how you are supposed to rebound but to provide you with a general perspective of how to deal with uncertainty when it strikes.
1. Be a strong leader
You must have heard the saying “if it doesn’t kill you, it makes you stronger.” Well, this statement is much more than just a saying.
During uncertain times, you need to step up and be a strong leader in your company. This is the time to show your team that in times of uncertainty and possible adversity, you will not give up but fighter harder.
Keep in mind strong leadership has always been the key to success, in good and bad times. If you take a position of strength and resilience, you will inspire your entire team to perform strongly as well.
2. Adapt and plan for the future
When uncertain times strike, you can never be sure when normalcy will return. For instance, we can never be sure when the Coronavirus pandemic will be slowed or eradicated altogether. We are also not sure of how far it will reach and the overall impact it will have on businesses in the long term.
However, while finding your way through the uncertainty, remember to plan for the future.
As a business owner, it is absolutely critical to be flexible and adapt to changing times. Find ways of ensuring continuity and grab the few opportunities that may come along. Be creative and come up with ways of navigating through the disastrous moments.
3. Create a business website with an online store
When disasters strike, your target audience may not have a means of reaching your physical store. Technically, you need to find a way of keeping in touch with them and constantly reminding them of your brand, products, and services. E-commerce offers you an incredible way of reaching your target audience and conducting business without the need of a physical storefront. With an online store, customers can still order from you even during the most uncertain times as long as you can deliver their orders. There are no space or time constraints so you can always display and sell as many products as possible. Therefore, if your business doesn’t have an online presence, the right time to start an online store is now. Analyze your business plan and see if selling online could be the best option for you. Once ready reach out to Mexxus Media Agency and we will provide you with a quote to get an online store setup.
4. Keep your priorities straight
Nobody knows when a disaster could strike. So, during such times, you need to know what matters. Your #1 priority should be to keep your team safe and ensure they are comfortable. Their health comes first.
As a business owner, appreciate the fact that your employees may be frightened and confused.
Keep an open communication line with them to help minimize panic. Assure them that they won’t lose their jobs and let them know everything is under control even if you are struggling. You will need them when normalcy returns.