Building a successful business from scratch is hard enough during the best of times. During a crisis, especially a global pandemic where everyone is forced to stay indoors and shutter physical locations, can seem impossible. However, it is possible to succeed and by using the time you have to build certain skills and practices, you can come out of a crisis more prepared and successful than ever before.
Determine Areas of Improvement
What are some of the tasks you keep telling yourself you need to do for your business? Now is the time to tackle them. Does your website need an upgrade? Are your finances and financial plan crisis-proof? Use this time as an opportunity to rebuild your brand and fortify your weaknesses until they turn into strengths.
Everyone makes them and they are inevitable. Take full responsibility for the mistake, assess how it happened, and form a plan to ensure you won’t be caught in the same situation again. Mistakes help businesses learn and can provide valuable insight into what’s working and what isn’t. While no one wants to make mistakes, make sure you use them as a learning opportunity instead of a reason to quit.
Prepare for the Worst-Case Scenario
Hope for the best, but prepare for the worst. When life throws curveballs, it’s best to be prepared for as many as you can possibly think of. While most will never happen, you will become a better entrepreneur because of the extra planning. Always ensure your financial parachute is ready. Plan early, cut unnecessary spending, search for grants, and keep a healthy amount in your accounts to ensure your business will survive economic uncertainty.
Make Your People a Priority
It takes a village to run a successful business. Reach out to your employees and partners during uncertain times. Keep business and personal connections strong and ensure everyone is staying informed. Touch base weekly or more often to see how everyone is faring, who needs encouragement, and let everyone know they are valued. These actions take little to no effort, but they make a massive difference in how your employees and partners view your business.