If you’re a small business owner, you’ve likely poured thousands of hours and dollars into making your company come to life. So what happens when your business runs into tough times, or unforeseen circumstances? Unfortunately, many business owners are encountering these difficulties right now, as a pandemic has put the world into lockdown. Particularly businesses like retail shops, theatres, restaurants, and salons are being hit hard.
There may be no way to truly plan for a pandemic of this scale, but there are things that you can do, to shore up your business and give yourself a better chance of making it out on the other side of any challenge. Here are some tips to keep in mind, if you want your company to survive the thick and thin:
1. Avoid denial and wishful thinking
When things go wrong, resist the urge to freeze, panic, or downplay the situation. When you can take an honest look at your circumstances, and what could be coming down the road, you can act quickly and minimize your losses. Now is the time to get off the couch, get all the facts, and make decisions based on reality.
2. Don’t fail with customer service
In the midst of disaster, many companies lose morale and thus, start slipping at customer service. Don’t neglect your loyal fans or customer base, even when things feel gloomy. Take this opportunity to invest in those people, cementing your relationships with your loyal customers. They may be the ones to see you through.
3. Reflect on what’s not working
If business is slow, or you’re forced to close temporarily, it’s a great time to take stock of your company. Find ways to improve your offerings, streamline operations, or trim excess costs. During a downturn can be a good opportunity to rebrand, or make the changes you’ve been putting off.
4. Be prepared to evolve
Whether your company has been hit with a major unexpected blow, like this pandemic, or a more minor hiccup, developing resilience and flexibility is key for your survival. Be open to doing things in new ways, adopting new technology, or adapting to a different marketplace.
5. Consider working with a mentor or consultant
Many businesses encounter stressful times, and yet many of them go on to be extremely successful. One way you can navigate the storms is by working with a professional business consultant or mentor. This guidance can make a world of difference in the long run, helping you make better decisions, and become a better leader.
Need help keeping your company afloat, no matter what’s going on in the world? Get in touch with us at S.J. Wick & Associates today.