Many businesses are struggling due to the pandemic outbreak. The pressure level suffered by business owners these days is high because we’ll never know whether we are going on the same path or not.
But instead of worrying what can happen, it’s better to switch the focus to our business goals and here’re some tips I’ve been using to cope my anxieties:
1. Communication is Key
Have a plan on how to communicate with your employees on any latest updates that will affect the business and their work schedules. Over-communication is better than under-communication at times like these.
Not only will it provide assurance to your employees, effective communication can ensure the expectation of both employers and employees is aligned and everyone can play their roles spontaneously.
2. Live in the Present
There is no point keep worrying the never ending what-ifs, while our business is still intact. As long as we’re already doing our best to keep things together, just focus on the business strategies instead of the unknown uncertainties that we may face.
3. Emergency Funds / Measures
Most businesses neglect the importance of an emergency fund or prepare for contingency measures to face possible financial challenges until it’s too late.
During “Normal” times, prepare sufficient funds for emergency use of around 6 months of the business’ expenses.
Prepare overdraft facilities from the bank even when your business is financially healthy. This ensures that your business has a “cushion” that helps to absorb sudden losses, keeping the business alive longer during challenging times.
If your business is struggling due to the pandemic and you don’t have an emergency fund, consider renegotiating tenancy contracts, prolong credit terms with suppliers – anything to reduce operational costs and survive.
4. Review of Your Business Strategies and Strengths
When things are slower than before, sometimes it’s the perfect timing for us to review our strategies and enhance accordingly. Get some fresh ideas that could possibly impose into our business by having a brainstorming session with the team, conduct some surveys online or by talking to our mentors.
5. Start Networking and Building Relationships
Reaching out and talk to our peers and mentors could ease the feeling of anxieties. At least we know that we’re not alone and we could also learn or get inspired by others how they overcome the challenge.
Final Advice
“Change” is constant and unavoidable. Be proactive in embracing “change” instead of being reactive and giving up because of it. Start thinking about ways to stay resilient and your business will remain calm during any pandemic in the future.
