How to success proof your business to face economic setbacks?
We all know how economic downturns happen – almost overnight, without any prior warning.
In a matter of minutes, we can lose customers, find markets gone and our businesses left direction-less.
These are the only too real factors of today’s downturn-prone markets.
But as entrepreneurs, how do we overcome these factors? As women-owned businesses, do we have the capability and the capacity to do so?
Check out the following factors – food for thought indeed.
Begin small –
It is always a good idea to begin small – and not to expand until you have built your business on a strong foundation. Don’t go to invest in new facilities until you have built a specific and definite base of success that will allow you to grow in the right direction. Success cannot be measured by growth alone; so allow yourself room to grow in order to expand. Staying small is affordable and manageable, especially in times of economic crisis.
Stay focused –
For many, early success calls for diluting the effort of staying focused. They want to go here, go there, expand and drive various angles. A better way of doing things would be to stay focused on one singular goal of the business. Don’t walk away from it or expand until you have built a substantial business. Remember that goal setting must be done early on – and that you must stay focused on that goal before you invest your time and effort in many other things.
Build your business for the long term –
When you have long term focus, you have worked out your priorities right. Short-term is good to plan in but essentially, there’s better growth potential and staying power in building your business for the long term. That way, you can prioritize your investments and energy. You can plan for any changes that might occur in the long term; expect to be ready for industry transformations and address such needs as you go along.
Keep staff manageable –
One big obligation is to pay your staff – when an economic downturn hits, the first casualty will be your extra staff. This really is not fair; it is better for you to keep your staff at manageable levels so that they can still be paid even during the tough times. Don’t hire more staff than you need; although it can be tempting. Tighter, leaner management always works well. Think along with functional lies; how many staff do you need to accomplish functions that relate to your business?
Never lose hope –
Troubles come and go – good times will eventually beckon. Human life is all about living in hope. As an entrepreneur, you must live in hope – or else, we would not have the energy to go on. Are there temporary changes that you can make until things get better? Are there costs we can cut until things get better? Think along those lines; remember, that hope is indeed what keeps us going, what keeps businesses going. Don’t give in to negativity and don’t make any decisions when things are going bad.
Always give yourself enough reason to look forward to a tomorrow of hope. That is the only way our businesses can survive tough times.