The female entrepreneur can be among the hardest hit during the current situation.
Most female entrepreneurs depend on normal living conditions for their businesses to be viable.
This has now changed – considerably.
But while your business may be non-functioning, there are opportunities for us as female entrepreneurs to put the time spent indoors to good use.
After all, the entrepreneurial spirit is all about discovering new opportunities in facing setbacks.
Check out the following tips to see if you too can emerge stronger, better, more focused, and ready to re-commence your business once this ends.
Re-think your business as a female entrepreneur –
Whether or not your business survived the storm, you will have to re-think your business in the post-COVID19 scenario.
Unfortunately, some businesses will not survive this storm.
The need for some businesses may not exist in the short term – therefore, re-thinking how your business will be defined when the crisis ends, is vital.
Conduct a comprehensive evaluation of your entire business –
This is a good time to sit back and take stock of your business.
Where is your business now? Where are you hoping to take it to, when all of this ends? What things can you do differently t make sure the business will survive?
Crunch the numbers. What are the areas that you can cut down on – what areas can you manage at a lesser cost?
You need to be ablated to take stock of your entire business and look at it clinically in order to make sure your business will survive the storm.
Look at hidden areas and hidden costs –
As a female entrepreneur, you should know that almost all businesses have hidden costs and hidden areas – sometimes we don’t pay enough attention to such areas when we are busy and running the business.
You might be able to find such blindspots, deal with them, and introduce new and cost-saving methods to deal with such issues.
Reviewing your business will help you find the weak links and decide what you should do with them.
Don’t be attached to your business – emotionally –
When you have to take unpleasant but realistic decisions, you must be able to make those decisions in a professional manner.
This means to make those decisions without being too attached or emotionally connected to your business.
Prune where necessary – otherwise, the roses won’t grow.
The same goes for business – cut down what is needed to be cut down and let the other areas bloom.
Include new services –
Look at new areas – what can you do in improving or building your business further?
Is there an opportunity for new areas or innovation for female entrepreneurs?
There are always opportunities if you can find the time to look for them – find out what those areas are.
And remember that perseverance is vital for business – we have to learn to be tenacious and consistent in what we do.
What can you learn from the lockdown?
Above all, don’t lose hope.
Maybe you can learn new ways of doing things from the lockdown and the current circumstances.
It could be in doing things better or differently – it may even be to improve existing systems and discover new methods.
Remember that you would get through this.
Check us out for more great articles on female entrepreneurs.