The current state of the economy is taking a significant toll on businesses and individuals. Consumer confidence is reducing, whereas business expenses are increasing. Many companies had to tap their shareholders or borrow more to fund the operation. This situation leaves many entrepreneurs frustrated.
What can you do as a small business owner?
1. Activate your survival instinct
Assess your business situation objectively, visualize the future and draft the minimum objective function to take you there. Deal with only critical business issues.
2. Create a climate for success
Your employees or vendors may be disenchanted with you or the business. Sympathize with them and change the narrative to creating an atmosphere of possibilities. Activate and energize your team
3. Communicate
You must communicate with everyone who connects with the business and demand a sincere, accurate, and frequent flow of information.
4. Accelerate decision making
No time for unproductive meetings. Be agile and ready to take a calculated risk. If you miss the shot, learn from it and move on.
5. Negotiate
You should be ready to negotiate your survival. There would be a give and take. Keep your plans flexible and innovative.
6. High-performance team
It would be best if you had a performance-driven team—no room for sloppiness.
Know that survivors don’t quit, and they are always willing to bust their butts.
Think about this: “Survivors sometimes survive best by not surviving at all”…anonymous.