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Entrepreneurship is a journey. Every business goes into storms due to internal and external factors.
Below are some tips to survive the current storm:
1. Communicate your financial situation with your bank and suppliers; lose money but don’t lose your credibility
2. Employees will test your leadership skills now; don’t let them down!
3. Cut unnecessary costs, but that doesn’t include productive people
4. If you didn’t have a backup plan to survive now, it’s the right time to build the future plan B
5. Keep your eyes on the destination, don’t let the short term crisis break you
6. If you haven’t started counting on digital platforms, online meetings and e-commerce, that’s the perfect time to start using them
7. Backup your files, go completely digital and leverage on the cloud computing
8. Outsource any service you don’t physically need; you’ll be cutting costs and supporting local businesses around you
9. Refer to experts; they’ve been there before and have a good experience to guide you; business consultants, lawyers, auditors, insurance, IT, HR, marketing…each expertise has a very good complementary role
10. Consider a diversification of your target audience; the whole region is unstable and you need to build good immunity against future storms
Always keep in mind that every successful business needs a business strategist; because two opinions are always better than one.
Stay safe and keep expanding,
Jade W. Dagher
Certified Management Consultant, CMC ®
