How to Win as a Business Owner in 2020
One of the biggest challenges business owners and entrepreneurs are facing right now is knowing how to move their businesses forward in a constantly-changing world.
With the global pandemic, many business owners have had to close their doors temporarily, make huge adjustments to follow the government’s and CDC’s guidelines and mandates, navigate laying off employees, re-work the way their business operates, deal with people generally spending less money right now. And then learn how to lead themselves and their teams through the fear and uncertainty of the current times.
If this sounds familiar, then we’re talking directly to you. If you find yourself completely lost and unsure of how to move your business forward right now, here are 3 fresh ways to get going:
1. CREATIVITY AND INNOVATION ARE KEY.
Change is inevitable. So many businesses lack longevity, because the owners stay rigid in doing things the way they’ve always been done. If your company is going to last, you need to learn how to EMBRACE and PIVOT when change comes. View it as an opportunity to think outside the box, find untapped potential, and implement new ways to increase profits. For example, if you own a cleaning company that services buildings that are currently shut down, shift your model temporarily to offer disinfecting services to homes or other unreached facilities that need those services right now. If you’re a clothing boutique owner, expand your market by building your online presence and marketing to new clients. Whatever field you may be in, ask yourself how you can adjust your business model to making extra profits. Where there is a will, there is always a way. You may even find new opportunities that you want to continue implementing even after the current conditions pass!
2. READJUST YOUR FINANCIAL GOALS
The reality is that spending habits change in times of uncertainty. Unfortunately, millions are out of work right now, and when people experience uncertainty, instinct tells us to conserve and save as much money as possible. If your business has taken a hit financially, there are a few practical steps you can take. One is to reexamine your budget and financial goals. Take a close look at all of your company’s spending, and eliminate any expenses that are not absolutely necessary. Reallocate the money coming in to cover essential expenses. If needed, speak with a financial advisor or work with a business coach to take a look at your specific situation and explore new options, think outside the box. There are also several relief resources available if you live in the United States. If you are a Small Business, check out the SBA Covid Relief Options. If you live in California, you may qualify for the Pandemic Unemployment Assistance program for business owners and self-employed individuals.
3. TAKE CARE OF YOURSELF
Did you know that it’s not selfish to take care of yourself? We’re not saying to ignore and neglect everyone around you, but in order to serve and lead others well, you need to be in a good physical and mental space to do so. A lot has happened this year, and we’ve all experienced a significant amount of change and new challenges to overcome, so have grace on yourself. Fear, anxiety, and hopelessness have no right to overtake you. Be aware of your mental, emotional, and physical health--go for walks, exercise, pray, stay connected with friends and family, take breaks from thinking about work, watch a funny movie, laugh, eat nutritious foods, enjoy life, and always hope for the best.
Things may seem uncertain and challenging right now, but you always have choices. Choose to do whatever possible to succeed, choose to be wise with your finances, and choose to be the kind of leader that others are inspired to follow. This isn’t the end of your story, it’s just one chapter, and you can be confident that there are good things to come! If you have specific challenges you’d like to work through, feel free to contact us for support. We’re here for you!