What Every Entrepreneur Must do to Thrive During the Pandemic
Introduction: It is with absolute certainty that the Pandemic has deeply impacted our lives both at the economic front as well as the country's economy. It has also changed the way we live our lives. It has been difficult and challenging times for everyone across the world. It has brought delays and even paused investments both at the business and the consumer front. A crisis of this magnitude can be used positively to build a thriving business. Also what has been seen is that the way the businesses have adopted their business models has been quite surprising. People and businesses which have survived have learned new methods of collaborating and working to grow themselves. As every dark cloud has a silver lining, the entrepreneurs have had a very steep learning curve to learn, handle and grow their businesses.
How we challenge uncertainty with certainty is what we shall be dwelling on in this article. Here are some of the tips that can help you during such situations.
1) Showing Empathy: One of the most important skills to learn and practice is to practice empathy. It is the ability to understand what the other person is feeling and to look at things from their perspective. By doing this, you are able to have a better connection with yourself and others.
2) Building Up New Skills: Another critical skill to build is to identify what new skills are required to secure and grow the business. Here, a point of consideration is that the driver of the business is the owner of the business. Hence, building up the skill and competency during such times is not only essential but critical as well. A SWOT analysis must be done to ascertain the current status of the business. Once this analysis is done, then a plan must be made to strengthen it.
3) Adapting: As the saying goes,” It’s not the strongest not the most intelligent of the species which survive, but the one which is most adaptable to change” by Charles Darwin. It is important to identify the weakness in your existing strategy and take steps to fill it up.
4) Go Online: Entrepreneurs constantly need to evaluate their business model and solely cannot rely on a single strategy to achieve their goals. Hence the need to go online, to ensure that they are able to reach their customers even during the lockdown. This will help build a competitive advantage for them in the long term. Today, the digital transformation has happened for all businesses due to the pandemic. They are a lot of tools available for business to attract their customers who are now also online.
5) Meditate: During lockdown with the restriction being put, practicing meditation helps in reducing anxiety and negative thoughts. Through meditation, one learns to focus the mind on the present moment. One can start with 5 minutes until it is comfortable for them and then every week increases the same by 5 minutes.
6) Being Healthy: Taking care of health has become very important during the pandemic. It is essential to maintain a healthy lifestyle, as it's not only through eating healthy foods but by being physically active and through adequate sleep we can build up our immunity and fight against the COVID.
7) Collaborate with others: Searching for professionals, freelancers and businesses can help to either maintain or grow your business. It can also help in reducing costs and money. There are online websites, like FIVER or Freelancers, where a lot of work can be delegated or outsourced.
8) Make an inventory of Pending Work: Take stock of your pending work, be it your personal, professional, or family work. Ensure that you are productive but at the same time do go overboard with it.
9) Getting yourself A Mentor: It is said that if you want to build your skills or grow yourself fast, get a mentor. A mentor is someone who is ahead of you in your own journey and understands the pitfalls which one can face. Use time wisely, and have mentors in each area where you want to grow. They also help you to stay inspired during such difficult times.
10) Managing Your Cash Flow: During the pandemic, we have seen that a lot of businesses have closed down. This is due to poor collection of money or due to their bad credit policy. Hence it is important to have a tracking system where it is necessary to know the cash flow and reserves in the company. It is also important to take stock of the situation to reduce any unnecessary expenses, to encourage cash flow.
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