Read on and learn.
Small-medium enterprises (SMEs) were greatly affected by the ongoing coronavirus pandemic. As the owner of a medium-sized food business myself, I can vouch for that. Adapting to the “new normal” has been very challenging and traumatic.
While many businesses closed their doors for good when the pandemic hit, some managed to stay open. Regardless of how our respective businesses fared, one thing binds us entrepreneurs together: We’re stronger and wiser now, because the pandemic taught us very valuable lessons.
Here’s what I learned.
Find a mentor
“You never stop learning” may be a clichÃ©, but it’s true. Connecting with someone who’s more experienced and being able to consult them when you need to is important, especially in times of crisis.
Manage your debt
Don’t take out high-interest loans, especially if you don’t really have to. You never know when your ability to pay will be compromised, so err on the side of caution by minimizing debt. If you must take out a loan, make sure you have a plan to pay it back.
Sound legal advice from a lawyer will help you make informed decisions. The ability to do so will help you get your business through even the toughest of times.
Prioritize having savings
Once your business starts making a profit, you may be tempted to spend a lot. There’s nothing wrong with enjoying the fruits of your labor, but you should also save for a rainy day. Put some of your earnings in a separate account and don’t touch them unless you absolutely have to.
Take care of staff
Your team is the backbone of your business, so don’t abuse them. Give them their government-mandated benefits along with their salary. Not doing so is a serious offense and labor cases have brought down even the most successful businesses.
Pivoting is key
The world’s greatest companies owe their longevity in part to their adaptability. Change is constant, and the pandemic has altered how we do business. Embrace change by coming up with inventive and original ways to serve your market.
The business of running a business is challenging, especially when an emergency like the COVID-19 pandemic sneaks up on you. But I hope the things I shared in this piece will help you make the best of a bad situation.
Words Art Vandelay
Art Daniella Sison