Key Tips For Entrepreneurs During This Crucial Face Of Economic Downturn- Coronavirus Pandemic
Tough Times Never Last, but Tough People Do!
Name your problem, and you name your possibility.
Build a positive self-image, no matter what your problem. Whether it’s unemployment, poor health, loneliness, fear or anything else that blocks your success, you can turn your negative into a positive. No matter how tough times get, you have the potential to achieve the best of life.
–Dr. Robert H. Schuller
These few lines carry a great message for all entrepreneurs. As we all know that we all are having a hard time due to the Coronavirus pandemic, most of the start-ups are hustling during the country-wide COVID-19 lockdown. In past, most of us must be thinking about the year 2020 will be going to be an epic time in terms of mass production and sales however, suddenly due to captioned pandemic the country is lockdown resulting in self quintile for all of us. Consequently, all the plants, offices, godowns were instructed to close down for a few days. It is like pushing a panic button unexpectedly.
Don’t panic! After all, when the going gets tough, the tough get going.
We have collected a few tips for entrepreneurs during this crucial face of economic downturn.
At the outset, the very important fact is to keep the business running and keep things tight as falling the same will be going to cost too much. All the hard work should continue with creativity ie., new ideas to serve things better. Like restaurants can take order online if people not visiting directly and try to serve at home only, this is currently not possible. Once the pandemic is cured and most of the people recovered, they still be having the fear in mind about going outside on a daily basis or not. Here you can think about how to take a lead from those of others. Because it is not the fastest horse who wins the race but the skilled driver having winning mindset.
Consider The Present Situation As A New Business Opportunity:
Well, as we know that it will be one of the toughest times we have seen and yet more to come. We can see all the businesses across the globe are down and everyone has to work together in order to survive in the present situation. Businesses with great wealth and significant sales numbers are also losing their stock values in the market. The foreign institutional investors (“FII”) staying away from the market taking out huge chunks of their investment. Foreign Institutional Investors are finding the easiest ways and businesses with potential growth in the future to safeguard their investment. Don’t you think it is the right time to attract them to invest in your business which will help you to stay survive and move towards your goals?
More Creativity In Business
Well, our history suggests that most of the great leaders faced huge financials as well as other pressure scenarios before becoming what they are now. Some examples are Dhirubhai Ambani, Ardeshir Godrej, Govindram Seksaria (Cotton King of the World), Bhai Mohan Singh, Jamshetji Tata and there are lots of other examples are well. They all are Indian, we did not mention names of outsiders which will be in thousands if we count them. Here, one can be capitalised on the most important goods or services to be provided in order to take lead from other competitors for examples the requirement of sanitizers and masks are the need of the hour and most of the Company are working with Government to manufacture and produced these products as much as they can which not initial but in long term will help these Corporate to survive and grow. One can think about how you can take the benefit of the present situation.
Planning Your Cash Flows
This will definitely have a great impact to decide and sort down the businesses which we will be seeing after 1 to 2 years. If we found the vaccine for the pandemic today then also it will take approximately 1 to 2 years to recover on the path of growth. We cannot talk about growth right now. We have to manage our cash flows to survive in the long term. This can be done by working on your cash flow cycle, no new product line, team building and utilization of available resources to the fullest.
Cordial Relationship With Clients
One of the most important things now will be to make cordial relations with your clients as not only you but they are feeling the pain too. Hence, it will be very important for entrepreneurs like you to maintain the flow and don’t lose them in the future. The digital medium will play a huge role here. Online platforms will help you to engage with others i.e., your clients, suppliers, stakeholder and people having interest in your business.
Review Your Contracts
Well, the clauses related to Scope of work, Time frame for completion of projects, Force majeure events, the situation of termination of contracts and other related provisions have to be revisited during this time so as to see if you are lacking, which obviously you do, on something or not. At the present time, you should be in continuous talks with your clients to provide more time to fulfill the responsibilities and be lenient to your vendors. This will be a significant step to build good relations as well as survive in crucial times like this.
Complying With Law And Government Directions
Don’t do any fantasy activities, you have to adhere to the law and Government directions issued from time to time. Believing in Government activities, as the Govt. will be taking decisive measures to fight with the present situation as long as it can. Doing anything silly can cost something which is against your dream. Hold your horses this is what the time demands right now. Keep calm and wait for a few days.
Boost Up Your Team Confidence And Skills
The last but not the least is to work closely with your office team ie., employees. Here working closely does not mean asking them to come office and work but to tell them how important they are for you as you cannot build a great structure without building tough pillars. Connecting with them on daily or alternative days will do the trick, telling them how to work at home, collaborating with them, sharing your experiences and asked them to improve some skills through online courses. This will not only boost their confidence but you can retain them for long as well. According to us, it will do miracles for you.
To conclude above one can say that although it is a crucial time for all of us however, this situation will not last forever and your continuous efforts will definitely win the race. There are a number of stories available which suggest that only entrepreneurs with creative and tough minds will be going to write history.