Whether your startup or small business has experienced some hardship from the coronavirus (COVID-19) pandemic or not, it is important that you understand how best you will be able to prepare yourself to not just survive a crisis, but thrive amidst challenging times.
Here are the five small business strategies or tips that will help you manage adversity or even help you come out as a leading business with more confidence and strength than ever before:
Tip no 1: Always Remember That It is Never Too Late for You to Make Preparations
If you have been affected in a lot of ways by the crisis, then don’t be taking the mindset that it’s already too late for you to do something. There are a number of loan options that are currently made available by the UAE government and financial institutions for small businesses in order to support economic recovery.
Also, it is important for you to remember that all measures you wish you’d taken prior to the pandemic or the crisis would have been helpful with our current situation. This only proves that it is best to plan ahead! After you read the article, write down all the things that you would have done differently. Include the resources that would be helpful for your small business right now and the resources that you can have access to once the market recovers. Also, don’t forget to write down the things that you would do in order to prepare your employees in the future for a crisis. Utilize your notes in developing a new crisis protocol. The goal is to create a preventative action item list for the future.
Also Read: 6 Reasons Why a Financial Advisor Can Help Your Business
Tip no. 2: Seek the Help of Experts
As an entrepreneur or small business owner, asking for help can oftentimes make you and the business vulnerable. But, this can only feel this way. Fortunately, it is not true! As a matter of fact, it is amazing what strangers, friends, and even your neighbors can do in order to provide you with support when you simply ask for help. Of course, you would have to be genuine.
Whenever you are experiencing a change within your business, it is also advised to seek the help of experts. Experts on business setup in UAE can also provide you with options in order to sustain your business operations, most especially with the economic downturn. All you need to do is consult with the professionals!
Also, you can go around and ask your most trusted advisors and mentors for financial or legal advice. You can also post on your social media accounts in order to encourage your customers and clients in returning to your small business. You will be surprised by what you receive just by asking.
Tip no. 3: Give Extra Encouragement and Support to Employees
As you are running a business, you can feel like you are the only one who’s currently affected with challenges that are most definitely unforeseen. However, you should remember that your staff runs your business. During a time of difficulty, including political and social turmoil, you should remind the entire team of the business’ vision and values so they remember why they are choosing to stand by with the company.
When morale is really low, it is essential that you instantly take the leadership action. You should encourage your staff’s spirits in order for them to be inspired in acting for the benefit of the business. Turn what feels to be like pain into a moment you can teach to your employees. Now is the perfect time for you to lend an ear as well and applaud any positive behavior.
Tip no. 4: Rack Your Brain With Positive, Strategic Ideas
In a time of hardship, it’s often difficult to see any positive as the easier path would be to spiral into negativity. However, business challenges, most especially the ones that relate to crises, actually present excellent opportunities in carrying out brainstorming sessions with the team! When was the time you last had a proper chat with them? Ask for their opinion on what they think the business should do in order to thrive!
Also Read: Surviving and Thriving in a Crisis – Strategies for Businesses in UAE
Tip no. 5: Impart What you Have Learned
Every business is facing unique challenges. Now is the time to learn a lot! Learn quickly as well. But, if you aren’t recording every single thing that you have learned, then you will most definitely forget it in the next few months or years. Write what you have learned and share them to retain them in your memory!
Operating a business in an economic downturn can be challenging, but it is possible with a little bit of help and creativity. If you wish to talk to experts, call us here in FAR Consulting Middle East!