A little theory – what if we looked at the economic crisis as just another stage of the economic cycle? What if is not an unusual phenomenon to be worried about, but a predictable economic phase like most of us have lived through before?
Of course, reading the news and gathering information about how things are developing helps, but being informed only means being half prepared. So, what can we learn from previous economic phases that will allow us to be prepared for what is coming, rather than just informed about what is happening?
1. There is no time to lose. During each of these economic cycles, everything happens increasingly fast. There is no time to sit around and contemplate.
2. Things will change. It is another stage, and that means the economy will step to the next level. Somethings will be left behind, somethings will be no longer relevant, and something new will happen or emerge.
So, what you can do in your business to prepare yourself for this, and what we are all about to go through?
Reinvent your business
Think about what sort of improvements your business would benefit from? Maybe it is something you were considering but got too busy on an operational level to actually implement it? Now is the time: working remotely, paperless office, virtual meetings with clients, online shop, online training platform, personal shopping, home parties, changes in the team, outsourcing – the list can go on.
The key lessons we know are that things will move quickly, and businesses will be left behind, so think about the changes that will make your business more efficient, lean, faster, better quality, improve the relationship with the clients and amongst your team.
If you have a list of changes for your business, now is the time to take a serious look at it!
Plan your business
It may sound impossible to plan in the middle of a storm, but it still really important to plan and forecast for your business. Having a vision for how your business should look in future will serve you well as a road map. It will save you a lot of heartache and surprises. Plan on different levels: financial, operational, relations:
– Financial: prices for the goods or services your business selling, turnover, net profit, salaries, expenses.
– Operations: define who does what in your business, in-house or outsourced, on paper or electronically.
– Relations: communication amongst the team and with the clients, in-person or virtual, seldom or often.
Decide on your business values
With constant changes both inside and outside your business, there is a danger that you will lose sight of the true purpose why you started it in the first place. Remember, all enhancements you do in your business should be congruent with your business value.
There are a few cornerstone values for businesses: relations, quality, volume, speed. Any successful business would have one value the business is built around. Establish your business value and test all changes against it before rushing to perform them.
Always remember that you are the main puzzle piece of your business jigsaw puzzle. Prioritise yourself, your personal and family time, and have strict boundaries.
Now more than ever, at the time of a storm, it is important to look after yourself and your family. The business owners are so quick to be the person who jumps at the new case, client or opportunity at the expense of your free time. It’s free, right? Wrong! It’s the personal time you need to take a breath of fresh air, eat nutritious food and share happy moments with your family and friends.
It might not always feel like it, but you started that business so you could have more time, flexibility and cash to do the things you love. Don’t lose sight of that.
About the Author - Elena Meskhi is a business coach and best-selling author of the book, Rewire Your Business For Success: the 6 step method to increase profit and reclaim your freedom.