Worried about going Bust? These 3 steps will keep your business resilient.

This past year has definitely been a rollercoaster for small businesses. From the bush fire crisis in summer to entering a global pandemic, and it is still only April! It would be so easy to get caught up in the fear and feel like the world is going to end. Even though things may be changing and your business will likely need to learn how to adapt to uncertainty, the world will not end. We will get through this. I have been able to see the resilience of communities in the country who experience uncertainty every year. When water is scarce, they band together to support each other. When tourists are low, they find new innovative ways to sell goods with the internet. When life is difficult they support each other. They are proof that we can be resilient.  

With these three tips, you will be able to learn how to adapt to uncertainty, not only will you get through this pandemic, but you will also be ready for anything in the future.   

Stay positive  

Keeping a positive mindset is one of the most difficult but beneficial things to do during this time. When your mind is set in fear, you are not open to opportunities. Imagine, there is an application for a grant, one-person is maintaining a positive mindset. They can see a future for the business and take the time to write the application, determined to get it. Meanwhile, a business owner who has given up, is thinking “why bother?” may not even find out about the grant, let alone find the will power to apply for it. That second business owner has just missed an opportunity. The world has gone through many periods of difficulty, and it likely will do the same again. Take this as an opportunity for you and your business to learn how to become flexible and develop strategies that will help you in the future. You cannot control a situation like this, but you can control your mindset. Let’s focus on the things that you have some control over.   

Look for available resources

We live in a super lucky time; can you imagine if this virus hit just 10 years ago? The transition to internet-based communication would have been significantly more difficult. Luckily most of us already know our way around basic software for business, and if you don’t it is not difficult to learn. There are so many ways you can make use of available resources. From the internet to friends and family around you. New information and support for small businesses are coming out every day, you should make it a point to keep informed. Communication with customers is essential at this time, don’t bombard them, but let them know you are thinking of them. Consider the new problems that your customer is now facing with self-isolation, how can you alter your services to still help the customer? What resources do you have or need to achieve this?  

Make a plan  

I know I am always writing about making a plan, but these are incredibly essential for every day. Plans allow you to see where you are going and how you will get there. Sure, many people can simply make decisions on a whim and succeed in business, but that is just by luck. A plan will help you stay on the right track and be ready for anything. No one knows your business better than you, your customers and your staff.  If you can, I highly suggest getting together (online) to brainstorm your resources and opportunities. When you are planning, remember that this will not last forever, what will you do when it all ends? How are you planning to get back on your feet and reconnect with customers? A great idea is to have a plan of how you will stay in contact and continue to develop positive relationships with your customers during this time. That way, as soon as they are able to, they will think of you first for your services.   

I hope that this article has been able to help calm you down a little in this crazy time. There are still lots of things that you can be doing as a business owner when times are a little (or a lot) slower than usual. Staying positive is the most important thing, remember this will pass and you will have learnt so much about creating a flexible business. If you are still struggling or worrying, feel free to give us a call or organise a free 45min consultation. We are here to support you and will see what we can do to assist you through this.