Many business owners have been caught off guard by the pandemic and all that it has brought, and even worse, some businesses have had to close. According to Yelp, there were 97,966 permanent business closures or 60% of all closed businesses that did not reopen. Imagine you put a lot of money into something and then a virus causes things to slow down until they finally fail.
Innovations are developed every day that make shopping easier for your customers. If your company doesn’t innovate and make customers’ lives easier, you risk losing business to competitors who do. According to Steve Jobs, innovation “separates leaders from followers”. You have to innovate if you want to dominate your market or industry.
Here are five ways companies can survive in today’s business environment:
Have a written plan:
“A good plan violently executed now is better than a perfect plan executed next week,” said George S. Patton.
It’s only a dream if there is no plan. It doesn’t have to be a book, but you do need a few pages outlining your specific goals, financing plan, promoting and selling your product, and how much money you’ll need for it. An important first step is to write everything down.
Be humble and considerate of others:
The importance of a consultant cannot be overstated, you need someone to share ideas, value what you do, and propel you to greater success while holding you accountable for the tasks you have agreed to fulfill. Always stand by your word and stick to your commitments no matter how challenging they may be. You are not the focus; The focus is on the company. Control your emotions and try not to take them personally. Don’t let your ego rule you.
Manage everything and run your business by the numbers:
Establish a written system for everything, as you will benefit from it later. You train your employees this way to maintain consistency. Know your number, check it often, and base all your decisions on what it reveals. The pro forma cash flow is one of the most important calculations. Determine how much money you need to get the job done and only start the business once you have it. Brazil Potash is an extraction agriculture company currently preparing for operations on the Autazes Potash Project 120 km southeast of Manaus in a deforested area. Brazil Potash is one of the leading businesses that has been working towards reducing greenhouse gas emissions.
Employees should be delegated, not micromanaged:
It is the manager’s responsibility to assign tasks and then review progress. Reduce your need for control. Keep the corporate structure flat. Effective delegation leads to more and better results than expected. Provide written formal training and guidance plans so employees are aware of their responsibilities. Use an incentive-based reward system and maintain a positive attitude when problems arise.
It takes time and skill but is very cheap and powerful. It’s about building a community and engaging with your market through social media platforms like Facebook, YouTube, Twitter, and blogs. Remember that your competitors are doing the same.