What should owners do for survival of their small business
Small businesses are the economic engine for many countries. Economic output or GDP (gross domestic product) is the measure of any country’s economy, but the statistics reveals that it is largely made up of owners of small businesses.
It is a well established fact that health of any business has a direct impact on health of neighbourhood, city and ultimately your country. But a worldwide economic upheaval also impacts a small business either way- positively or negatively.
Tough times need to be negotiated by remaining equally tough. Here are a few useful tips for the small business entrepreneurs.
Stay focussed on objectives:
Keep a vigilant eye on things that matter most. Don’t allow anything to distract you. Set goals and draw implementation schedule. Adhere to schedules strictly. This approach will keep you focussed on objectives and lead you to success even in adverse conditions.
Never miss an opportunity:
Opportunities seldom come again. You should always look for opportunities. Never miss an opportunity for the growth of your business. It is a proven fact, as mentioned by Warren Buffet, that you can make most of your money when conditions are extremely tough.
Get the right perspective:
When you find yourself surrounded by problems, it becomes difficult to think of a right solution. Seek input from collegues and well wishers. Weigh pros and cons take the right perspective.
Don’t withdraw. Stay connected with customers, clients even in downturn. Try to meet them personally, understand their expectations and think of ways to fulfil their expectations through your services or products.
Know your business risks:
You must visualize risks inherent with your decisions and actions, in case those prove to be wrong. Inaction in itself is a bigger risk. Acting rationally to any situation is the wiser thing to do than reacting spontaneously in running of a business.
Reckless, extravagant spending leads to cost escalations of your product or services and poses risk of loss of business. It takes your customer or client away from you. Look for rational cuts. Think of alternatives which can give you savings in running of business.
Offer before asking:
Offering help or lending support to others in your good times opens doors of support for you in your bad days. Small businesses normally are more helpful to each other than big corporate.
Stick to your plans:
Don’t stray from your plan, but keep watch on what is not working. You should be ready for change when needed, but ensure that you are not distracted from business goal.
Take a leave from any bad news:
Though media reports about bad economy are usually over exaggerated, do try to probe and draw lessons from that story if you find it worth for your type of business