5 Tips to help small businesses survive

An unprecedented event like the Coronavirus will have us question more what
will break us and believe less in what can potentially make us.

In times when uncertainty surrounds us and we’re faced with obstacles that can
severely impact what we’ve achieved and still hope to achieve, we begin
questioning our survival.

To help your business rise to the top during bad times and remain at the top
during good times, there are some fundamentals every business needs to survive.

1. Have a plan

Every business has a foundation on which it is built. All your
decision-making, failures and success will be centred around the plan you have
in place. It helps you decide which decisions to make when, keep track of the
goals you set out to achieve, ensures everyone’s on the same page and prevents
chaos from erupting.

2. Invest in knowledge

Knowledge is power! To grow professionally, we need to continuously invest in
becoming knowledgeable. For teams especially, learning skills such as
communication and teamwork are as important as the professional skills needed to
fulfill their roles within the business. Knowledge will have a direct impact on
the success of your business.

The knowledge and skills we acquire through learning allows us to:

  • Achieve more goals
  • Have a better understanding of our customers, their needs and how to
    properly meet them.
  • Build more meaningful relationships with both employees and customers.

3. Be willing to adapt

Stressful situations can completely throw us off course. But just as
adaptation is necessary in our everyday lives and everyday situations, it is
equally important in business, and even more so during a crisis.

Adapting shows resilience to a stressful time and an openness to change. Your
business’ ability to evolve and adapt to change will help you tackle problems
and make room for new and better opportunities.

4. Take risks

Business 101: you need to be willing to take risks! Risks mean choosing to
face the fear of uncertainty, regardless of whether that risk will pay off or
not. When you take risks, you learn valuable lessons that will help you make
better decisions in future.

The benefits of risk-taking:

  • It builds confidence
  • Helps you step out of your comfort zone
  • It can help take your company from good to great

5. Set goals

Your success in business is only as good as the goals you set and the effort
you put into achieving them. Goals play a pivotal role in the long-term vision
of the company. They drive motivation and determine. The more goals you set,
both big and small, the more focus you’ll gain, and the more that helps
determine what you truly want.

In business, challenges and change is inevitable. Your business can thrive one
day and the next you’re dealing with a blow that you didn’t anticipate or plan
for. Your survival in business runs parallel to your survival as a human being.

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