The complete lockdown in the wake of coronavirus outbreak has shown that business and unpredictability are inseparable. It will be irrational to expect any business where the owner can foresee or predict the demand or other business dynamics accurately, and act accordingly.
So, as a business owner, what you should do? How to withstand an unpredictable blow to business as big as the current corona epidemic has thrown at our face? How you can be ‘tough’ to last this tough time or any further shutdown in future.
Dr. Goyal’s 5 steps to run your business successfully
First Step: Think Right
Don’t blame anyone for this crisis time and think that it is just another test of your skills and abilities as a business owner and you will emerge as a stronger and more confident personality, once it passes.
Second Step: Communicate
Communicate to your customers that in this testing time, you and your people will do their best to solve any problem faced by them. This kind of reassurance can go a long way to cement your relationship with your customers.
Third Step: Pause & Ponder
Think of this situation as a time you always wanted to spare to pause and ponder – what’s right and wrong for your business. Think and write what you can do to create and strengthen the pillars of your enterprise – i.e. People, Processes and You.
Many business owners tend to forget that they themselves are the most important pillar of their business: Dr. Goyal
Fourth Step: Increase Capability
Identify what new you can learn to increase your capability as a prudent business owner and , how you can nudge or train your staff to better their skill-set.
Fifth Step: Design Your Business
Use this time to justify the true meaning of being an Entrepreneur. As an entrepreneur, you are the architect of your business. So, start designing your business, carefully, meticulously, keeping in mind the kind of business growth you want to achieve at least five years from now.
Remember: Most of the business owners tend to think based on their own past experiences. However, a third eye or a business-mentor draws experience from a lot many other businesses and different situations that you may not have ever encountered. Seek Help.