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As businesses of all shapes and sizes dust themselves down and take stock of how they’ve been affected by the pandemic, it’s fair to say that for most the struggle is not yet over. The notion of putting their entire operation on hold, or making drastic changes to the way they operate probably didn’t strike them as even possible, much less likely. Indeed, for those who were thinking about going into themselves prior to the crisis, the whole thing probably looks like a huge cautionary tale. Why would any right-minded person choose the path of entrepreneurship when it seems beset on all sides with hurdles, pitfalls and the occasional bear trap.
Still, while this will (hopefully) be the last pandemic of its kind in living memory, crises go with the territory when running a business. A crisis certainly shouldn’t put anyone off starting a business, but it should certainly remind them of the importance of preparation.
Here are 4 things that all small businesses would do well to remember in times of crisis…
It’s okay to ask for help
When starting out in business, it’s common to be very particular when it comes to doing everything your way. After all, one thing that business mentors preach consistently is the importance of having a USP and filling a gap in the market that your competitors have left open. As such, you may not consider the value in Small Business IT Support Services or outsourcing your marketing to a Digital Agency. However, these measures can not only save you money in air weather but provide help, guidance and support when things go awry within your business, your industry or the global economy at large.
Look after your team and they’ll look after you
Navigating your way through a crisis alone can feel damn near impossible. But when you run a small business, you’re never alone. You have intelligent, talented, passionate and dedicated people all around you. Look after them, and they’ll look after you.
Make sure that their working environment is safe, clean and conducive to restfulness, mindfulness and productivity. Invest in their training and development. Invest in employee recognition platforms that make them feel valued and give them confidence and motivation.
Never underestimate the power of customer relationships
In times of economic crisis, consumers are undoubtedly wary. But that doesn’t mean that you can’t retain their loyalty. Invest time and effort into your relationship with them, respond to them promptly and professionally on social media. Show them that you value their custom and that you’re committed to delivering excellence. They’ll stick with you through thick and thin.
Keep an eye on your metrics, but don’t lose sight of the one metric to rule them all!
Finally, in the age of big data, it’s easy to struggle to see the woods for the trees, especially when in panic mode. While there are lots of important metrics which should be tracked through the good times and bad, don’t neglect the one metric to rule them all… your margin. If you aren’t profitable, your business simply can’t function. Use this online tool to calculate your profit margin and adapt your strategy accordingly.