2020 is both humbling and disastrous for business owners around the world. The outbreak of COVID-19 led to the closure of thousands of businesses due to several reasons such as their inability to adapt to the changes necessary to operate under these new circumstances, lack of emergency funds to keep the company afloat, or the absence of government support needed to save the business from going under. Entrepreneurs are learning hard lessons on consequences and management, thanks to the pandemic. But under no circumstances should business owners get complacent once this is all over. According to Steve Fisackerly, one never knows what will come to topple their business: a global pandemic, a freak hurricane, a ruptured dam 5 miles away from their headquarters, a drunk driver, or even just a better competitor. Here are his tips for business management for 2021.
Technology is your ally
There are still a lot of businesses that don’t have an online presence. Business owners don’t need to spend thousands of dollars to create a website for a local hardware store. All they need to begin with is social media platforms like Facebook, where people can reach the store. Having an online presence is also a great way to communicate with regular customers and quickly answer any questions that possible that they may post. With almost everyone in the country able to access the internet, taking advantage of today’s technology to grow a business is necessary.
Cut unnecessary costs constantly
Performing regular cashflow audits is crucial for a business to stay afloat. Not only will an owner has oversight on company expenditure, but they can also find allotments that may be too much. These excesses, often called bleeds, could be hundreds of dollars’ worth of products that go unsold or even thousands of dollars paying for salaries of underperforming individuals. As a company grows, so does the expenditure and possible bleeds. By cutting unnecessary costs and redirecting cash flow to where it’s needed, multiple problems can be solved at once and grow the business further.
A good number of businesses were forced to change their repertoire during the onset of COVID-19. Physical stores had to become flexible in terms of how their business operated to stay relevant and stay open. This is why restaurants shifted to take-outs and deliveries, and stores went online to continue the business. Meanwhile, establishments that failed to adapt to the changing times suffered terrible losses. Whatever comes their way, owners must maintain a level of flexibility that allows their business to stay open.
Take care of oneself
The physical and mental health of an entrepreneur will always mirror that of their business. If business owners are overworked, they could make costly decisions because of fatigue. They shouldn’t let their business dictate how they live your life. It’s not selfish for a business owner to have a life outside of work. They should always remember to take care of themselves and their family.