No one could have predicted the predicament small business will be in today. If we only knew how much the world would change in the first six months of the year, would it have made any difference? Now that we’re at this point, the best thing to do is to focus on making sure your business recovers - or even grows - in the aftermath of the coronavirus pandemic.
This year has been such a learning experience for all leaders and entrepreneurs. Coming away from this with valuable lessons will help you become better prepared for more challenges in the future. If there’s anything to learn from all of this, it’s about how your mindset as a business owner can direct and change the course of your business.
How can you change your mindset into believing that your business can succeed against all odds, despite everything that’s going on in this world? Let’s take a look at some ways you can make it happen.
Be sure to invest
All business owners have one asset that they consider the key to their company’s growth. Is it your product? Is it your platform? Is it your employees? Whichever one you pick, make sure it gets its due and it will always return to you.
If you consider your team as your most valuable asset, make them feel it. Treat them well and your customers will be treated well, too. Your customers will also take kindly to your company and give you their business.
Change the way you think about spending and think of it as investing. Anything you pour your resources into that will go back to you is considered an investment. So don’t make the mistake of scrimping on your assets. Instead, let them grow.
Know your numbers
As a business owner, you have to understand that cash is king. Therefore, you have to know how much you’re making, what your profit margins are, and how much your expenses total. This is to make sure that you have enough cash reserves to weather storms like the crisis we are facing now.
If your books aren’t current and up to date, you will not be fully aware of where your business’ strengths and weaknesses lie. If you want to know whether you have enough cash to keep things going, you need to monitor your books closely. This will also help put you in a position to maneuver your business in the right direction as you continue to survive this year.
This is something that not many business owners realize in the early days of their companies, but having cash can make or break your business during a crisis. Being on top of your finances is an advantage that you should use to ensure that your business succeeds.
Charge what you’re worth
It might seem counterintuitive to start charging more at this time, especially with everyone struggling in one way or another. If you provide a valuable product or service and feel like you’re short-changing yourself, it’s time to know what you’re worth.
Many entrepreneurs are driven by guilt and reduce their charges and rates because of many different reasons. Whether it’s because they feel like they won’t live up to their customers’ expectations, or because they don’t understand the value of what they offer, a lot of business owners are afraid to charge what they should receive.
Don’t let that sense of guilt eat you up. Be confident in what you offer and ask for what you deserve. There’s no better time to do it than now when you can use that income to help further your business goals. As long as you can deliver what your customers want, it’s justifiable.
Don’t be afraid to succeed
A lot of entrepreneurs easily get stuck at a certain level of profit because they feel like having more money is a burden. This is not necessarily the case. Can you imagine what you can do with a few thousand dollars for your business right now?
You might not realize it, but you could be sabotaging your own company’s success. This limiting belief will only result in you having difficulty growing your business down the line. You might have already missed some opportunities before if you’ve been thinking this way all along.
While having more money also means having more challenges to face, there’s so much better that you can do with that profit. Achieving your business goals will be easier once you have enough cash to go around. Being successful is not entirely a burden - it can inspire your team, your cohorts, and your loved ones. You will be able to help your employees and the people around you, too.