Small business owners have weathered a lot! While there’s no ideal time to run a business, we have some tips for managing your small business through tough times. When silver linings appear again, you’ll be battle-tested with the skills to succeed in the toughest circumstances.
Adopt a growth mindset
A growth mindset is the belief that you can develop talents through learning, hard work, using good strategy and guidance. Adopting a growth mindset means that your business’ culture can nurture the motivation, innovation and productivity that can get you through the toughest of times.
Delegate, don’t abdicate
Are you so-so on bookkeeping? Find a CPA who can help keep track of cash flow with ease. Not a marketing guru? Find folks who can do content marketing, social media or draft you a killer marketing strategy. It’s all about trust and building a team that can help you make the best business decisions, especially in tough times.
Commit to a vision, not ideas
Your vision is all about what you want to achieve as an organization, deliver to your customers and how to stand out from competitors.
Don’t let fear hold you back
When you can recognize fear and process it, you can recenter yourself so you can take action to keep your business running smoothly.
Hire people who can roll with the punches
When building your team, it’s worth it to find and hire employees with grit, creativity and commitment to your mission — not just the right skill set.
Manage your resources well
Whether it’s new product development, automation or new functionality, you can put people and tech together in new ways to learn and move fast with creative small business management.
Diversify your business
“Don’t put all of your eggs in one basket” is a saying for a reason. During times of uncertainty, businesses often have to go with one of two strategies: Stay lean and mean or double down on growth. There’s no right or wrong answer. You can look at your business’ overall health, finances and risk tolerance to create a path forward that makes sense for now and the future.
Look at the data
Rely on your customers to tell you what they want and what they’re thinking. New opportunities for revenue and retention lie within what your customers want. Plus, times of uncertainty can create new customer segments.
Navigating tough times doesn’t mean doing it alone. It helps to lean on your community when facing hardship. While it’s great to have a personal support network that consists of family and friends, it also pays to have a community of like-minded entrepreneurs who know what you’re going through.
Aim2Assist is here at your service to help with all your administrative needs. You can learn more about our services and monthly plans here. 