1. Establish a contingency plan
A business contingency plan is a necessary component for every entity’s strategy planning because it prepares us for the worst-case scenario. It is comparable to a rainy-day savings account. Sure, you don’t want to prepare for a sickness or a job loss, but life happens, and it’s better to be ready than blindsided.
2. Conduct a SWOT analysis
Every organization — large and small — should conduct a SWOT analysis. The primary objective of this age-old technique is to understand the ins and outs of your enterprise and what factors are taken into account before action is taken.
3. Focus on your customers
Without an injection of customers, it will be hard to maintain operations. If you are unable to build leads, accumulate prospects and gain new clients, then it is imperative to concentrate on the customers you do have.
4. Be SMART
Specific: Your goal is quite elementary, my dear Watson. It is simple, precise and unambiguous for all stakeholders.
Measurable: Your objective is easy to measure and assess your progress, allowing you to determine if you are on the right track.
5. Manage cash flow during downturn
During any hiccup, you must count your pennies. Without consistent cash flow, your firm could succumb to the basic laws of finance. If you don’t have money coming in, it will be hard to keep your doors open. Until that dire day, there are several ways to attain a regular injection of cash:
6. Invest in social media
Social media platforms, such as Twitter, Facebook, Pinterest and Instagram, are all valuable tools that can be utilized when you want to generate new leads, advance your brand strategy and amplify your digital operations. If most consumers are in a certain place, why would you avoid traveling to that destination?
7. Hire a business advisor
One of the causes of a failing business is that too many owners are stubborn and refuse to adapt or even take responsibility. We get it. You have put your blood, sweat and tears into your company, and you don’t want to be told that a lot of what you did was wrong.
8. Avoid emotional decision-making
Making decisions based on emotions is one of the reasons behind a business failure. It may be easier said than done, especially when you are in a moment of rage or sadness.
9. Surround yourself with the right people
It is said that you are the company you keep, suggesting that if you surround yourself with the wrong type of people — morose, procrastinators, ignorant or lazy — then you will adopt their characteristics.
10. Experiment outside your comfort zone
Entrepreneurship is about taking risks. If you are uncomfortable with uncertainty, then you should work for somebody else instead of being self-employed.