Being an Entrepreneur is hard work. Once you are committed to doing the hard work, success is sure to follow. Time is money for everyone indeed. If you are someone who has just started their own business, you know time is as precious as a treasure. The current situation that the world has been engulfed in is the hardest for everyone. The world and the economy staggers towards stabilization. While there are limited things you can do as an entrepreneur, you sure can follow these small steps to survival
Look Ahead
While the future seems uncertain now as an entrepreneur, you need to look ahead. We need to begin planning for the times after the lockdown ends. You would need to take the same baby steps as earlier to make your entrepreneurial venture bounce back.
Slow down on your expenses
You may have created a substantial balance before the virus situation. However, now you need to close the loose ends of unnecessary cash outflow. It is time to relook at your expenses and minimize the one that does not impact your ability to create the business.
Look at short-term revenue options
You need to get back to the basics of bringing in the buck. Start with small revenue-generating ideas. You are definitely not able to serve your customers right now. Use this time to build on earn some extra revenue through other sources. You can consider keeping your customers engaged virtually but at the same time, you need to get some cash inflow for yourself too.
Future Planning
We have already considered looking ahead for times after the virus is over. Now is the time we need to plan for our businesses based on consumer behavior. Consumer behavior will continue to stay impacted, long after the virus is gone. You need to look at different ways and means to make your consumers stay. Revise your business and financial goals now.
Save effectively
Look at financial plans where you can invest during these times. You may want to carefully measure the market and invest some of your savings for the future. Look for plans that have a low risk and guarantee to keep your money safe for a longer period. This way you have part of your savings that will not be impacted by your business at all.
Virtual resources
Everyone is conducting zoom meetings nowadays. You need to consider analyzing e-learning opportunities for yourself and also establish a virtual connection with your consumers.
You need to accept the fact that the virus is destroying more than just lives. This process of creation through destruction is not new and you need to consider the same strategy for your entrepreneurship. Simultaneously, you need to stay connected with your customers. This is the best time to re-iterate your values and beliefs. Simple tips like these may help your entrepreneurial venture stay adrift during these tough times.
So the mantra is
Being an Entrepreneur is hard work. Once you are committed to doing the hard work, success is sure to follow. Time is money for everyone indeed. If you are someone who has just started their own business, you know time is as precious as a treasure. The current situation that the world has been engulfed in is the hardest for everyone. The world and the economy stagger towards stabilization. While there are limited things you can do as an entrepreneur, you sure can follow these small steps to survival
Look Ahead
While the future seems uncertain now as an entrepreneur, you need to look ahead. We need to begin planning for the times after the lock down ends. You would need to take the same baby steps as earlier to make your entrepreneurial venture bounce back.
Slow down on your expenses
You may have created a substantial balance before the virus situation. However, now you need to close the loose of ends of unnecessary cash outflow. It is time to relook at your expenses and minimize the one that do not impact your ability to create business.
Look at short-term revenue options
You need to get back to the basics of bringing in the buck. Start with small revenue generating ideas. You are definitely not able to serve your customers right now. Use this time to build on earn some extra revenue through other sources. You can consider keeping your customers engaged virtually but at the same time you need to get some cash inflow for yourself too.
Future Planning
We have already considered looking ahead for times after the virus is over. Now is the time we need to plan for our businesses based on consumer behavior. The consumer behavior will continue to stay impacted, long after the virus is gone. You need to look at different ways and means to make your consumers stay. Revise your business and financial goals now
Save effectively.
Look at financial plans where you can invest during these times. You may want to carefully measure the market and invest some of your saving for future. Look for plans that have a low risk and guarantee keeping your money safe for a longer period. This way you have part of your savings that will not be impacted by your business at all.
Virtual resources
Everyone is conducting zoom meetings now-a-days. You need to consider analyzing e-learning opportunities for yourself and also establish a virtual connection with your consumers.
You need to accept the fact that the virus is destroying more than just lives. This process of creation through destruction is not new and you need to consider the same strategy for your entrepreneurship. Simultaneously, you need to stay connected with your customers. This is the best time to re-iterate your values and beliefs. Simple tips like these may help your entrepreneurial venture stay adrift during these tough times.
So the mantra is ”Reset your Life”
Sabiha Gulrays
sabiha.gulrays@gmail.com
