Keeping a business afloat is tough on its own, but it’s particularly demanding during hard economic times. The problem here is that every business is different, so there’s no set playbook you can follow to ride out the storm. Even if one of your industry competitors develops the perfect turnaround strategy, there’s no guarantee you’ll be able to follow their example.
The good news: there are a few general strategies that every business going through hard times can profit from. Here are three ways you can help your business right now!
- Consider the Big Picture
When people are faced with an obvious problem, they tend to attack it without hesitation. This approach can sometimes make business sense, but it’s oftentimes better to step back and look at the big picture. This will make it easier to understand the scope of your existing problems and figure out how they affect the strengths and weaknesses of your business model.
For instance, let’s say you find out that two of your employees are constantly making inventory mistakes that lead to understocking some supplies. Though your first instinct will likely be to fire them, it may be better to check if the manager who hired them has given them the proper training. Making the right decision will reduce the chance these problems will reoccur.
- Focus on Your To-Do List
One positive aspect of business slowing down is that this gives you more time to get things done. If you’re like most business owners, you likely already have a to-do list filled with tasks relevant to both your personal and professional life. If you don’t have such a list, this is a great time to make one and start tackling the tasks on it as soon as possible.
The reason why to-do lists are important is that they allow you to mobilize yourself instead of sitting around worrying about the future. A good way to tackle a to-do list is to schedule each item based on the realistic amount of time it will take to do them. If necessary, you can consider outsourcing some of the less important tasks to your team as well.
- Boost Employee Morale
Good employee morale is critical to any company’s success, particularly when business hits a rough stretch. In times like these, the leader should always strive to set a good example. If you’re often doing Zoom calls, for example, don’t show up in your pajamas. Make your home office seem uplifting, professional, and relevant to your brand’s vibe.
Another thing you should do is remain as positive as you can. For example, negative news is in abundant supply during tough times, so there’s not much reason to share it yourself. Similarly, choose your words carefully when talking to your team. Focus on things you can control and encourage others to share fresh and exciting ideas for growing the business.