Through the pandemic, we all learn that nothing is immortal including business. It is something that can fall easily with some turbulence. Many businesses around the world were forced to shut down during lockdowns. Many were not prepared to face the situation, forcing them to give up. Hence, it is vital to always remember that disaster can hit in any time. What you need to do as entrepreneurs is not to blame the disaster but prepare your small business better to face it because disaster is often unexpected. Even if you can predict it, it might be too late to do something.
Keep your business resilient during disastrous times
Companies that are standing until now are those who show resilient through their innovations and flexibility. It is not easy especially for small business that have small pools of resources to fall back into. But still, there are ways you can do to keep your business stay afloat even during disastrous times, and here are the tips for you:
Understand each risk of critical components of your business
Keep in mind that there is not only one risk you should cautious of when it comes to business because you need to see it from whole point of view. It means you need to calculate the risk across your company’s intangible capital because your company consists of human, structural, as well a social and customer capital. When you understand these risks, you can mitigate them over time and keep your company safe during disastrous times. Not only that, your business will also gain more value since the risks are mitigated.
Increase your brand visibility
It is essential for your business to increase brand’s visibility especially during hard times to maintain and share your market share. Instead of solely cutting your business’s spending or going into survival mode, it is more recommended that you communicate more with your client base. Allow the to know that they are still your priority, and focus more on elevating your customer service to create more raving fans.
Trust your employees
To safeguard your business, you can start it by trusting your employees to work hard from wherever they choose. For example, giving them choice to use the office whenever they want while mostly working from their home. Providing flexibility will help a lot in protecting your business from losing valuable resources especially because you never know what will hit your business.
Be more innovative
It is a must for every business leaders to run the system with innovative thinking. Innovation leads you to more flexibility in finding new ways to pivot. Even if the curveballs hit, you know what to do to keep engaging with existing and new customers. The key is to deliver best user experience for every customer you have. By always delivering the best, you build trust with customers. You establish positive relationship that may last long even during tumultuous times. Keep in mind that good relationship and partnerships are vital to success more importantly during the hard times.
