6 Things Business Owners Can Do To Survive

The recent COVID-19 outbreak has undoubtedly changed many people’s life all over the world. The new reality has sunk in. Uncertainty makes it difficult to make decisions. Many businesses have unfortunately forced to close down. But hopefully only temporarily. The rest of the companies are struggling to make right decisions quickly to adapt to the new reality and to limit the negative business impact.

As a business owner the first reaction to a fast-changing situation is fear. Even though things are changing very fast during a crisis, there are things to you can do to survive during tough times. Surprisingly, change always opens up some new opportunities. How can you as a business owner survive the crisis? Is it possible to change tough times into your advantage?

#1 Accept the new business environment

As the new reality sinks in, don’t try to fight it. Search for information about the current situation. Stick to facts. However, don’t follow all news and information available about the topic. Do some thinking and psychological work inside your head. As a result, anticipate how your business will most likely get affected.

Take good care of yourself and you’ll be better able to manage your business to its advantage during a time of crisis.

Maintain a healthy and positive daily routine. Try to go to sleep and wake up around the same time every day. Stick to your working hours. Plan your schedule and what you’re planning to achieve every day. Exercise and get fresh outdoor air regularly. Don’t forget to have fun time too. Take good care of yourself and you’ll be better able to manage your company to its advantage too.

#2 Update sales and expense forecasts

Now that you have more complete information about the new business environment, it’s time to work numbers! Update your sales and expenses numbers from the past if not already done. Considering all new information, update your sales and expenses forecasts.

Do further situational analysis and business planning. It’s very important to have your complete financials at hand when making important business decisions.

Thinking about driving more sales through digital channels?

#3 Brainstorm new ways of doing business

During rapid change your business needs to change too. You might not need to change your business completely. Unless you’re operating in a space that’s becoming obsolete. Thus, think about what you can you do to generate more business in today’s changed environment.

Open up your mind to something new. Remove any boundaries for this brainstorming exercise. Put aside what you think about your business. Leave all limits and preoccupations behind. Thus, list complementing products and services. Additionally, think about some innovative, fresh ways or delivering them.

#4 Partner up with like minded entrepreneurs

The changes are you’ve already come up some new interesting business ideas. Or you might have become even more certain your current business is the absolute best foot forward even in this new situation. Regardless, teaming up with likeminded, forward thinking entrepreneurs will get you forward.

The changes are you’re not the only entrepreneur in this situation. Other companies are trying to find out new business ideas and partners as well. Having a wide professional support network is even more essential during the time of crisis. Share new ideas, support each other and you might even end up in some mutually beneficial joint ventures together.

#5 Take advantage of technology

Due to social distancing many entrepreneurs have been forced to take their businesses online. Some fields of business are certainly more digitally advanced than others. However, greater use of technology and digitisation is here to stay. As a result, companies are going digital faster than ever.

Take advantage of technology and digital tools. Furthermore, implement digital team collaboration tools. Promote your products & services through digital marketing, e.g. company website and online advertising. Reach out to your prospects and clients through social media. Additionally, organise client meetings online.

#6 Turn the crisis into your advantage

Today’s world is in constant change. Moreover, during a crisis the world is changing faster than ever. However, change always opens up new opportunities. You need to open up your mind to see the opportunities.

It’s up to you to act on this crisis strong and fast. It’s 100% up top to you if you will come out of this crisis as a winner. Flexibility, openness and teamwork are the most important qualities for a 2020 business owner. And those won’t be changing any time soon.