Being a business owner in todays economy, can at times cause the future to look a little bleak. When you started your business, nobody gave you a user manual on how to approach the tough times; and while every business is different, with each one carrying its own risks and rewards, there are some general tips and strategies that you can follow to help you weather the storm. Sayed Mia has excelled at this and today he is sharing his top tips for you.
Always look at the Big Picture
People have a tendency to attack the most obvious problems with vigour and zero reservations. That’s understandable, and perhaps the approach makes good business sense in some situations. However, it is also advisable to look at the “big picture” to make a positive and lasting change, comprehend the size and scope of the problem and understand the companies business plan and model, and how its strengths and weaknesses come into play.
Really taking the time to fully grasp and understand the true problems that are holding your business back will help you pinpoint the company’s strengths as well as its weaknesses, and prevent change, such as a dip in the economy, from adversely impacting it.
Take a Role Call of all Staff
Payroll is often one of the top costs a small business owner has, so making sure the money is well spent makes sense. This may involve a thorough review of the staff – both when a problem arises, as well as during the normal course of business. This will ensure that you have the absolute best people in the roles that fit them best, which ultimately leads to an effective workforce
Keep the Cash Piggy Bank Open
Small business owners should take steps to ensure that the company has access to cash, particularly in periods of crisis. Business owners should have other potential sources of capital lined up as well. This might include tapping into savings, liquidating stock holdings, or borrowing from family members. A small business owner must have access to capital or have a creative way to obtain funds to make it through any lean times. There is no substitute for having cash at the ready.
Start Sweating the Small Stuff
Although it is important to keep an eye on the big a picture, a small business owner should not overlook smaller things that may have an adverse impact on the business. Sometimes in crisis, the smallest problems can put big dents in a business’s bottom line.
Know Your Bottom Line
Keeping a business afloat in difficult times is often challenging. That’s because there is no set playbook for an owner to follow, and because every business situation is different. However, because many small businesses also come with very passionate owners, some simple attention to detail can ensure that a business sails right on through to calmer and more prosperous economic times.