Riding a Slowdown As An Entrepreneur
Uncertain times call for a cautious approach to managing work and money. As an entrepreneur, the future is never easy to predict but daily news, observing your work environment and daily lives of people helps you take a macro and micro view and arrive at reasonable conclusions. So, where are we today? Data tells us that there are clear signs of economic contraction and the Government is taking steps to boost growth. But, in trying times, your business needs to prepare for the slowdown by being proactive and evaluating your expenses.
The best way to get started is to note things down. Follow simple rules about where your earnings come from and what the expenses are. First, see how much you can cut back on what you spend, including fixed monthly expenses and essentials. Ensure that you have enough to cover absolutely necessary expenses for three to six months ahead.
While managing expenses, you need to outline your expectations and targets for your team in the slowdown period. You also need to keep hiring plans on the backburner. In case any new projects are eating into your funds, assess their importance and functionality before investing. Slowdowns are a great time to slash any unnecessary expenses and also rethink your products and the services you are offering.
Additionally, you can use this time for strategically planning and marketing your business, networking for your personal brand, taking some down time to re-energise, learning a new skill, doing competitive research, spending time with family and friends, surveying custoamers or even planning a new business idea.
The bottomline is to check, reduce or remove expenses you can do without. Focus on essentials and save for them. Try and find time to improve and boost existing business and remember, difficult times don’t last forever.
Your entrepreneurship journey
will be filled with many small steps but always keep the big picture in mind as you pursue your dream.
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