We know that the COVID-19 Pandemic has generated stress, uncertainty, and surely you may have wondered how to move forward ... We want to share our business management tips to help you meet your entrepreneurial goals and challenges.
Remember that every business project has several phases: conceptualizing the idea, initiation, development, start-up, and growth.
1. Focus on your Key client and your Value Proposition.
Today, you need to evaluate and analyze the new client's requirements. Nowadays, it is crucial to know your client's needs in the short and medium-term. Considering that A GOOD BUSINESS MUST BE CONSISTENT; therefore, we recommend that answer the following questions:
a) Does your productor service meet the new needs?
b) Does your value proposition require an adjustment?
Tell us about your answers; we are here to help you.
2. Update your SWOT Analysis.
AII entrepreneurs and enterprise owners should review their business's SWOT analysis; it is one of the critical secrets of success. lt involves evaluating your business's Strengths and Weaknesses, emphasizing on resources, characteristics, quality, and price of your services and products that are all aligned with your growth plan and the new normal. Don't forget your competitors.
The second step, to the SWOT, is to evaluate the New Opportunities and the New Threats.
Updating the SWOT analysis and working on each of the segments at the right time will help you to manage your business efficiently.
3. Financial Management
a) Keeping business and personal finances separate is key to the success of every business.
b) Avoid receiving or making business payments from orto your banking account. In the same way, do not charge your expenses to the business account.
4. Re-write your Business Plan.
Sorne said that "Your Know-How is not Enough," maybe you are an expert in your professional field, but it doesn't mean that you will be running a successful business at these times. Don't make impulsive decisions. You will need to reset your goals, update your strategic planning, communicational, and marketing guidelines. lt would be best if you also run your financial projections and determine clear indicators.
Your Business plan is your best reference to meet your milestones, but it's not static; it wilI cha nge as your business grows.
5. lnvest in Technology.
Think about what you need to adapt so that your business operates efficiently, considering the acceleration of e commerce, automation, and virtual services. Evaluate the impact in the medium and long term in your growth.
6. lf you have employees, Empower your Business Team.
A small business has the great advantage that employees are directly connected to your businesses' management, growth, day-to-day tasks, and success. Providing empowerment tools to the work team, delegating responsibilities efficiently, and giving them exposure will generate a sense of belonging, facilitate communication, and motivate them to work with tremendous enthusiasm.
7. Sustainability as a Core Value.
Today, amid the coronavirus outbreak, we must make sustainability a priority in rebuilding our businesses. The new business model must consider developing an inclusive and friendly economy with environmental, social, and governance (ESG) metrics. lnvestors are looking for new ventures capa ble of bringing community development efforts, environmental control, and diversity to their Board of Directors.
8. Remember the Rule 80/20.
Regardless of your daily schedule or plan, you should leave 20% of your day off. The 80/20 is our successful rule of time management. lt would help if you had time to catch up on your emails, read the news about your business industry, or spend time to shape new business projects.