The lockdown has had a lasting impact on all of us and business owners are no different. The impact it has had though is quite varied; there will be some who have thrived providing products and services that have been in high demand, and unfortunately there will be some who didn’t have strong enough balance sheets to make it.
For most of us though it is now time to look forward, we have survived the threat of lockdown and our attention is now turning to how we can reshape our businesses. The mood has changed and it’s time to turn our attention from survival to recovery.
The most successful businesses over the next few months and years will be those who don’t simply race to get things back to “normal”. The way people work and do business has changed over the past couple of months and we need to work hard to retain what has been good about that. It may be the way you use digital technology or flexible working; it might mean a review of your customer service policies, or how you procure stock. You will know best for your own business/industry, so it’s worth thinking through.
Where are you going?
I am sure that as a successful business owner you will have set goals and targets for yourself and your business. If you haven’t already, now is a good time to review what success looks like. Take time and take stock, it might be that success looks quite different now and simply pushing your old targets back 6-12 months might be too simplistic.
Now is a good time to dip into the job market or invest in some training. It may seem counter-intuitive to increase spending when on the road to recovery, and we would advise cautious consideration, but there will be talented people available who are now looking for work. Additionally, there are a lot of companies offering great deals on training as they too follow a path to recovery for their own business.
An international crisis has a funny way of crystallising your view of the future. Maybe you want to think about an exit strategy, or it may have highlighted the need to think about what happens to the business if you are suddenly unable to be involved for a period. You have an opportunity in recovery to reshape your business in ways that will better support your own life goals going forward.
The next step…
As much as it’s good to think about the future and set goals, recovery is very much about taking things one step at a time. There is no quick fix to the situation most of us find ourselves in, but if we remain true to the strong business that got us here and focus on dealing with each new challenge that arises we will see our goals met and our businesses recover.
At Entrepreneurs Hub we are continued to help many business owners make the right decisions for them and their businesses. From selling your business or locking in sustainable growth strategies, to head hunting, or simple honest advice that supports your decision-making process. If you would like a no-obligation chat about how we can support you then please do give us a call or contact us here.