Change can create opportunities for introspection. As a small business owner, now is a great time to evaluate what you could be doing differently.
When a business experiences a shift, it’s hard not to worry that it’s a sign everything is headed for the worst. Especially if a goal isn’t met or one aspect of your cash flow changes drastically.
Changes are occurring more frequently than ever before for some businesses. But sometimes change can help us gain new perspectives, allowing us to use the opportunity to shift our practices for the better.
Here are strategies to start focusing on how to be a new and improved business owner during times of uncertainty.
Learn how to break down your goals
First, goal setting will look a bit differently during a crisis or economic downturn. You’ll need to learn to adapt your benchmarks – what was once normal is probably not normal now. Even though it feels like you might be failing, remember that your business fits into the wider market, which is also seeing losses.
Instead of focusing only on long-term goals, make sure you break them down to give yourself opportunities for smaller wins. The next few months still remain uncertain as far as in-person workplaces, events, and commerce, so take it one step at a time. This will help you practice patience, become more flexible, and able to adapt to whatever comes next.
Know when to delegate
Another area where many managers can improve is in delegating tasks. When you’re an executive or founder, it’s challenging not to get involved in every business decision and function. But when you have to have a hand in everything and start micromanaging your team, you’re wasting your own time and limiting the teams’ ability to grow.
Show your people that you value their opinions and expertise, and let them get creative. Allow staff to take over some of your tasks and see how they do with leadership responsibilities. Taking a step back and letting others help you is one of the best things you can do for your business.
Trust your gut
A changing business is a perfect time to learn how to trust your intuition. You may face hard decisions, like downsizing staff, changing vendors, or exploring new avenues of revenue. Turn these challenges into opportunities to better understand yourself.
Remember why you started the business in the first place, and focus on your vision. Make decisions based on what would align with that vision and the business’s core values. Trust what your gut tells you, and try not to listen to critics outside the business who think they know best. Face your fears and stop dwelling on what can go wrong.
Learn how to prioritize
Being a good leader is knowing what’s most important at any given time. Priorities can quickly become skewed when there are so many aspects of your business to focus on and fires to put out. But during a transitional period, you can get back to basics and discover what’s really at the top of your priority list.
Identifying what’s important will help you keep a level head and make decisions based on what’s happening right now and how you can solve it.
Continue to be proactive
During more challenging periods, it’s easy to feel like a failure. This causes a lack of motivation, and you may see no way out. But remember to turn these periods into positive learning opportunities, if nothing else. Acknowledge the hiccup and start taking steps for what happens next.
Sit down and start brainstorming. Gather your team and ask for feedback and ideas. Embrace changes like remote working and new technology that will help you pivot instead of fail. Don’t be afraid of implementing new communication methods, getting involved in new networks and communities, and seeking out new partnerships.
There’s always something to be done, however small. During COVID-19, stay proactive and forward-thinking, even when you don’t feel like it. Doing so will make you a better problem solver and help you stay more adaptable to change.
Find accounting help
It’s never been a better time to dig into your finances and find better accounting solutions. You won’t know where you are now if you don’t review your cash flow and find a better way to approach accounting.
The Franco Blueprint team is ready to help you manage your processes, whether you’ve been in operation for a while or are just starting out. We help with business setup, tax management, payroll, and automation to streamline your workflows and keep you moving forward. We’re here for you during these uncertain times.
Contact Franco Blueprint to schedule a free consultation.