The business of the 21st century faces challenges not seen before. From fighting its way through a global market, having to face restrictions because of pandemics, or the more and more complex system of marketing that the internet has brought upon us. Many of these things offer advantages too, but there are just so many things we would rather not have to face while trying to earn a profit.
A modern entrepreneur should learn from their mistakes. But they should also use all the possible sources of information to learn from others’ mistakes and how they battle challenges. By looking at many people’s experiences we can offer 8 pieces of advice on how to make your business a lot more resilient to almost any challenge it may face.
The basic thing any business should consider is diversifying its area of expertise. We have numerous examples of how diversification can greatly help a business to grow, or at least survive during difficult times. Not one brewery would have survived in the US during Prohibition if they didn’t shift to other products. For example, malt beverages, ice, and yeast products.
Having “another” source of income can be difficult at first, as you have to learn about a totally different field to be able to work within it successfully. But, being able to rely on more than one market means you will always have a spare income if the main one fails.
Don’t shy away from being creative and looking into new ideas. Every company that has ever been successful did so partly because of investments into research and development. Therefore, you should do so as well. That product or service that you’ve been offering for years? Try making it better, more cost-effective, or just plain prettier.
The market will easily forget you if you always offer the same thing. That is unless you either invest heavily in marketing, or invest less, but smartly, into developing your offer to the market.
Small business owners are usually key figures in their companies and should be ready to play their part. By developing emotional resilience you can be in a better position to face someone at the negotiating table. This also allows you to stay cool when a stressful situation happens. As your ability to overcome emotions in tight spots increases, so should the performance of the company.
Such life skills are invaluable for any entrepreneur and should be part of everyone’s education. However, it is very rare for someone to be actually proficient in this regard. Therefore, being trained to be emotionally resilient can give you an edge on the market that few others possess.
Everyone who is working has a workspace. Be it a car, an office, a production line, or just a laptop, the workspace is where the magic happens. And because this environment is where we will spend most of our working hours, it should fit our needs as much as possible.
You should start from the mundane and simple things. Is the office chair high enough, comfy enough? Is there enough coffee to go around? The more complex workspace issues may not seem evident but are very important too. The whole surrounding should offer motivation and be as stress-free as possible. All while still giving an aura of professionalism.
Promoting your business is one of the various challenges your business faces. It is also one of the most important steps anyone can take if they want to boost sales or improve rating on the market. Being visible on various social platforms allows you to achieve a greater presence than classical marketing offers, for a lower price too.
Being creative with advertisements can be tricky, as it is a very competitive field, but there is no other way of being noticed unless you spend a small fortune on it. Take note that good marketing can be even more important than having a good product!
Just because someone else went through the trouble to learn how not to do something doesn’t mean you should have to too. Being in touch with colleagues, or just listening to others in your industry can make a huge difference to your performance. Additionally, it can save you a lot of time and money experimenting.
This principle of learning from others’ mistakes should be applied in all aspects of life, not just business. As you will also have to go through some hardships to learn a few lessons here and there, there is no need for everyone to repeat the same thing over and over again.
Without motivation, there can be no efficiency. Small businesses are especially affected by this. If a single person loses their want for work and then the whole crew may start losing motivation too.
To prevent this, be vigilant in keeping morals and motivation high. Posters, prizes, timetables showing what has been achievements so far, etc, are all great ways to keep motivation high. While little money can help in this regard, motivation can make a cash sinkhole in the company’s budget. So to prevent this and overcome such an obstacle - pay attention to how you feel about your work.
A unified crew is a strong crew. HR has been telling us this for decades, yet it is not an easy goal to achieve. Having a common goal in making the company productive and earning money is usually not enough. Especially as mutual competition for a better position, or just plain human spite can ruin this and create various challenges. Togetherness in the workplace increases productivity and should be looked after with the utmost care.
Assigning projects to smaller teams is a great way to achieve this, as cohesion between members of those small groups can create long-term friendships too. If you are not sure about how to achieve this - consider getting some to do HR for you.
Staying strong in the face of various challenges is no easy task. As we rely on our business to feed us and our families, we are pressured to make it work no matter what. But you should not despair, but instead look forward to a brighter future where you have managed to secure your company from harm and can continue to safely work in a better environment, knowing that nothing can come upon it.