The first wave of the pandemic had struck the economy with a devastating impact. While everyone was expecting a great rebound in 2021, the corona virus has been planning it’s own war with the entrepreneurs.
A business is not just a source of livelihood for an entrepreneur but a sense of identity. Losing this identity tremendously impacts their minds planting the seeds of stress and depression. While there is no single way that can tackle your troubles with a magical wand but taking care of your mental health can help to restart your brain and business with full vigour. Here are some tips that can help you be on the brighter side of this downfall:
Rethink your business model
You don’t always have to part the sea and make your own way out of it. Sometimes you can just bend, take a step back, reevaluate, possibly change your direction and adjust to the tidal waves. Look for a plan B to run your business.
Focus on survival
“Taking big steps to achieve glory” days are relics of the past. Right now you need to take baby steps. Financial worries have been winning the list of troubles for business owners nowadays. So, you need to forget luxury for one year and focus on necessities. Bargain on your benefits but don’t abandon your quality.
Detachment is the key
Business runs on tough decisions. As difficult as it can get, be ready to exit on your employees. Leaving someone in trouble might seem rude at first but in the long run you are saving the livelihoods of many other employees by keeping your business from shutting down.
Make amends in your workforce
It’s time to amplify productivity of existing assets. Encourage work from home and try to convert them into freelancers. Let your employees procure for themselves. At this moment, you certainly don’t want to drop down performance because of delays in salary. So, pre-plan for your near future and manage your employees’ three month salary in advance.
Plan for employees' health & welfare
Your employees are as overwhelmed with insecurities as you are. You need to express your care for each individual by offering them health and wellness programs. While this may seem an additional investment, happy employees will not even just cover up for it but will bring back twice of it.
Share your burden with your team
If you consider your team your family, then they ought to be with you in your disappointment just as in your prosperity. Tell them where the company stands and ensure your employees share the same feeling as you about your business.
Look out for your personal health
Stress is constantly clouding your judgement but you need to unwrap your bubble. Take one hour walk daily and try not to carry your cell phone with you. Allow your brain to wander in solitude, analyse what’s happening and explore solutions. Enhance your knowledge intake by investing some energy with books. Stop cribbing as it won’t bring any peace of mind.
Try not to forfeit your personal finance for your business
Boundaries are important. They shield you from falling down and squashing either your personal or professional life. With limited funds, you may get enticed to invest every last penny to save your business but remember your business can be rebuilt if you can sustain your personal life for now.
Running business in these tough times might get on your nerves but think of the light ahead of all this darkness. Business challenges make you nothing but stronger, they drive you to adapt and discover groundbreaking ideas. So, don’t fear it, deal with it head-on and we will meet evolved & high-powered on the other side.