#5 Things Entrepreneurs Should Keep in Mind to Stay Ahead of the Game
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Start-ups are all about passion, dreams, and focus. In the bigger scheme of things, being weather resilient to the change in times is key to success. The toughest part is to continuously remind yourself of how it's a long game and not a fly by night scene. But what does that really mean in 2020, a year that is difficult for start-ups, small and medium businesses that do not have large cash flows to take them through large periods of business volatility.
LOOK AFTER YOUR TEAM, THEY ARE A SIGNIFICANT PART OF WHAT YOU ARE GOING TO BE TOMORROW:
No man can live as an Island journeying through life alone… it’s all about teamwork and family in the workspace. It is very important to make sure each one of your team members feels safe and looked after – emotionally and economically
WORK HARD STAY HUMBLE
Tough times like these put everyone from ultra-rich to ultra-poor on the same level. This is interesting because today you have the same resources, same environment and same challenges as the strongest guy on the block, the only thing not common is the hard work and agility with which you deal with the situation.
REASSESS YOUR BUSINESS MODEL
While your business and the problems it solved for customers, may have worked in BC of the modern world ( Before Coronavirus) it may be worthwhile to look around and reassess if your business is currently relevant. Small tweaks in business offerings and customer mapping could help you go a long way.
UPSKILL YOUR TEAM
With WFH and constant fear of exposure, look at how you can invest in your team's personal growth. There will be many businesses for whom these will be slower times, even with lockdowns easing. Use this time to upgrade your team's skills- what are they lacking? What else could they learn, which can help you grow without having to add to the headcount? Assess the changing landscape around you, to reskill the team. Being lean and yet strong will be a necessary weapon in an entrepreneur’s armour to get through 2020.
SWITCH ON THE SLEEP MODE ON YOUR SAVINGS
Last but truly the most crucial, every single rupee, dollar, yen saved is 5x earned. Look around and cut the fluff (non-personnel as far as possible) – the coffee machine, the plastic cups, unused office rentals, yearly maintenance contracts – you name it and it should be relooked at. You would be surprised at how these small inconsequential expenses add up month on month.