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How Entrepreneurs Can Tackle The 2020 Crisis

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Entrepreneurs today are focusing on the financial challenges posed by COVID-19. Companies, no matter how digitalized, need to look beyond the immediate liquidity issues. What lessons has this pandemic given to prepare for the “new normal”? How can we enable businesses to thrive in a post-crisis world? These are some essential things to tackle the 2020 crises in entrepreneurship for the future.

The First Phase of Planning

Adaptability will be critical to a business’s survival. Be prepared for the worst. Readjust if the situation improves faster. Startups should assume that all these three things will happen. Receivables will get delayed. Consumers may want discounts on services they’ve availed of. Contracts will not close at the last moment. The experts say communication with the team is vital in aligning goals. Startups should hold weekly meetings with the core team to discuss runway and cash burn. For most startups, the priorities should be liquidity, business continuity, and employee safety.

Be Patient, Funds Will Be Hard to Come By

Right now, any startup’s aim should be to have 12-18 months of cash in the business. It will be tough to raise funds. But still, numerous investors are searching for opportunities to give funding and earn a return. In order to triumph over fundings, startups have to understand the process of pitching business ideas to investors. With the increase in macroeconomic risk, valuations will reset. Many investors may not think regarding growth at any cost. They will focus on consistent growth with an aim towards profitability. So, adjust your business plan and messaging.

How to Delight Customers in the Pandemic?

2020 is not an ordinary year, due to social distancing or quarantine lifestyles, people’s habits and priorities have been altered. To acknowledge the change in lifestyle, businesses can offer at home necessity products or services temporarily. The temporarily offered products/services could be a trial version of your main product. This will bring in some revenue at present and also will boost up the brand awareness for the long term. 

Assess Risks and Work Around Them

The business environment of 2020 has been hit hard by the Pandemic so founders must have some specialized members of the team. They should focus only on risk management. The primary aim of risk management is to create a framework. It allows the company to be proactive rather than reactive. It assesses the macroeconomics trends in the market. While assessing impact, go one layer deeper. See if it has affected your consumers and their operational sectors.

“In the middle of difficulty lies opportunity.” – Albert Einstein

Embrace the New-Normal

COVID-19 has given reason for more and more businesses to pivot their strategy and find ways to make remote work applicable. Employees are connecting with colleagues via collaboration tools and video-conferencing platforms for business

Practically not every business can easily function with their employees working from home, but they need to adapt it gradually. Looking at the positive side of working from home is that there is a healthier balance between work and personal life. Also as an entrepreneur, you can hire a highly skilled or hard-working employee from any corner of the country or world as they will be working remotely. 

An additional way of embracing the new-normal is through being online like never before. 3.81 billion people are using social media in 2020. It’s needless to state the importance of social media in business. Superior entrepreneurs know that the social media presence of the brand leads to a more trustworthy relationship between the business and its potential customers.    

Take a Good Care of Your Piggy Bank

Cash is the king in any crisis. The opposite can also be true. A business left without money can turn into a failure. Look and analyze the cash flowing now. Based on low revenue scenarios, calculate the runway. You don’t have to do everything yourself, your business must have a financial advisor, and if not it’s time to hire one.

 Entrepreneurship is not easy, you don’t have to just take care of the business asset but also care about personal finance. Well, expenses are never under control but a sensible option could be opening a recurring bank account. In a recurring bank account, a specific amount of money gets deposited automatically every month. Set a time to check the deposit each month.

Right now many aspects may look bleak. In the crisis, work isn’t regarding finding out the optimal choice now. The work is to find the choice that is the least wrong. And this choice may still hurt you. But it will be less than the other choices you have with you.  

We may conclude that with proper initial planning, exploring funding options, satisfying customers, assessing risk, and coping up with the latest business trends will help entrepreneurs to tackle the crisis. The lockdown and pandemic will fade away gradually, but until that day, entrepreneurs surely have an opportunity to influence the outcome and come out even stronger. 

Mark Burke is a blogger and a business consultant in Alcor, a global investment bank. Mark is passionate about researching on the latest small business and marketing trends. He loves writing informative blog posts to help small business owners and startup founders in their entrepreneurial journey. Connect with me on LinkedIn

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Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

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Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership.  (more…)

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How to Lose a Team in 10 Days: Are You a True Leader?

The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.

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“If you don’t like working here, I’m not going to force any of you to stay. Put in your transfer or resignation papers and I will sign them today and you can go work someplace else.” (more…)

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How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

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Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

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Entrepreneurs

5 Keys to Building a Valuable Business

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.

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