During this time, businesses as we know them have needed to revise their products and services in order to survive. Entrepreneurship is a whirlwind of anxiety, exciting upticks, and great challenges. With small business owners working an estimated 63% longer than the average employee, here’s how to safeguard your hard-earned business in times of adversity.
The importance of agility
“Business agility” is a buzzword that is rapidly slipping into conversations at summits, networking events, and everyday conversations. Business agility is a company’s ability to survive (and thrive) regardless of internal and external factors. It’s a fool-proof plan that equips a company to predict and prepare for potential setbacks and threats. Business agility is already at play right now. You will have noticed it with the rise of e-retailers, virtual services, and traditional companies digitizing their products and services.
Pivoting your business to cater to a new reality
In crisis lies opportunity. Opportunities aren’t pre-existing concepts waiting to be discovered during a crisis. It takes optimism and proactivity to stumble upon them. Remaining calm is the first step to dealing with adversity, followed by reverse-engineering your product or service to suit the situation.
Are there any market gaps you can patch by revising your product? Have you been privy to casual conversations with friends, and know about a market demand that isn’t being fulfilled? Analyzing your own experience as a consumer could help reveal opportunities that you could pursue.
Don’t lose sight of the bigger picture
If you’re struggling with your business, perhaps your business model needs a tweak. Now is the time to revisit your company’s values and remind yourself why you started it in the first place. The IKEA effect is a cognitive bias that sees us place great value on something we have built. We’re so close to the finished product that we’re blind to the fact that it may be a little crooked or is missing a screw. Refine your business’ position in the current marketplace by surveying your customers, friends, and industry peers. They are just the right distance from the final product to be able to critique it.
Master your mind
The intensity of a shortcoming is directly related to the height of your expectations. This doesn’t just apply to businesses, it applies to life too. Stoicism is a philosophy that expects and welcomes adversity with calm indifference. Stress is a toxic emotion, especially if it’s experienced regularly, leading to burnout and hampered decision making.
A survey found that those that practice stoicism described their state of mind as good, content, positive, and pleasant. The mind is a muscle, like any other, that needs exercise to remain healthy. Train your mind for potential adversity with Negative Visualization. Imagine the worst outcomes your business could experience. Once the shock subsides, your mind will feel better prepared to deal with this if it were to ever become a reality.
WitWork – anytime, anywhere
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