How to keep your business afloat when facing difficulties
Anerlisa Muigai reveals her top tips for keeping a business afloat when facing difficulties.
It takes a lot of hard work and consistency to make it successful and that will include facing a lot of hard times as well.
Those hard times can incite feelings of giving up but that is actually the best time to re-strategize and make the foundation of your business stronger.
According to Nero Company CEO Anerlisa Muigai, this is how to keep your business afloat during hard times.
Look at the bigger picture
People have a tendency to attack the most obvious problems with vigor and without hesitation. That's understandable, and perhaps the approach makes good business sense in some situations. However, it is also advisable to look at the "big picture" to make a positive and lasting change. It's an opportunity to better comprehend the size and scope of existing problems and further understand a company's business model - determining how its strengths and weaknesses come into play.
Take an inventory of the staff
Payroll is often one of the top costs a small business owner has, so making sure the money is well spent makes sense. This may involve a thorough review of the staff — both when a problem arises, as well as during the normal course of business — to make sure the right people are on-board and doing their jobs effectively.
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Ensure the business has access to cash
Small business owners should take steps to ensure that the company has access to cash, particularly in periods of crisis. Visiting a bank loan officer and understanding what's required to obtain a loan is a good first step, as is opening a line of credit in advance to fund possible short-term cash flow problems.
Don't sacrifice quality
If the problem is an issue with product quality, then it makes sense to attack it head on. It also makes sense to stay on the offensive and get employees on board with changes that are being made. However, owners should be cognizant of not sacrificing quality when making these product changes.
The bottom line
Keeping a small business afloat in difficult times is often challenging. That's because there is no set play book for an owner to follow, and because every business situation is different. However, since many small businesses also come with very passionate owners, some simple attention to detail can help ensure that a business sails right on through to calmer and more prosperous economic times.
There you have it. Tips on how to keep your business going during hard times.
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