Businesses can easily be closed for whatever reason. They live very fragile financial lives. In 2020, the most random reason for businesses to close down occurred. A pandemic ravaged this country as it has never seen before. More than 400,000 people died because of COVID-19. To date, there have been 39 million infections of COVID-19 in the U.S. alone. That number is three times as much as the number of infections in the entire Southeast Asia Region.
Around the world, businesses were indefinitely closed because of the deadly pandemic. As early as May 2020, around 100,000 small American businesses were forced to close down forever. There has never been a more turbulent time in American history for businesses than in 2020. Only a lucky bunch survived in the dog-eat-dog world.
As one of the lucky few who survived to see the beginning of 2021, you’ve got to be asking yourself: how do I go even further? As a motivated person with a bit of capital, how do you venture out into the business world after the onslaught of 2020? Even as one of the bankruptcy victims of 2020, how do you begin doing business again?
Make Informed Decisions
Managing a business is all about making big decisions. From basics such as how to franchise a restaurant, to where to rebuild your store, all business owners must brave the anxiety and decide the future of their own businesses. Small business owners usually have a more difficult time deciding the direction where their business will go. Owners are always called upon to solve problems, big or small.
Analyzing your problems is only one part of the decision-making process. They are also expected by their employees to have alternatives ready in case their original solution does not pan out. Researching the potential pathways you will take on and deciding accordingly will reduce your chances of failure. Establish the objectives you want to meet while you try to find the solutions to your problems. Create a flow chart and a step by step process to properly layout the method you want to implement your solution.
All businesses have stakeholders. Even small businesses have their employees to answer to. Communicate your decisions accurately to everyone. Have everyone on the same page as you when it comes to major business decisions. While you are the captain of the ship, you are not the only person in the boat. Everyone in it has an interest in where the captain is taking it. If your decision is lengthy, make sure to have your decision written down to be clear and precise about what you want. Everyone must understand their duties and responsibilities to keep the engine of the business running.
Taking Calculated Risks
Getting into business is in itself a big risk. Not all risks pay off large dividends. Even calculated risks can flop. However, even if you failed in 2020, you should not be scared to take a new risk in this coming year. Opportunities abound those who have the vision to take action. You inevitably take risks in business as it goes hand in hand with your venture’s fate.
Taking calculated risks should be your decision-making style when diving into any business. Being pessimistic and anticipating mistakes is the name of the game for taking calculated risks. Every wrong move and loss paves the way to accepting that not all can become successful. If there’s anything that the pandemic has taught us, it is that everything is possible. No one in their right minds could have anticipated that lockdowns can go on for months. Matching the potential losses you might incur with the risk you are willing to take should be your mantra.
Adapting to Change
Adapting to abrupt changes in your industry is a vital characteristic for aspiring businessmen. You must have the flexibility and the adaptability to change to go even further than where you are currently. Thinking creatively of ways to overcome your business humps should be second nature. Changes will always be part of growth. Sometimes, your product may not pan out the way you dreamed it would. To expect things to stay static is a folly. Movement is necessary to go forward. Being open-minded to changing traditional methods is part of modernism.
The ebb and flow of businesses opening and closing down is a natural cycle of economics. Sometimes, things just do not pan out. That fact is especially highlighted now in modern times. To make the cut, businessmen must be able to accept their mistakes and move on.