Strategies for surviving tough times in Business

19 Jun, 2020 - 00:06 0 Views
Strategies for surviving tough times in Business

eBusiness Weekly

Authur Marara
This is Part 1 of Strategies for surviving tough times in business.
No one ever anticipated that the much-hyped about 2020 would take this direction where globally people would be encouraged to “Stay at home” in order to stay alive.

Business models that revolved around meeting clients in person and delivering a service have been significantly affected, and in a way the legal profession has not been spared from these challenges. Several global firms have had to resort to furloughing employees, retrenchments, and massive pay-cuts in order to survive for others.

Even locally some companies have resolved to terminating contracts of employment as a way for survival.

Terminating employee contracts alone will not guarantee survival.

We cannot avoid a conversation around business during and post COVID-19 period and for that reason, in this four-part series I will share some thoughts with you, on some of the steps we can take during this period and after. The focus of my engagement with you today is to ensure that you and your business comes out of the COVID-19 period in the best shape possible.

There are several businesses that were already struggling even before the first COVID-19 case in Zimbabwe. We cannot thus blame everything on this pandemic. I have no health background but indications are that COVID-19 may be around for the whole year and possibly survive into 2021. Life and business still has to move but things will never be the same.

What can we do to survive during these tough times? I am going to throw in some ideas which you can reflect on and eventually arrive at a position of what works for you.  There are two kinds of businesses, those that have had tough times and those that are going to have tough times. This is inevitable. Every success story had some challenges along the way, yet it is the very same challenges that force us to reflect and to think seriously about how we can survive and ultimately grow.

The role of a business leader is not to point to problems but to focus in terms of solutions. The tragedy of most businesses today is that they focus so much on problems and become paralysed and incapable of thinking any practical solutions around what they are facing.

 #1. Stay alive!
More than fees or profits, prioritise your health and that of your employees. With all due respect, many people in the business world have very worrying health-seeking behaviour. Even before the Covid-19, you will notice that the only time many people would go for a check-up, is when they fell sick, and many times some of the conditions would be degenerated to irredeemable levels. Establish wellness programs for your employees, and empower them as well.

Focus on staying alive! Prioritise measures that promote the safety of yourself and employees. Covid-19 is real! A Doctor friend of mine in the United Arab Emirates sent me a message that she had contracted the virus while she was working in the hospital. This is an advanced economy with advanced healthcare system. Her message during the conversation was, “Arthur this thing is real. Stay at home. Exercise precautions”. Covid-19 is real, let’s take it seriously. Let’s stay alive. There is no business or strategizing from the grave no matter how passionate you may have been about law.

 #2. Consider and reconsider your Business Model
This is the part that most firms do not actually focus on. What brought you here will not always take you there! What makes a business is not an office building, or nice chairs. What makes a firm is a business model? Zoom Communications is now worth more than the top seven airlines globally combined with a market capitalization of $48,78 billion, but Zoom is just an application.

What Covid-19 has done for many businesses in Zimbabwe is to expose the apparent dearth in their business models. Use these times to rethink your business. Tough times provide an opportunity to reflect and to make hard decisions about what is working and what is not. The time is ideal for you to stop and really reflect on your business and make the changes that deep down you know you need to make.

What is your current business model? How sustainable is it?

#3. Do Something!
The worst thing you can do during tough times is to do nothing. If you do nothing, nothing will happen. It’s as simple and as complicated as that. You see, when Covid-19 started manifesting many people never entertained the thought a that one day, we may have to deal with it at a national level. It is only until recently that people go to take seriously issues to do with sanitasation, masks as now prescribed by government and other preventative measures.

As business we also need to learn to anticipate disaster and prepare for it.  How global trends are unfolding and the possible impact it may have on business. The reality on the ground is that we are already going through the disaster. Refuse to be like a little deer in the headlights, not quite believing what is going on, frozen on the spot. You have to do something for your business. If we don’t take action, things will get worse and they will get worse quickly. Now you do not want this. This is the time not only to think but to think different.

#4. Separate facts not fiction.
In tough times it is important to separate facts from fiction and accordingly deal with facts not fiction. There is a temptation for many people during this time to go into panicking mode, where they quickly freak out based on “what could be” as opposed to what actually is. Establish what is going on and only deal with facts, regardless of what you may be worried about. What is the truth on the ground. Not the newspaper truth or the television truth. Establish your truth of the business, so that you do not worry about what is not on the ground. Most of the things we stress ourselves over do not actually happen. Rein in your imagination and do not let it get ahead of the reality of the situation.

 To be continued. . .

Arthur Marara is a corporate law attorney, keynote and peak performance speaker, business strategy facilitator commanding the stage with his delightful humour, raw energy, and wealth of life experiences. He is a financial wellness expert and is passionate about addressing the issues of wellness, sales, business leadership and strategy. Arthur is the author of the “Personal Development Toolkit”, “Keys to Effective Time Management” among other inspirational books. Follow him on social media, or WhatsApp him on +263718867255 or email [email protected].

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