This archive report was first published on 16 June 2020.
Surviving the Pandemic: 10 Key Steps for Business Owners ¶
As the world grapples with the COVID-19 pandemic, businesses are facing unprecedented challenges. However, with the right mindset and strategies, it's possible to not only survive but thrive in these difficult times.
According to Mr. Shahbal, chairman of Gulf Group of Companies, there are 10 key steps that every businessperson needs to keep in mind and practice during this period.
Firstly, business owners should be creative and constantly read to stay ahead of the curve. As Mr. Shahbal notes, 'I have never met a single successful person who does not read.'
Secondly, businesses should be prepared to pivot and adapt to changing circumstances. As Mr. Shahbal advises, 'If the cheese has moved, then you move with it.'
Thirdly, redefine success and focus on staying afloat rather than solely pursuing profits. As Mr. Shahbal notes, 'Even limiting your losses and staying afloat is itself a success.'
Fourthly, prioritize health and safety, and show an increased concern for hygiene and current precautions. Your clients will define you on how you treat matters of hygiene and the current precautions.
Fifthly, cut costs and implement zero-based budgeting to reduce unnecessary expenses. You must cut costs, rent, salaries and all unnecessary expenses.
Sixthly, treat your staff with compassion and prioritize their well-being. Unfortunately, when sales and profits drop, you will have to reduce staff. Please do not rush to fire people for as long as you can.
Seventhly, if you are a member of staff who has just been fired, please do not get bitter. It is not a reflection of your abilities; it is just that times are difficult.
Eighthly, take this opportunity to start learning how to market online. It is a completely different approach to business. Find people who know how to market online and many people with these skills are cheaply available now.
Ninthly, focus on improved and cheaper service delivery. You must learn to improve your services with fewer staff and lower costs.
Finally, stay positive and accept that tough times are also a part of the cycle of business. Stop complaining and learn to live with it.
By following these 10 key steps, business owners can increase their chances of survival and even thrive in these extraordinary times.
