Business101: How to refocus your business for the remainder of 2020
By Ben Bierman
JOHANNESBURG - This year, many businesses and business owners have faced massive setbacks due to the Covid-19 pandemic.
Despite these challenges, however, it is important to never give up and remember that determination is a key characteristic of any successful business owners.
So, with just a little more than two months left of the year, now is the time to not only survive, but thrive, and end 2020 off on a positive note.
With this in mind, here are some simple tips to refocus your energy and think positively.
But be warned – a positive mindset also requires a positive environment, so be prepared for some potential change along the way.
Watch the company you keep
The people around you carry a particular outlook with them; which can either be one of positivity and openness, or reservation and negativity. Negative people do not encourage your ideas or meet your needs as a business owner.
It is important to align yourself with like-minded people by spending more time around driven, positive peers.
This could go a long way for solidifying your own can-do attitude.
To accompany a positive mindset, you also require a positive, healthy body. Keeping healthy is thus important for business owners and can be as simple as taking daily walks to get the blood pumping.
If you stay in an unsafe area or have no recreational facilities nearby, start off small by doing some home exercises or yoga stretching, using free resources such as YouTube.
Beat year-end fatigue
As the year draws to an end, it’s not uncommon to feel physically and mentally tired; less motivated; and maybe even distracted by the idea of a holiday.
This “year-end fatigue” is especially prevalent among hard workers like business owners and added to this are the stresses of business interruption caused by Covid-19, and now the possibility of a second wave.
To combat this fatigue, always ensure that you are well hydrated, eat healthy foods to keep your body energised, and focus only on controlling what you are able to control.
Cut back on your worst-performing customer base
As much as this may seem like a risky move, cutting back on your worst-performing customer base could yield great results in the future.
For example, a customer that expects the best performance from you, but does not deliver on payments timeously, does not add much value to your business.
Remember that the resources and time you put in need to be rewarded, otherwise you risk running at a loss or burning out.
However, bear in mind that you need to be in a secure financial position first.
So check your numbers to ensure that your business can afford to make the cut.
Crisis proof your business
Having adaptedsurvived six months of lockdown and adapting your business processes to the Covid-19 reality, means that you have learnt a lot of resilience already. Use this experience to plan for any possible future crises that may arise and could threaten your business operations.
Is it now the time to grow your business?
Always be on the lookout for opportunities that can result in business expansion. Your current customer base’s needs are constantly changing, and the events of this year have changed spending habits.
Just like the stock market, one should always be on the lookout to invest in possible business opportunities before they pick-up.
Bierman is a managing director at Business Partners Limited.