Deena Von YokesForbes Councils Member
The Covid-19 pandemic has made it very difficult for small businesses to operate, and many are functioning with fewer employees. Further, employees are often asked to take on additional roles and responsibilities after a company’s downsizing.
Below are my tips on how to come back smaller, but better. The moment is not to be lost; those who adjust will be better off and far more ready to tackle problems and seize opportunities.
Check Your Business Intentions
As a business owner, it’s essential to get your priorities straight. Although my business is still thriving, I can only work so many hours in so many days. So for me, it’s time to prioritize now more than ever. Get firm with your schedule so you don’t burn out. Establishing boundaries is a top priory.
Checks And Balances
Many businesses have experienced price increases on supplies. Keeping my small business going during the pandemic means really paying attention to checks and balances. In this case, we must raise our prices because we are trading time for money. There’s also supply and demand to consider. If you’re booked and in high demand, it’s time to raise your prices. Paying attention to these factors and running a tight ship has never been more important.
Maintain What You Have
You don’t have to always grow to be successful. Whatever happened to just enjoying where you’re at right now? Sometimes it’s OK to love where you’re at. Maintaining your success is already a blessing. Focus on your core team and stay strong; growth isn’t always the answer.
Less Is More
This is such a true statement, now more than ever. Running a business is a balance, and it’s sometimes about working with what you have — doing more with less. The staff members we have are working full time and are more productive, which makes for a happier, busier environment.
It’s About Quality, Not Quantity
I believe it is always harder to make people happy when there are too many personalities on the team. I like a tighter culture, where we’re all productive and we all matter. With a smaller team, we need to focus on the quality of it.
Target Problem Areas
One bad apple can devastate a business. It’s time to get laser-focused to fix problem areas. In these challenging times in my industry, we cannot afford to have people around who make trouble or who are always complaining; it weighs everyone and everything down. I have no time for petty situations and don’t tolerate drama. Instead, I search for inspiration and spend time with people who lift one another up.
We must reevaluate everything when it comes to our supply and retail inventories. We must skim all the fat to stay viable businesses. There will be times when we hit some rough moments, but I try to keep this in mind: All the challenges I am tackling are preparing me for something great that hasn’t happened yet. Throughout the pandemic, I’ve learned many lessons and gained new experiences, skills and wisdom.
These times can provide the greatest teaching moments that strengthen you and your business moving forward; it’s all about how you want to look at it. I love the good old adage, “The glass is either half full or half empty.”