You may not be in as bad a position as you think says Vinayak Mahtani, bnbme

The world is in chaos, with the biggest and most influential economies falling. Arguably, the sector that has taken the hardest hit are hospitality and travel. If you are a small business owner, you need to remember that this is where you need to step up as an entrepreneur. After all, successfully running a business is no easy feat, and you will always have to face challenges that are not in your control. 

At such times, it is essential to remember that you cannot control what is happening around you. This does not mean that your business is not working; it simply means that every company is facing certain financial issues at this point. Just remember to stay level-headed. All your competitors and small businesses in other niches are facing the same issues.

Your office or workshop is likely shut and you are working from home. Just remember to do some physical activities every day to ensure you keep your mind busy and your body active. 

Your team and you could you still be carrying out day-to-day operations through work-from-home, or all operations have ceased entirely, you must still engage with your team on a daily basis. At least, you must interact with those people who report to you directly every day and the rest of the team on a weekly basis. 

These meetings can help you project some confidence in them, thereby ensuring they are capable of carrying out their work optimally. Keep your team busy, regardless if they are working on are on unpaid leave. 

At this point, your entire focus should be on ensuring your business can survive this period and be stable for the next five years, at least. To make this happen, you might have to take some hard call, including layoffs. 

While it is important to give your team a reassurance that the company is strong, you also need to ensure that there is a company in the first place. So, take the hard calls if that is what you need to do to keep the business safe. 

As an entrepreneur, you need to be a problem-solver. So, if revenue is a problem, find a way to fix it. There is always a way to generate revenue; all you need to do is consider creative ideas. 

As a business owner, you are surely always on the run. This time, however, comes as a unique opportunity wherein you can spend time with your family. Watch all your favourite movies together or organise a games night. Catch up with your friends and extended family via Zoom. Do whatever your otherwise busy life would not allow you to. 

Lastly, be grateful and have gratitude, as you could have been in a worse situation than you are in currently.

Key takeaways

• Remember to do some physical activities every day to ensure you keep your mind busy and your body active.

• You must interact with people who report to you directly every day and the rest of the team on a weekly basis. 
• As an entrepreneur, you need to be a problem-solver. 
• If revenue is a problem, find a way to fix it. 
• There is always a way to generate revenue, all you need to do is consider creative ideas.