The current economic climate proves to be a challenge for most businesses and start ups. There is so much unpredictability and it might be tough to launch or even survive. We read every business textbook or blog for tips on how to start and run a business. In a perfect world the tips and rules work but what’s the alternative? Below are 10 simple and very practical tips for businesses in a tough economy.
1. This is cliche but always keep a vision board. This gives you the direction of where you want to go with your business. Your vision board also works as a point of reference when
2. Have a life plan that includes both your personal and business plans. This helps in accounting for how much you will be paid from the business as well as budget. Do you plan to marry? What type of house do you want to live in? Are you going to build, buy or rent? How many children do you want? Are they going to private or public school? Your life plan actually does affect how you run your business.
3. Do your research about your line of business and similar companies. Find companies that inspire you and set your benchmarks. Find out more about their story and how they overcame adversity. This will encourage you to work smart, hard and practical.
4. Whether you have a degree or not getting an education is your most valuable asset. Everybody has strengths and weaknesses so studying helps to strengthen either by adding knowledge. Education is not limited to the classroom as you can get mentored or go online. Experience is also the best teacher so make sure to document that for future use.
5. There is nothing wrong with being a part time entrepreneur. You need to be self-sufficient. While your business is still building up, have a 9 to 5 that helps support you.
6. Write a business plan
7. Be professional and find the right networks. Networks might be all you need to achieve your goals as a business.
8. Create a team that can commit to the vision of your business. No one can lift a grand piano alone so treat your team members with respect. The business should be a ‘we’ or ‘us’ not an ‘I’.
9. Make strategic partnerships that are beneficial in all aspects.
10. Remember to be patient, efficient and consistent with your business brand.