Business Owners - Hold Em or Fold Em?
At BizON, we are on the frontlines of seeing how the new normal is taking shape in businesses around the world. Many are settling in and many are falling victim to the circumstances. Basically, business as of now, is categorized in 2 ways – “essential” or “non-essential”.
In regards to non-essential businesses, the current challenge, especially in the micro market, revolves around hanging on to the business, shutting it down, growing the business or finding a quick buyer. Determining that next move can be extremely difficult and emotional, but there are 3 insights that we’d like to share to help make that decision a tad easier:
1. Protect your time – simply put, it’s the most valuable thing you have.
2. Know when to walk away (shutting down or selling) – the greatest leaders in the world know when to walk away from something. This isn’t a weakness, it’s actually a strength. At some point, even the best of us run out of ideas, especially during turbulent times like this pandemic - and it’s okay. This may be a sign that it’s time to move on. It’s a complicated decision and the answer is not simple or obvious, but you have to have faith and follow your intuition.
3. Audit S.E.T - every business leader and entrepreneur should be auditing the business environment by using Nunzio’s S.E.T model. Right now, you should be analyzing the business environment through 3 lenses: social, economic and technology trends, and modelling the affect it has on your business now and potentially in 12 to 18 months from now. How we react to the current and rapid shifts in social, economic and technological trends will define leaders and businesses in the next decade.
There’s no denying that COVID-19 is here and shifting behaviours and making it difficult for small businesses not to scale back. It is important to strategize on how to survive, how to acquire financing, how to protect your business or know when to walk away from your business with your head held high.
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Stay safe, stay well and most importantly…..STAY HOME.
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Opinions expressed here by Contributors are their own.