Once you have your own company, it is necessary that you know how to keep it afloat during challenging times. While taking management courses and having years of experience can prepare you for this, you can also get some tips from resilience in business interview podcast that will help you lead your team. Here are some of the things that you may study.
If you are new to the industry, you have to know the signs that the market is not going to be good. Some of these are the usual economic numbers such as the inflation, stock market and foreign currencies. There may be other indicators that you need to watch out for depending on the industry your company is in and on the types of businesses you transact with.
Even before the hard times hit you, ensure that your company and people are prepared to survive this. Keep doing your research and developing your product even though you have already captured a market. Prepare for a time when strong competition comes in and your product needs to stand out. Your employees should also have strong customer service skills to know how to take care of your niche.
Have a plan on how you can manage risks once your company is hit with a negative scenario. Picture different possibilities to prepare for them. Decide which factors should cause disruption in production or downsizing your company. Always have a legal consultant to ensure that your decisions are within the bounds of the law.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
When the company is having financial issues, try to protect your employees from being the first to suffer. If you reduce their working hours or terminate some people, those who will stay with you will lose their motivation. If it is really necessary to dismiss some employees, assist them in finding a new job through recommendations and endorsements.
Management skills and understanding of the industry and the economy should tell you how to prioritize your revenue streams and expenses. For example, if you have products that are still under development, you may want to postpone research until the time that the market is stable. Instead, you can focus on your highest earning products. You may also lessen costs by reducing miscellaneous expenses.
Many companies fold within a short period of time from its creation. One of the factors that can save your enterprise is having the management and leadership skills to make the right decisions during hard times. Of course, before coming up with a solution, you should have all the data that you need and know how to interpret trends.
If you are new to the industry, you have to know the signs that the market is not going to be good. Some of these are the usual economic numbers such as the inflation, stock market and foreign currencies. There may be other indicators that you need to watch out for depending on the industry your company is in and on the types of businesses you transact with.
Even before the hard times hit you, ensure that your company and people are prepared to survive this. Keep doing your research and developing your product even though you have already captured a market. Prepare for a time when strong competition comes in and your product needs to stand out. Your employees should also have strong customer service skills to know how to take care of your niche.
Have a plan on how you can manage risks once your company is hit with a negative scenario. Picture different possibilities to prepare for them. Decide which factors should cause disruption in production or downsizing your company. Always have a legal consultant to ensure that your decisions are within the bounds of the law.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
When the company is having financial issues, try to protect your employees from being the first to suffer. If you reduce their working hours or terminate some people, those who will stay with you will lose their motivation. If it is really necessary to dismiss some employees, assist them in finding a new job through recommendations and endorsements.
Management skills and understanding of the industry and the economy should tell you how to prioritize your revenue streams and expenses. For example, if you have products that are still under development, you may want to postpone research until the time that the market is stable. Instead, you can focus on your highest earning products. You may also lessen costs by reducing miscellaneous expenses.
Many companies fold within a short period of time from its creation. One of the factors that can save your enterprise is having the management and leadership skills to make the right decisions during hard times. Of course, before coming up with a solution, you should have all the data that you need and know how to interpret trends.
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