9 Dumb Things Entrepreneurs Should Avoid Right Now
While we are all reeling from the effects of COVID-19 on our businesses and employee moral, there are a number of things that some entrepreneurs might be doing to their detriment.
Ditching the business plan
Many companies "shit their pants" when something goes wrong. It would be fair to say that entrepreneurs around the globe have been either moving ahead or staying stagnant. The latter is a very bad idea because we know from history that companies that choose this path often don't end up with a 'happily ever after' story.
Cutting costs where they shouldn't be cut
This is a big one. The first thing that many entrepreneurs do is cut their marketing spend and fire their sales and marketing teams. This should be the last thing they do. While under-performers need to go, the show must go on. People just need to be more creative in the way they cut through the clutter and more aggressive in lead generation. Broaden your market and look to markets that are doing well.
Postponing implementing new technologies
Right now you will not only get a good deal, you will also ensure that your business runs faster, smarter and more efficiently saving time and money when it most counts. If you were about to do a major technology implementation and put it off because of the current environment - think again. Also, employees are more likely to adopt new technologies and use them when they are seeking better ways to do their jobs so the performance of your whole team will rise. Smart companies implemented SAP and Oracle ERP solutions in the GFC because they knew that this was their competitive advantage. Don't miss the opportunity.
It's easy to think the world is ending... just read the newspapers right now. The media want you to think that but if you adopt it, it will ruin your business. Get your head out of the dark clouds and start dreaming big.
Time is money, that is true but if we don't engage our employees and encourage them to think of ways we can stand out of the crowd, we will be putting more pressure on our shoulders that doesn't necessarily need to be there. Use this time to bring some light into your employees work lives and encourage them to think big, dream a little and take a very important seat at the table.
Invest in marketing
If your website isn't generating leads and is crap - fix it. If you are sending out brochures from 3 years ago, throw them in the bin. If you don't have active lead generation campaigns, make it happen. There is no time better to spend money on marketing than right now. Up the ante and start fighting for market share. You won't get it by sitting on the couch.
Manage as if you are winning
Manage your business and team as if you are winning at everything you do. Think positively, generate excitement in your products and services, and get everyone thinking about their own personal goals and how their professional goals overlap.
Start talking to clients more often
Rather than do what you've always done, start talking to your clients more and ask them what they would do to improve your business. You might get some really good ideas from these clients that will help your business ten-fold.
While many people's mental health has suffered due to isolation, yours does not need to. You may feel the pressure of your business and life on your shoulders but remember that you are not the only person in the same boat. Treat this period of time as a refresher. A way to look at your business and life with a different set of eyes. Don't be afraid to take steps to ensure that your mental health is productive to your life and helping you achieve your goals.