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5 Ways to Be a Good Entrepreneur in Hard Times

It is safe to say that everyone has been affected by the recent pandemic, whether through their career, finances, or just the change in day-to-day routine. The most important thing is, of course, health and safety during this time. However, if you are an entrepreneur or small business owner, you have already begun thinking about what this means for your business or side hustle.

Luckily, you are not alone. People are coming together now more than ever, and we are all in the same boat. Below are five recommended ways to do your best as an entrepreneur during this time.

Show customers you care

When it comes to a newsworthy issue, it is usually better to address it rather than ignore what is happening. While it may be tempting to continue as normal with marketing and sales, sending a note to your customer base about your company’s awareness and compassion about the issue will do no harm. Many have chosen to do this through email newsletters and social media, but your preferred message of communication is up to you.

Better yet, it would be great to take it a step further amongst all the companies and brands sending out messages at this moment. Consider making a donation to a charity helping the cause, and encourage your audience to do the same. In this case, a little could go a long way.

Shift expectations

Most non-essential employees are working from home, purchases are decreasing, and the stock market is down. This means that things are about to change for most businesses, bringing unfortunate challenges and roadblocks. It is better to sooner rather than later consciously shift your expectations for employees and sales during this time. Create predictions, set new goals and standards, and see what can be done. Before you panic, this could be seen as a way to find out just how resilient your employees and business truly are.

Make room for the little things

Is your database filled with irrelevant documents and information? Are you far behind on client calls? As some regular work tasks may not be possible during this time, you can make room for lots of small jobs that have been delayed or pushed aside. This could include “busy” tasks that actually make daily work life much more efficient over time, or even projects for employee morale, like planning for the first annual company retreat.

You could also use this time to build work-life balance and practice habits for staying mentally and physically happy and stress-free in your daily life. An entrepreneur’s health is extremely important to the health of their business.

Talk to fellow entrepreneurs

If you’re a successful entrepreneur or small business owner, you must have some sort of network of fellow entrepreneurs and mentors. Now is the time more than ever to reach out and give support. When we face hard times, it can be easy to feel alone and retreat into our space and avoid communication with the outside. But this would be the worst thing to do for yourself and your business.

If you keep in contact with others, you may learn tips for sustaining your business during this time. Or, you may find a way to help someone else in need. Either way, it is important to keep your community strong.

Prepare for all possibilities

No matter what you do for your business and community, it is necessary to prepare for anything to happen, whether good or bad. Get ahead of any curveballs by brainstorming different scenarios and creating action plans. Keep an eye on your data and numbers and realize how they may be affected.

In most of life, it’s helpful to hope for the best but prepare for the worst. Doing whatever you can will ensure you are that much more likely to come out of hard times with your business ready to thrive again.

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