As COVID-19 begins to damage, the livelihoods of many businesses and small entrepreneurs have been challenged. 50 percent of the company owners interviewed said they didn’t think they could maintain their business activities for longer than three months.
Our present state is profoundly disturbing. Serial entrepreneur Nehal Khan who managed to spread his business across 30+ countries even during this pandemic says that entrepreneur’s face numerous challenges, including ensuring their companies keep their blood, sweat, and tears running. On top of that, all of them have workers who are trying to defend and reassure—a daunting challenge as they themselves are dealing with burnout.
From hundreds of conversations with my customers, corporate owners, and local leaders, I have been able to pinpoint the five key issues that businesses have been raising during the COVID-19 pandemic.
Take the necessary steps to move on
A situation like the one we are now facing needs fast thought in the face of confusion. However with such high stakes on the table, businessmen find themselves struggling with “analysis paralysis” or the failure to make a decision because of overthinking.
Trying to delay decisions will only cause more problems more decisions will be needed on those issues. As Jeff Boss wrote in Forbes’ essay on solving paralysis research, “In the military, it doesn’t dictate in which path you want to travel while under a mortar attack, as long as you move. Choices are never definitive because of the basic fact that improvement is never total.”
Break down what you’ll do in simpler phases and only work with problems depending on their level of severity. According to Nehal Khan, when you start taking constructive steps, you can feel more in charge and more positive about your abilities to handle approaching adversities.
Continuing to keep up with the law
The business world is evolving at a high pace. It appears like the government releases new rules that concern company owners nearly every day.
In order to recognize and follow current laws and reforms, company owners will need to watch news from local, national, and federal officials on a regular basis. Most significantly, make sure you get your details from an official source, such as a government site, bank manager, clerk, or other experts on your system.
Seeking equilibrium and having a balanced mind
Anxiety during these ever-evolving days, we’re all feeling a lot of strong feelings, and entrepreneurs are no different. To make matters worse, there is an extra degree of tension when they continue to do their best to their staff and clients.
It might help to recall the saying, “You can’t pour out of an empty cup.” Over-committing yourself contributes to burnout, and if you enter that condition, you won’t be able to help anybody. That’s why it’s important that take smart time to rest and take good care of themselves.
Right now it can be hard to get away from work. Be mindful by scheduling a time frame in your self-care timeline it’s going for a stroll, having time with your family, or taking a long, relaxing shower. The more inner peace you are able to find through this crisis, the better equipped you are to take action and handle your business.
Overloading with knowledge
It seems that each minute we’re flooded with an unrelenting stream of knowledge about COVID-19. Although it is certainly a joy to have access to the latest headlines, it may also be a challenge. Overloading information is a very real phenomenon that happens when there is so much essential information to be distributed at about the same time.
If there is a knowledge overload, we seem to lose out on vital news, or even succumb to potentially dangerous rumors.
In order to gain control of all the contradictory knowledge out there, investors need to take a moment to step back and determine whether the facts they are reading is actually checked also from a credible source.
It’s important to set a cap on yourself, too. Constantly introducing yourself to disturbing headlines can just raise your fear. Make it a point to search for alerts on a daily basis, but as soon as you start getting stressed, take a break.
Choosing the best priority
Company owners are struggling with a million issues right now and it’s hard to decide where to allocate time and money.
One way chooses from is to think what’s really important to your company. With most of us, it’s our individuals, clients, suppliers, and partners.
Your first concern should be the health and well-being of the workers. The second one will be to connect with clients. They might not be in a position to defend your company, but they still want to be briefed on any improvements to their activities. The same goes with other partners, because they know what your position is and what to plan to go forward.
Second, break down what you’ll do in smaller measures and assign emphasis to how important they are. Don’t hesitate to give you recognition for doing your best now.
The severity of this situation is immense, but there is a ray of hope. Soon, on the other side of this epidemic, we will emerge with a stronger level of self-empowerment and an enhanced link to our society of which will be of value to our companies in the future.