4 Tips All Founders & Entrepreneurs Could Use To Get By The Economic Slump

As a founder of Eccosphere Co-working, I know what every business owner and entrepreneur is currently facing. 

To tackle a pandemic as massive as COVID-19, and to keep your business afloat is no small task. 

And all of us are trying our best to face this novel situation, being as creative as possible in finding solutions to the problems that have confronted our businesses lately.

Here are some of the tips that have helped me manage my business and can help with yours.

Stay Motivated

I know this might sound very obvious. But it’s challenging to remain optimistic in these stressful times. 

If you, as the team leader, remain optimistic, your team will be motivated enough to give their best. Your team’s morale depends on your enthusiasm and #positivity!

Talk about your problems with your partner/ wife/ friend whom you trust, and it’ll become easier to find solutions. 

Honestly, if it were not for external motivation from my family, my employees, and some internal motivation from my will to make it happen, it would have been challenging for me to stay afloat. 

I try to keep that motivation going because that’s what I need right now, when there are only uncertainties that cloud the future of the co-working industry.

Be Transparent in Communication

Most problems arise due to unclear and ineffective communication. Be as transparent as possible with your partners and investors.

An entrepreneur’s tenacity and determination is tested during such difficult times. If you can sail through, your relationship with your investor, partner, and customers will be more reliable than before.

If your company needs to minimize expenses and it requires you to let some of your employees go, talk to them. Communicate the problems that your company is going through. And see if there is an alternative solution to it. 

Be transparent in your communication with your customers too. Retaining customers is crucial, and nothing but honesty will work.

Plan Short-term

Each one of us wants the pandemic to end as soon as possible. But we do not know when it will. 

The smart move is to plan short term. Strategize and aim to achieve 3-monthly, 6-monthly, or 9-monthly goals. 

Do not plan for the next five years because you don’t know the future for certain, especially with the pandemic looming over us.

Also, planning short-term and achieving those goals will keep you and the team motivated. It’ll help you see ahead clearly. 

It has surely helped me to plan things one at a time. 

Adapt, Look for Newer Markets:

Research and look for opportunities in markets that haven’t been hit hard due to coronavirus. Brainstorm with your partners and employees. 

Get creative and think of solutions that can cater to different markets. This is the time to widen your horizon and think out of the box.

Jeff Bezos once said, “What’s dangerous is not to evolve.”

Change, adapt, evolve, and conceive new ways to emerge through this crisis.

Eccospehere evolved into this safety-first space with Covid-fighting norms. We have team members working remotely as well. Most importantly, we are also planning on listing our space on #LiquidSpace or other such platforms to fight the slowdown.

Don’t Forget your Brand

Most businesses are cutting their expenses and reducing resources. That’s the first step in combating adversity. 

While you do that, do not forget to focus on your #brand. Think of what you can do with a lesser budget that’s relevant and current.

Connect with your customers personally, up your #socialmediamarketing game, and strengthen your brand image.

What gives strength to all entrepreneurs is knowing that this will soon end. All crises eventually do. However, what we can do is keep our spirits high and work harder than ever.

Nothing beats perseverance and the will to survive.

If you are an entrepreneur, I would love to hear what’s your mantra to wrestle with this pandemic! 

If we all unite to combat the problems that face us, I am sure the solution would be novel and surprising!

#GautamDuggal #founderstip #entrepreneur #covid #positivity #tips #motivation