- December 11, 2020
- Posted by: ThistlePraxis Consulting
- Category: Articles, Insights
ANALYZE THE SITUATION PROPERLY
Truly, there are external forces disturbing businesses right now. Ranging from the global pandemic & its economic effects and the recent peaceful protests which turned violent to the rising price levels. After establishing yourself in a strong state of mind, you need to make a diagnosis of your business. What are the actual effects of the burglary given the present economic conditions? Knowing what the situation is and what the problems are will help to identify the actions required for a turnaround. You should try to:
-Take a record of the scene
-Take note of stolen items and determine the total value of lost items
-Make a report to the Police for the possible recovery of stolen items.
-Salvage and repair damaged items
-Take time to review your business practice and see if (and how) you can minimize the volume of inventory (and valuables) in your store(s) per time.
-Determine the potentials risk issues and check for possible remedies in your risk management plans.
-Consider the range of business restart (recovery) avenues & resources available and engage.
-Determine what is most profitable for you: is your market still accessible? Are there (new) needs in the market that you can meet and are more profitable?
The disturbance also presents an opportunity to re-assess your whole business and start on a better pedestal. Strategic questions should be asked, to reassess or re-evaluate your business.
A proper analysis of the risk situation and a whole review of the business should help you take a stand on what next to do in your entrepreneurship journey. Understand that the times are changing faster than ever, and a firm stand is required for business success.
You need to choose your passion and business path and make a solid decision to not give in to a crisis.
ENSURE THE SECURITY OF THE BUSINESS
Sometimes, peaceful protests end up in violence and there is a great need to put up a practice that safeguards against losses. The recent lootings affirm the need to secure businesses against unforeseen contingencies.
Obtain proper insurance cover for your business
More than ever, SMEs and bigger businesses are seeing the importance of insuring their businesses and properties. This helps to cushion the effects of losses and eases the process of bouncing back. Do not procrastinate the taking of this crucial step, many insurance agencies are genuinely concerned about your business growth and success.
Also, make sure your insurance policy covers property damage incurred due to burglary, violent protests, or looting. Insurance should cover the building, merchandise, inventory, and equipment from protest damages. It is also desirable to obtain credit insurance for your business. This will be beneficial in the long run.
Install a stronger security system
Getting CCTV cameras and pooling resources to get enhanced security infrastructure for the case of businesses in a mall or strip will help a great deal.
SEEK OPPORTUNITIES TO RE-INNOVATE
Since the people and market are changing fast due to the disruptions ranging from technology change to pandemics and violence, your business must also change. The challenges in the change are opportunities in disguise, bold steps must be taken to draw more insights to create new products and services which adequately meet the needs of people.
The foundation for achieving this is not mere desire for high profits but true concern for your customers. A good feedback collection and response system is also required to obtain required insights for progress.
OUTLINE HOW TO “GET OUT OF DEBT”
The concern is not only about how to get out of debt but also how to stay out of bad debts. Such a hit as this reminds one of having a healthy business lifestyle! The financial grants being offered to SMEs are a great relief and business owners ought to make great use of them.
Here are six ways of achieving debt recovery as recommended by Entrepreneur Magazine from an article entitled “six ways to dig out of debt”:
– Remove unnecessary costs and save more cash
– Create a new Budget that optimizes your resources and aligns with your priorities
– Prioritize your payments. The Debts with the highest interests and those tied to your assets should be
– Talk to your Creditors and try to secure better payment schedules
– Try to consolidate your smaller loans into one loan with a lower interest rate.
– Seek advice from experts.
SET CLEAR GOALS
A true definition of “What” entails a clear definition of “How”.
The steps so far provide a great deal of insight and context to choose SMART goals.