After a sobering State of the Nation address and in the spring of the election, business owners are left with a lot of food for thought as they prepare for what is sure to be a bumpy ride into a 2019 filled with uncertainty.
Despite the non-technical recession at the end of 2018 and this less than optimistic outlook, business owners have attractive opportunities and it will be those who maintain a healthy cashflow and exercise smart financial investments that will weather the storm and for that, you need GRIT:
It is not only about managing the now, but also about being courageous and making bold investments without assuming unnecessary risks. In uncertain times the waiting game can be the most dangerous one and have irreversible effects on a small business that relies on consistent trading in order to thrive. Managing a positive cashflow and restructuring your debt with flexible business funding alternatives can lessen the impact on your balance and provide a much-needed buffer when exposed to volatility. When business funding is used as working capital, it can provide the business with opportunities to explore business initiatives that will result in sustained growth.
Reflecting on what makes your business successful and provides the competitive edge is a necessity in order to optimise. Knowing where and how to resource is not something that can be left for when the ship is heading into treacherous waters as losing capable team members can be perilous when they are required to bring in business, especially when the tide turns. It is critical to persist through the ebbs by securing employment and contributing to economic stability if we are to ride the wave to the end.
In adversity lies opportunity and can provide business owners with opportunities to innovate and accelerate their offering. Through tech and operational efficiencies, micro-changes can have a macro effect and be the difference between short-term and long-term growth. Whether this involves implementing accounting platforms, regular audits, adhering to regulation or legislation, business owners can make themselves attractive when seeking financial aid.
For pioneers like Emelia Earhart, the “most difficult thing is the decision to act, the rest is merely tenacity.” For entrepreneurs, it is about hanging on when letting go appears most attractive. Running a business can be a lonely journey and having strong relationships with funding and business partners can turn tenacity into velocity.