The current economic crisis in Sri Lanka is unprecedented and has brought businesses including SMEs to a screeching halt, but the idea is not to give up and instead, think and work smart. If you want to overcome economic obstacles and maintain consistency, here are a few things to get you started.
Embrace the Freedom Mentality
Businesses need to move towards a debt-free model. It’s a large undertaking that includes saying “no” to requests and opportunities that may seem to be a good fit at that time, but may actually be a drain on your resources. Saying “no” is an important step in making the move toward being debt-free and thus fostering a freedom mentality for your company.
Always have a vision
Leaders need to have a vision for the future. It’s easy to get caught up in the weeds in the midst of a crisis, but as the CEO, you must have the wherewithal to continue to push toward your goals in order to give your company a fighting chance at taking business to the next level. By being a strong leader for your team, with a vision for the future, you and your company can also overcome a difficult economy.
Make tough decisions
When you and your company are looking to overcome a difficult economy, you may have to make tough decisions. This can range from tightening your proverbial belt regarding the number of people you employ, or opting not to launch that new product at this time. It might be hard to let a few people go or to hold off on R&D for that next exciting new thing, but you have to keep the company as a whole top of mind. Remember, it’s not just your livelihood; it’s also a livelihood for your family, your future, and your employees.
Cutting cost
This is such a common factor it feels like it’s not worth mentioning but we add it here as a reminder that all costs must be narrowed down and your employees must understand the urgency and be invested in the policy. You have to reiterate that it will prevent job loss and hold the company together till the better times arrive.
None of these will come easy, but if you truly want to create a business that can overcome this current economic crisis, these steps will get you there. Stay positive and watch this space for more business tips and tricks to help you get through this time.