• Deepthi Koshy

ENTREPRENEURS, IT'S TIME FOR SOME CRITICAL THINKING


The skill of thinking out of the box is one which needs to be practised to perfection. First, let's identify which quadrant you are. 1) A positive thinker 2 ) A negative thinker

Positive thinkers are innovative and creative. They are progressive and forward-thinking. On the other hand, Negative thinkers could be threatening to you or the organization. They can be destabilizing to daily activities, risky and careless. Ask yourself which one are you? Remember the more you try and exert harder efforts, the better your critical thinking abilities.

Once you've identified that, its time to put things in perspective. As a business owner if your business is suffering by now, its time to think out of the box! Block out the buzz and think profit

The number one thing you need to do is try to stay above the water and buy time. Swim for your life. Let's give you some pointers to ponder on for business sustenance :

  • Careful watch on your cash flow. Cash is king

  • Stretch your time and lease buyback assets

  • Try to get some outside financing or short term loans

  • Restructure and focus on competencies that extend outside of your core business

  • Look into government relief or grants

  • Downsize to cap any extra cost

  • Look into options to satisfy your present customers better. Sevice your current clients to increase sales per order. Maybe e-commerce or automation options

  • End all processes that do not add value with remaining employees

Let's take " quitting out of your dictionary " and stay focused but hang in there. Take the break, take the hit but don't quit! Your next best sale is right around the corner after this pandemic